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 2027 from USD 11.5 billion in 2020.
Latest added Cloud-Based Contact Center Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2026. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Aspect Software, Liveops, Contact, Five9, Inc., Genesys Telecommunications Laboratories, 3CLogic. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
This report studies the Cloud-Based Contact Center Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Cloud-Based Contact Center Market by companies, region, type and end-use industry.
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Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “Cloud-Based Contact Center Market, By Type (Automatic Call Distribution, Agent Performance Optimization, Dialers, Interactive Voice Response, Computer Telephony Integration, Analytics and Reporting), Service (Professional, Managed), End-user (BFSI, IT and Telecom, Media and Entertainment, Retail, Logistics and Transport, Healthcare) and Geography – Global Forecast to 2026”. Early buyers will get 10% customization on study.
To Avail deep insights of Cloud-Based Contact Center Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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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 2027 from USD 11.5 billion in 2020. Cloud-based contact center solutions enable several companies to utilize contact center providers’ offerings on the cloud. These solutions streamline the process of providing modernized, up-to-date services to customers and personalize these services to meet their preferences and demands for providing the advantages of minimal capital investment; 24/7 technical support; and high levels of reliability, security, and scalability. Moreover, these solutions are expected to witness a rise in demand as they are finding utility in improving the customer experience from industries, such as Banking, Financial Services, and Insurance (BFSI), telecommunications, Information and Technology (IT), and Information Technology Enabled Services (ITES), and healthcare and life sciences.
COVID-19 Impact Cloud-based Contact Center Market
Enterprises are opting for cloud-based contact center solutions to manage contact center operations during the COVID-19 times to execute day to day operations remotely. The demand for cloud-based contact center solutions is expected to surge in 2020 as it offers benefits such as flexibility, scalability, and low setup cost. Many of the enterprises across industries have adopted the work from home model to safeguard employee well-being and maintain operational efficiency, surging the demand for cloud-based solutions
Cloud-based Contact Center Market Dynamics
Drivers: rising adoption of SMAC technologies
Contact centers are evolving rapidly from primary models where operations are deployed in a single channel to multi-channel, multi-function units for handling customer relationship management. Modern age contact centers manage in-bound and out-bound calls, emails, web inquiries, and chats worldwide. To achieve better results, organizations infuse their contact centers with robust Social Media, Mobile, Analytics, and Cloud (SMAC) technologies. These technologies enable organizations to expand the agility of their business operations by addressing dynamic customer preferences and the need for multi-channel consistency. Modern contact centers are focused on providing abilities, such as communication as a service, social media capabilities to handle queries originating from social media, smartphone access to provide contact center agents with appropriate real-time information, video enablement to engage in face-to-face video calls, virtual contact centers to reduce costs and complexities, and advanced analytics to analyze unstructured data in bulk and deliver key insights into customer behavior.
Restraints: Cyber attacks impacting business operations
In today’s digital world, access to critical information has led to a number of challenges. One of these challenges is that enterprises storing sensitive data have become a major target for cybercriminals. Unfortunately, contact centers, which usually handle a lot of valuable customer information, are no exception. Contact centers regularly collect and store an enormous amount of customer information that attracts cybercriminals to target these contact centers. Recently, SANS Institute has released a new cloud security report based on a survey of several hundred companies across the US, Asia, Europe, and Canada. According to the survey, 19% of respondents have suffered cloud cyberattacks and are concerned with storing information in cloud.
Challenges: integration of mobility with the existing capabilities
In today’s world, customers have become dependent on their mobile phones for all types of interactions. With the increased adoption of smartphone devices and mobile apps, more and more customers demand access to customer service through these channels. Businesses need to be able to support the growing and important medium of communication, ensuring customers can reach them anytime, anywhere, and how they prefer. According to the 2019 NICE inContact Customer Experience (CX) Transformation Benchmark survey, 66% of organizations planned to invest in mobile app experience as it is a necessity for enterprises to optimize mobile apps and mobile-friendly websites for quick responses to common customer questions and issues. Contact center solution providers are aware of this situation and proactively take efforts to offer mobility to customers with the existing capabilities. They enable real-time collaboration, wherein agents can communicate to share insights or get inputs with ease using instant messaging and built-in chat features.
