The Cloud-Based Contact Center Market size was valued at USD18.79 Bn in 2021 and is expected to reach USD 121.94 Bn by 2030, and grow at a CAGR of 26.33% over the forecast period 2023-2030.
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.
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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.
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.
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.
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
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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
The major key players are Cisco, Avaya, Serenova, Content Guru, Aspect Software, RingCentral, Enghouse Interactive, 3CLogic, Ameyo, Twilio & Other Players
| Report Attributes | Details |
| Market Size in 2022 | US$ 18.79 Bn |
| Market Size by 2030 | US$ 121.94 Bn |
| CAGR | CAGR of 26.33% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| 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 |
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 Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
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
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