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Cloud-based Contact Center Market

Cloud-based Contact Center Market Size, Share & Segmentation by Component (Solutions and Services), by Deployment (Hosted and On-premise), by organization size (Small and Medium-sized Enterprises and Large Enterprises), by Industries (BFSI, Telecommunications, IT and ITeS, Government and Public Sector, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Media and Entertainment, Healthcare and Life Sciences, Others), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/ICT/1983 | June 2022 | Region: Global | 130 Pages

Report Scope & Overview:

The Cloud-based Contact Center Market size was valued at USD14.88 Bn in 2021 and is expected to reach USD 76.41 Bn by 2028, and grow at a CAGR of 26.33% over the forecast period 2022-2028.

The Cloud-Based Contact Center includes software, a suite of tools, and cloud-hosted services such as intelligent call routing, various communication channels, agent management, and analytics. It provides and enables businesses to use data stored in the cloud. It is critical in helping businesses adjust to a methodical approach and improve performance.

Cloud-based Contact Center Market

The year 2021 has set the stage for huge development in the use of cloud contact centers in the next years. Contact centers are evolving to a cloud contact center paradigm that is agile, highly scalable and adaptable, and cost-effective. According to recent cloud contact center trends, organizations may do more in less time by investing in cloud contact center software.

Now that cloud contact centers have begun to replace on-premise contact centers, here is a list of cloud contact center trends that companies should be aware of during the forecasting period.

1. Expanded Use of Omnichannel Cloud-Based Contact Centers.

2. Cloud-based Video Contact Center Adoption.

3. The introduction of speech bots and chatbots is one of the most widely used cloud contact center trends, which organizations are utilizing to address customer concerns without human interaction, hence enhancing first contact resolution.

4. The Increase in Remote Contact Center Workforce

5. As more firms prepare to go remote, one of the major trends we've noticed is a cost decrease in contact center operations.

MARKET DYNAMICS:

KEY DRIVERS:

  • SMAC technology use is increasing.

  • There is an increasing demand for individualized and simplified consumer interactions.

  • Cloud-based contact centers have faster deployment, scalability, and flexibility.

  • Improved business continuity with cloud-based contact centers.

RESTRAINTS:

  • Insufficient network bandwidth in developing economies.

  • Cyber assaults have an influence on corporate operations.

OPPORTUNITY:

  • Increased adoption of cloud-based contact centers through improved client experience.

  • Real-time audio dialogue analysis is required.

  • Businesses are shifting their attention to a work-from-home culture.

CHALLENGES:

  • Aspects of data privacy and security.

  • Organizational, technological, and operational challenges with migrating contact centers to the cloud.

  • Mobility integration with current capabilities.

IMPACT OF COVID-19:

The COVID-19 pandemic is expected to promote contact center software adoption. Contact centers implemented AI-based virtual agents to maintain flawless customer service in the aftermath of the pandemic's breakout, which resulted in a large increase in call volumes. Virtual agents provide immediate, on-demand assistance while offering a conversational experience, automated help, and managing the same intentions as human agents. AI human assistance has the ability to redirect telephone traffic to chat and give access to digital specialists while also increasing the capacity to address client concerns.

MARKET ESTIMATION:

The worldwide cloud-based contact center market has been divided into two components: solutions and services. Cloud-based solutions and services are being used by enterprises to lower the total cost of ownership and boost business agility and productivity by outsourcing whole contact center operations to cloud-based contact center suppliers. One of the primary factors projected to fuel the growth of the cloud-based contact center market is the rising demand and awareness among public and private enterprises, which has boosted the scalability and agility of operations. Furthermore, the availability of customized cloud-based contact center solutions with new features at reasonable rates is a major driver of increased adoption.

In 2021, the on-premise segment dominated the market. On-premise deployment entails installing all of the gear and software needed to run and manage a contact center on the customer's premises. To some extent, on-premise solutions provide integrability, dependability, customizability, and scalability. The hosted category is expected to grow at the quickest rate over the projected period. Businesses all around the world prefer cloud-based contact center solutions versus on-premise systems because of their capacity to scale services. Cloud solutions are intended to link agents to centralized contact center software while also providing staff with a secure intranet to collaborate and communicate with one another.

In 2021, the big enterprise sector dominated the market. Customers of large corporations may be found all around the world. As a result, major firms are more inclined to invest in cutting-edge technologies to maintain company continuity and efficiency. Furthermore, major organizations often pick solutions and services that have the potential to increase profitability. From 2022 to 2028, the Small and Medium Enterprise (SME) category is expected to grow at the quickest rate. The increasing use of customer care solutions by SMEs throughout the world is likely to boost segment growth over the forecast period.

