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The growth in the need for improving consumer experience has fueled the adoption of cloud-based contact center solutions across the globe
The global cloud-based contact center market is expected to grow from USD 6.80 billion in 2017 to USD 20.93 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 25.2% during the forecast period. Business continuity is one of the major driving factors for cloud-based contact centers. In on-premises contact centers, hardware failures emerge abruptly, which is expected to disastrously impact on the companies’ customer data resulting in downtime, busy signals, and excessive delay. Cloud-based contact centers are independent of the location they are situated that enables agents, supervisors, and administrators to access them from anywhere through a phone or by an internet connection. This makes cloud-based contact centers a disaster recovery/business continuity solution. This is one of the major growth drivers for the cloud-based contact center market, as these solutions provide an effective control that aid in meeting compliances and uptime. However, concerns related to information loss is expected to prevent the end-users from adopting these solutions.
The call routing and queuing segment is expected to have the largest market size during the forecast period
Call routing designates certain calls to different agents and locations depending on a variety of factors. Focusing on call routing enables organizations to manage thousands of calls continuously without compromising with the customer satisfaction. Moreover, organizations could easily manage spikes in call volume by intelligently distributing calls among multiple contact centers, including remote centers and home-based agents, with the unique cloud routing technology. However, demand for call routing and queuing solution is expected to increase in various verticals.
The large enterprise segment is expected to have the larger market share during the forecast period
The cloud-based contact center market has been segmented based on organization size into Small and Medium-sized Enterprises (SMEs) and large enterprises. The major benefit large enterprises receive with the implementation of cloud transformation is that the cloud services are maintained and supported by the vendors themselves. Moreover, firms could thereby engage their employees in more strategic business tasks. The demand for flexible, scalable, and convenient solutions for large enterprises pushes service providers to come up with the new technologies and offer innovative solutions. Hence, the cloud-based contact center market for large enterprises is expected to grow at a significant rate.
North America is estimated to have the largest market share in 2017, whereas Asia Pacific is projected to grow at the highest rate during the forecast period
North America is estimated to capture the largest market share in 2017, and the trend is expected to continue during the forecast period. Growth in adoption of cloud-based services in SMEs and large enterprises is expected to drive the revenue growth in this region. On the other hand, the cloud-based contact center market in Asia Pacific (APAC) is expected to witness an exponential growth and is projected to be one of the fastest-growing regions in the global cloud-based contact center market. This is attributed to the large-scale adoption of cost-effective cloud-based solutions in these regions.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.
The break-up of the profiles of the primary participants is given below:
- By Company Type: Tier I: 50%, Tier II: 33%, and Tier III: 17%
- By Designation: C Level: 50%, D Level: 17%, and Others: 33%
- By Region: North America: 33%, APAC: 17%, Europe: 33%, and RoW: 17%
The key vendors profiled in the report are as follows:
1. 8x8 Inc. (US)
2. Five9 (US)
3. Cisco Systems (US)
4. Genesys (US)
5. Oracle (US)
6. NewVoiceMedia (UK)
7. Connect First (US)
8. Aspect Software (US)
9. NICE Ltd. (Israel)
10. 3CLogic (US)
The market is segmented on the basis of solution that includes Automatic Call Distribution (ACD), Agent Performance Optimization (APO), dialers, Interactive Voice Response (IVR), Computer Telephony Integration (CTI), reporting and analytics, security, others (issue tracking, omnichannel, and mobile care solution). The service segment includes professional service and managed service. The deployment model segment includes public cloud, private cloud, and hybrid cloud. The organization size includes SMEs and large enterprises. The applications include call routing and queuing, data integration and recording, chat quality and monitoring, real-time decision-making, and workforce optimization. The market has been segmented on the basis of vertical into Banking, Financial Services, and Insurance (BFSI), consumer goods and retail, government and public sector, healthcare and life sciences, manufacturing, media and entertainment, telecommunication and Information Technology Enabled Services (ITES), and others (transportation and logistics, and education). Furthermore, the market has been segmented on the basis of regions into North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
The report is expected to help the market leaders/new entrants in the following ways:
- The report segments the cloud-based contact center market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different industries and regions.
- The report is expected to help stakeholders understand the pulse of the market and provide them with the information on the key market drivers, restraints, challenges, and opportunities.
- The report is expected to help stakeholders better understand their competitors and gain more insights to enhance their position in the market.
- The competitive landscape section includes new product launches, partnerships, agreements and collaborations, mergers and acquisitions, and expansions related to the cloud-based contact center market.