Cloud-Based Contact Center Market Synopsis:
According to the analytic report of Market Research Future (MRFR), the cloud-based contact center market is slated to reach up to a substantial market valuation of USD 24.11 billion by 2023, at a considerable CAGR of 25% during the forecast period.
The global cloud-based contact center market is driven by numerous influential factors over the review period. Cloud contact centers are utilized for improving flexibility & scalability, reducing cost, optimizing agent efficiency, improving ROI, and offering enhanced customer experiences & employee empowerment. Moreover, the cloud compliance requirements and pay-per-use subscription pricing model for end-users are poised to drive the Cloud-Based Contact Center Market.
on the other hand, the risk of information loss and the lack of awareness regarding cloud-based contact centers in some of the global developing regions can hinder the growth of cloud-based contact center market. Moreover, improved consumer experience and growing interest of global market players towards investment in the cloud-based contact center market are the key market opportunities of cloud-based contact center market over the review period.
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Major Key Players:
The major market players identified by MRFR in the cloud-based contact center market are 8×8 Inc. (US), NICE Ltd. (Israel), Cisco Systems (US), Five9 (US), Genesys (US), Oracle Corporation (US), NewVoiceMedia (UK), Aspect Software (US), Connect First (US), and Extreme Networks among others.
Other players in the cloud-based contact center market include Accurate Always, Inc.(US), Liveops, Inc. (the US), 3CLogic (US), inContact, Inc.(US), Interlink Network Systems (US), Servion Global Solutions (India), KM2 Solutions (US), and CCT Solutions (US) among others.
The cloud-based contact center market has noted major trends, for example, the efficient usage of chatbots & artificial intelligence (AI), and rising reliance on interactive voice response (IVR). Many global market players have deployed chatbots & artificial intelligence (AI) to boost their business value in the market.
- Based on the solution, the market for the cloud-based contact center is segmented into automatic call distribution, dialers, interactive voice response, agent performance optimization, computer telephony integration, security, reporting and analytics, and others.
- On the basis of services, the global cloud-based contact center market is segmented into managed service and professional service.
- Based on the organization size, the global cloud-based contact center market is segmented into large enterprise and small and medium enterprises i.e., SMEs.
- By deployment model, the cloud-based contact center market is segmented into a private cloud, public cloud, hybrid cloud. The deployment model of cloud-based contact centers empowers organizations to build contact centers for third-party establishments.
- On the basis of vertical, the cloud-based contact center market is segmented into BFSI, government & public sector, retail, healthcare & life sciences, media & entertainment, manufacturing, IT & telecommunication, others. IT & telecommunication industry is slated to account for the largest market share among other verticals.
The regional analysis of the cloud-based contact center market is analyzed in Europe, North America, Asia-Pacific, and the rest of the world.
North America is anticipated to dominate the cloud-based contact center market during the forecast period. The US is a significant contributor to the North American market owing to the presence of many global market players and higher adoption of cloud services. the growing rate of innovations in North American market is driving the rate of adoption of cloud-based contact centers. Outsourcing management and expertise are gaining momentum, as global companies in this region are noted to stay focused on their core commerce. Latin America and Middle East & Africa (LMEA) region is slated to expand steadily owing to the rising trends of cloud services over the review period.
Europe is likely to grow at a stable growth rate over the forecast period. The presence of a massive automotive manufacturing sector and healthcare industries fuel the cloud-based contact center market in Europe. The Asia-Pacific is slated to expand at a faster rate over the forecast period owing to the presence of several IT & telecommunication companies, owing to the growing adoption of electronic devices along with massive investments towards R&D by China, India, and Japan fuels the cloud-based contact center market over the forecast period.
Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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List of Tables
Table1 Global Cloud-Based Contact Center Market, By Region, 2018–2023
Table2 North America: Cloud-Based Contact Center Market, By Country, 2018–2023
Table3 Europe: Cloud-Based Contact Center Market, By Country, 2018–2023
List of Figures
Figure 1 Global Cloud-Based Contact Center Market Segmentation
Figure 2 Research Methodology
Figure 3 Porter’s Five Forces Analysis of Global Cloud-Based Contact Center Market
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