In 2021, the IT & telecom category dominated the market. The fierce competition in the IT and telecommunications industries shows no signs of abating. Several new players are entering the business and exploring novel ways and approaches to success. The consumer goods and retail category are expected to grow at the quickest rate throughout the projection period. Customers are increasingly turning to digital media for their buying requirements. Furthermore, clients are utilizing the most recent technologies and channels, pushing consumer goods and retail firms to use contact center solutions to provide unique customer experiences.

KEY MARKET SEGMENT:

On The Basis of Component

  • Solutions

  • Services

On The Basis of Deployment

  • Hosted

  • On-premise

On The Basis of organization size

  • Small and Medium-sized Enterprises

  • Large Enterprises

On The Basis of Industries

  • BFSI

  • Telecommunications

  • IT and ITeS

  • Government and Public Sector

  • Retail and Consumer Goods

  • Manufacturing

  • Energy and Utilities

  • Media and Entertainment

  • Healthcare and Life Sciences

  • Others

AI in Cyber Security Market

REGIONAL ANALYSIS:

North America continues to lead the cloud-based contact center market and will do so throughout the projected period. This is due to increased internet penetration and a move away from distant infrastructure and toward cloud-based services. Asia-Pacific, on the other hand, is expected to expand at the fastest pace during the projection period, owing to growing awareness of cloud-based services, greater usage of the internet of things, and rising investment for IT infrastructure development.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

The major key players are Cisco, Avaya, Serenova, Content Guru, Aspect Software, RingCentral, Enghouse Interactive, 3CLogic, Ameyo, and Twilio.

Cloud-based Contact Center Market Report Scope:
Report Attributes Details
 Market Size in 2021  US$ 14.88 Bn
 Market Size by 2028  US$ 76.41 Bn
 CAGR   CAGR of 26.33% From 2022 to 2028
 Base Year  2021
 Forecast Period  2022-2028
 Historical Data  2017-2020
 Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
 Key Segments • By Component (Solutions and Services), by Deployment (Hosted and On-premise)
• By organization size (Small and Medium-sized Enterprises and Large Enterprises)
• By Industries (BFSI, Telecommunications, IT and ITeS, Government and Public Sector, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Media and Entertainment, Healthcare and Life Sciences, Others)
 Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
 Company Profiles Cisco, Avaya, Serenova, Content Guru, Aspect Software, RingCentral, Enghouse Interactive, 3CLogic, Ameyo, and Twilio
 Key Drivers • SMAC technology use is increasing
• There is an increasing demand for individualized and simplified consumer interactions
 Market Challenges • Aspects of data privacy and security
• Mobility integration with current capabilities

 


Frequently Asked Questions (FAQ) :

Ans: - The Cloud-based Contact Center Market size was valued at USD14.88Bn in 2021.

Ans: - Insufficient network bandwidth in developing economies and cyber assaults have an influence on corporate operations.

Ans: - Use of Omnichannel Cloud-Based Contact Centers, Cloud-based Video Contact Center Adoption, And Increase in Remote Contact Center Workforce Etc.

Ans: - Asia-Pacific, on the other hand, is expected to expand at the fastest pace during the projection period.

Ans: - The major key players are Cisco, Avaya, Serenova, Content Guru, Aspect Software, RingCentral, Enghouse Interactive, 3CLogic, Ameyo, and Twilio.


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of the Ukraine- Russia war

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7. PEST Analysis

 

8. Cloud-based Contact Center Market Segmentation, by Component

8.1 Solutions

8.2 Services

 

9. Cloud-based Contact Center Market Segmentation, by Deployment

9.1 Hosted

9.2 On-premise

 

10. Cloud-based Contact Center Market Segmentation, by organization size

10.1 Small and Medium-sized Enterprises

10.2 Large Enterprises

 

11. Cloud-based Contact Center Market Segmentation, by Industries

11.1 BFSI

11.2 Telecommunications

11.3 IT and ITeS

11.4 Government and Public Sector

11.5 Retail and Consumer Goods

11.6 Manufacturing

11.7 Energy and Utilities

11.8 Media and Entertainment

11.9 Healthcare and Life Sciences

11.10 Others

 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

 

13. Company Profiles

13.1 Cisco

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2. Avaya

13.3. Serenova

13.4 Content Guru

13.5 Aspect Software

13.6 RingCentral

13.7 Enghouse Interactive

13.8 3CLogic

13.9 Ameyo

13.10 Twilio.

 

14. Competitive Landscape

14.1 Competitive Benchmarking

14.2 Market Share analysis

14.3 Recent Developments

 

15. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of the good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

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