The adoption of remote contact centers and rising awareness of CCaaS are the factors expected to drive the market growth during the forecast period of 2022-2028.
According to TechSci Research report, Cloud-based Contact Center Market - By Region, Competition Forecast & Opportunities, 2018-2028, the Cloud-based Contact Center Market is expected to register robust growth during the forecast period, 2022-2028. The robust scalability, affordability, flexibility, and features of cloud computing are now driving up demand. As a result, organizations are moving their contact center operations from a traditional on-premises model to the Cloud, one of the major drivers driving the market. Additionally, employees' productivity and overall operational efficiency can be increased by allowing them to work remotely in cloud-based customer support. This is trying to support the market's expansion and several other benefits provided by cloud-based contact centers, such as superior security, dependability, and convenience at reasonable costs. In addition, the banking, financial services, and insurance (BFSI) sector is steadily moving digital to provide better services, minimize human error, and save time. For instance, the computer software company Ameyo provides contact center software for the banking industry hosted in the Cloud. Ameyo asserts that the requirement for high customer service standards has been driven by the BFSI firms' expanding client bases. In banks and other financial institutions, consumer interactions are very critical. It requires sophisticated customer interaction software that helps in cost- and time-efficient storing, processing, and analyzing the data.
Furthermore, the industry is favorably impacted by the growing use of contact center as a service (CCaaS) technology to decrease the total cost of ownership, eliminate downtime, and guarantee business continuity. The market is expected to grow during the forecast period towing to leading industry participants funding research and development (R&D) projects that would enable interactive chatbots and natural interactive voice response (IVR) for customers.
In 2021, the North American region accounted for the highest market share. Since there are significant suppliers and related services are becoming more popular. The Asia-Pacific region is expanding more quickly due to the increasing popularity of cloud-based solutions and the creation and use of beneficial technologies such as the Internet of Things (IoT). Industry growth is encouraged by the region's significant suppliers' cheaper availability of cloud-based contact centers. The sector for cloud-based contact centers is expanding rapidly; therefore, too broad digitization ambitions and a rise in the number of companies in this area.
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on the "Global Cloud-based Contact Center Market."
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The Cloud-based Contact Center Market is segmented into components, end-user, deployment, and organization size. Based on components, the market is segmented into Solutions and Service. Based on deployment, the market is segmented as public, private, and hybrid.
Based on organization, the market is divided into size, small, medium, and large-sized organizations. In 2021, the big enterprise category had the highest market share. The large company's clients are spread across several places. Large organizations are expected to invest in cutting-edge technology to operate their operations effectively. Large corporations want to employ products and services that are meant to assist them in increasing their revenues. Large businesses are likely to utilize contact center software solutions more frequently.
Based on end-user, the market is segmented into telecom & information technology, BFSI, healthcare, retail, government, manufacturing, banking financial services, and insurance. The sector would see the introduction of growth of emerging companies, each with unique, inventive strategies for success. As a result, organizations that have already developed a reputation for themselves in the industry are widely deploying contact centre software solutions to increase the efficiency of corporate operations.
Key market players in the Cloud based Contact Center Market: -
- Aspect Software, Inc
- BT GROUP PLC
- Cisco Systems, Inc
- Connect First, Inc
- Evolve IP LLC
- Five9, Inc
- Genesys
- Liveops, Inc
- Mitel Networks Corporation
- NewVoiceMedia Limited
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"System stability is the driving factor for companies to switch from their current on-premises contact center solution to a cloud-based one. Enterprises' primary need is higher security standards, which are addressed by advanced cloud contact center technology. Due to cloud deployment, companies may host their contact centers in outside data centers, eliminating the requirement for hardware infrastructure. As a result, there has been a significant reduction in the price of infrastructure in general. To swiftly fulfill customer demand, a cloud-based contact center also enables fast workforce team expansion. As a result, increased security, adaptability, flexibility, cost, and reliability significantly contribute to the market's growth over the forecast period." Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Cloud based Contact Center Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028. Segmented By Component (Solutions and Service), By Deployment (Public, Private and Hybrid), By Organization Size (Small, Medium, and Large-Sized Organization), By End-User (Telecom & Information Technology, BFSI, Healthcare, Retail, Government, Manufacturing, Banking Financial Services, and Insurance), By Region, By Competition has evaluated the future growth potential of Cloud-based Contact Center Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Cloud-based contact center market.
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COVID-19 Impact Analysis on Cloud-based Contact Center Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2019-2027.
The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Cloud-based Contact Center include Genesys, NICE, Vonage, Five9, Cisco, Talkdesk, 8x8, Avaya, Content Guru, Serenova, RingCentral, Aspect Software, 3CLogic, Enghouse Interactive, Ameyo, Vocalcom, Evolve IP, Twilio, Pypestream, Sentiment Machines, TechSee, AirCall, JustCall, Nubitel, NeoDove, Dialer360, Servetel, and Rulai..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Cloud-based Contact Center Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/cloud-based-contact-center-market/download-sampleMarket SegmentationThe broad Cloud-based Contact Center has been sub-grouped into the Component, Deployment Mode, Organization Size, Industries and Region.
The report studies these subsets with respect to the geographical segmentation.
According to a research report "Cloud-based Contact Center Market by Component (Solutions and Services), Deployment Model (Public Cloud and Private Cloud), Organization Size, Industry (BFSI, Telecommunications, and Retail and Consumer Goods), and Region - Global Forecast to 2025", published by MarketsandMarkets, the global cloud-based contact center market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period, to reach USD 36.1 billion by 2025 from USD 11.5 billion in 2020.
The increase in the need to improve consumer experience and the rise in the number of enterprises harnessing the benefits of contact center have propelled the adoption of cloud-based contact center solutions.
Cloud-based contact center offerings provide cost-effective contact center solutions for Small and Medium-sized Enterprises (SMEs).
This is expected to further fuel the demand for these solutions among the end-users.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=160166082The reporting and analytics solution is expected to grow at the highest CAGR during the forecast periodBased on solutions, the cloud-based contact center market has been segmented into omnichannel routing, workforce engagement management, reporting and analytics, customer engagement management, and others [including Computer Telephony Integration (CTI), messaging, compliance, and data integration).
The cloud-based contact center reporting and analytics solution keep track of contact center operations and agent performance.
They enable organizations to track real-time management metrics via customizable dashboards to help companies make smart business decisions.
