Cloud-Based Contact Center Market Synopsis:
A cloud-based contact center is a center point in an enterprise that is hosted on an internet which enables the handling of outbound and inbound communications. Cloud contact centers are used for making their connections using social media platforms, emails, voice, and the internet, which can be accessed from any location. Cloud contact centers are used for the reduction of cost, improvement in ROI, and optimizing agent efficiency, improving flexibility as well as rising scalability, along with the provision of better customer experiences and employee empowerment. This deployment model of cloud-based contact centers is bound to enable organizations for building contact centers for third-party organizations.
The Cloud-Based Contact Center Marketis likely to upscale at a whopping 25% CAGR over the forecast period, as suggested by the MRFR report. Cloud compliance requirements, as well as the pay-per-use subscription pricing model for end-users, is expected to be the primary factor attributable to the ascension of the cloud-based contact center market.
However, risks towards information loss and lack of awareness regarding cloud-based contact centers in several developing countries is expected to pose as a restraint on market growth over the forecast period. On the other hand, the global cloud-based contact center market is estimated to mount sales, owing to the augmentation of customer experience, and rising interest of global players towards higher investment in the market.
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Major Key Players:
The global cloud-based contact center market boasts a presence of various noteworthy players including NICE Ltd. (Israel), 8×8 Inc. (US), Cisco Systems (US), Five9 (US), Aspect Software (US), Genesys (US), NewVoiceMedia (UK), Oracle Corporation (US), Connect First (US), and Extreme Networks.
Market Segmentation:
The cloud-based contact center market has been categorized by solution, services, deployment model, organization size, vertical, and region.
- By solution, the global cloud-based contact center market is segmented into agent performance optimization, automatic call distribution, dialers, computer telephony integration, interactive voice response, reporting and analytics, and security.
- Based on services, the global cloud-based contact center market is bifurcated into managed services and professional services.
- Based on organization size, the global cloud-based contact center market is segmented into small and medium enterprises and large enterprises.
- Based on deployment, the global cloud-based contact center market is segmented into private cloud, public cloud, and hybrid cloud. By vertical, the market for cloud-based contact center is segmented into retail, BFSI, government and public sector, manufacturing, media and entertainment, healthcare and life sciences, and IT and telecommunications.
Detailed Regional Analysis:
The global cloud-based contact center market is regionally segmented and analyzed for the segments of North America, Europe, Asia-Pacific and the Rest of the World. The global cloud-based contact center market is estimated to reach a market valuation of 24.11 billion by the end of the estimate period, as compared to USD 6.47 billion at the beginning of the forecast period. North America is assessed to spearhead the global cloud-based contact center market during the forecast period. Within North America, the US is predicted to lead the country-specific market for cloud-based contact centers. This can be causative to the presence of several global players and a high rate of adoption of cloud-based services.
Further, increasing rate of innovation in North America is also accelerating the rate of adoption of cloud-based contact centers. Europe is prognosticated to grow at a stable pace over the forecast period owing to the presence of a car manufacturing sector and several healthcare industries which are adopting cloud-based contact center services. Further, Asia Pacific is expected to ascend at a faster rate, as compared to all other regional segments over the forecast period. This can be attributable to the presence of several IT and telecommunication companies in the region.
Industry Update:
Sept 2019: Tata communications recently announced their partnership with Cisco for the development of a fully secure and managed, multi-channel, cloud-based Cisco Webex Contact Center solution.
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
Continued…
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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
Continued…
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
Continued…
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