Opportunities: enhanced customer experience to increase cloud-based contact center adoption
Customer experience is one of the most stimulating opportunities for businesses in the upcoming years as companies are focusing on customer experiences, reducing churn, and increasing revenue. Customer experience enables companies to have insightful interactions with their customers to understand their experiences related to specific products and services. Enhanced customer experience plays an important role in maintaining customer relationships as well as improves products and services based on customer feedback. The incorporation of cutting-edge technologies such as AI, ML, and analytics enables organizations to connect with their customers for better, efficient, and insightful customer experiences. As not a single business can survive without customers, organizations are focused on building robust customer experience strategies to gain new loyal customers and retain the existing customers.
In 2020 Digital Marketing Trends Report’by Econsultancy, respondent companies were asked a single most exciting opportunity for their organization in the upcoming year; according to most of the respondents, it was customer experience.
Based on components, the solutions segment to be a larger contributor to the cloud-based contact market growth during the forecast period
The global cloud-based contact center market by component has been segmented into solutions and services. Enterprises are using cloud-based solutions and services to reduce the total cost of ownership and increase business agility and productivity by outsourcing the complete contact center operations to cloud-based contact center vendors. The increasing demand and awareness among public and private organizations have increased the scalability and agility of operations, which is one of the major reasons expected to drive the growth of the cloud-based contact center market. Moreover, the availability of customized cloud-based contact center solutions at low prices, possessing new capabilities, is another prime reason for higher adoption.
Based on the organization size, the large enterprises segment to be a larger contributor to the cloud-based contact center market growth during the forecast period
Organizations with more than 1,000 employees are categorized under the large enterprise segment. Large enterprises have a large corporate network and a huge customer base. Enhancing customer experience is at the forefront of the company’s vision. The advantages, such as the pay-per-use subscription model, better scalability, improved flexibility, and personalized customer interactions resulting in enhanced customer experience, are expected to create significant demand for cloud-based contact center solutions among large enterprises.
Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
The rapid growth of cloud-based contact center adoption in APAC is mainly driven by the dramatic growth of the data center business, increasing number of startups and customers’ willingness to adopt new technologies are driving the growth of cloud-based contact center market.
Key Market Players
The cloud-based contact center market is dominated by companies such as NICE (Israel), Genesys (US), Five9 (US), Vonage (US), Talkdesk (US), 8×8 (US), Cisco (US), Avaya (US), and others. These vendors have a large customer base and strong geographic footprint along with organized distribution channels, which helps them to increase revenues.
The base year for calculation in this Cloud-Based Contact Center Market business report is taken as 2020 while the historic year is 2019 which will tell how the market will perform in the forecast years by informing what the market definition, classifications, applications, & engagements are. This Cloud-Based Contact Center Market report is also all-embracing of the data which covers market definition, classifications, applications, engagements, market drivers & market restraints that are based on the SWOT analysis. A large scale Cloud-Based Contact Center Market report is a comprehensive study about the market which tells about the market status in the forecast period of 2021-2027.
All viewpoints in the report are based on iterative validation by engaging influencer, experts of the market, whose opinions supersede all other research methodologies. Both primary and secondary approach are used and detailed product portfolio / service offering were analysed and have been presented in a separate chapter of competitive landscape along with company profile.
Detailed Insights on Market Concentration Rate:
CR4, CR8 and HHI Index Analysis of Overall Market
Comparative Market Share Analysis (Y-o-Y)
Emerging Players – Heat Map Analysis
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Table of Contents
1 Market Overview
1.1 Global Cloud-Based Contact Center Introduction
1.2 Market Analysis by Type
1.3 Market Analysis by Applications
1.4 Market Analysis by Regions
1.5 Market Dynamics
1.5.1 Market Opportunities
1.5.2 Market Risk
1.5.3 Market Driving Force
2 Manufacturers Profiles
2.1.1 Business Overview
2.1.2 Cloud-Based Contact Center Type and Applications
2.1.3 Cloud-Based Contact Center Sales, Price, Revenue, Gross Margin and Market Share (2021-2027)
3 Global Cloud-Based Contact Center Market Competition, by Manufacturer
4 Global Cloud-Based Contact Center Market Analysis by Regions
5 Region 1, Type, Application and Manufacturers
10 Global Cloud-Based Contact Center Market Segment by Type
11 Cloud-Based Contact Center Market Segment by Application
12 Cloud-Based Contact Center Market Forecast (2021-2027)
13 Sales Channel, Distributors, Traders and Dealers
14 Research Findings and Conclusion
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