Global cloud-based contact center market Size USD 10.80 Billion in 2020 and is expected to reach USD 55.12 Billion by 2028, CAGR of 22.6% from 2021 to 2028.
Cloud Based Contact Center Market
Global Cloud-Based Contact Center Market Size & Overview
The global cloud-based contact center market size accounted for USD 10.80 Billion in 2020 and is expected to reach USD 55.12 Billion by 2028, growing at a CAGR of 22.6% from 2021 to 2028.
A cloud-based contact center is a complete set of tools, applications, and cloud-hosted services for contact centers in establishments that require multiple communications channels, reliable call routing, agent management, and analytics. A cloud-based contact channel integrates multiple communications channels, uses automated services like auto-attendant and music-on-hold, features workforce management tools, provides supervisors access to high-level dashboards and detailed analytics, and is hosted in the cloud by a service provider. The market is primarily driven by the increasing adoption of cloud-based contact centers by various organizations due to the shifting focus of companies to work from home culture. Technological advancements like the integration of artificial intelligence (AI), analytics, and natural language processing (NLP) with cloud-based contact centers to improve existing solutions are anticipated to augment the growth of the market during the forecast period.
The COVID-19 pandemic has caused economic and social disruption and impacted almost all industries. Many countries are still under lockdown due to the increase in cases of COVID-19 patients on daily basis and also to contain the spread of the virus. Thus, many enterprises are going for cloud-based contact center solutions to manage and operate all contact center-related processes remotely during COVID-19. The demand for cloud-based contact center solutions is expected to increase in the years to come since it offers scalability, flexibility, and low setup cost. Most of the organizations involved in various businesses have adopted the work-from-home culture for the protection and well-being of their employees. Furthermore, it’s easy to maintain operational efficiency even remotely with the use of cloud-based contact center solutions. This has resulted in an increase in the demand for the cloud-based contact center market in the forecast period.
The rising adoption of SMAC technologies is anticipated to augment the market over the next six years. SMAC technology is the concept where social, mobile, analytics, and cloud, these four technologies combine to drive business innovation and development. These technologies allow enterprises to increase the suppleness of their business operations and help corporations get closer to the customer with negligible overhead and maximum reach. Contact centers are focusing on developing quickly to move from primary models where operations are deployed in a single channel to multi-channel communication systems for handling customer relationship management. The contact centers are needed to handle all inbound and outbound customer communications for organizations. The organizations integrate their contact center solutions and operations with social media, mobile, analytics, and cloud (SMAC) technologies to achieve improved and better results. As a result, the demand for cloud-based contact centers for proficient management of operations remotely by various industries has increased.
The rise of multichannel communication solutions to enhance performance and provide an effective customer service experience is anticipated to augment the market growth over the forecast period. These solutions permit agents to communicate with customers or clients by phone call, over emails or messaging and maintain a constant record of all communications. The multichannel cloud contact center allows access from virtually anywhere, removing the need for physical infrastructure and at the same time meeting the current demands of customer communication preferences. Many companies are focusing on using these solutions to increase their throughput and augment their service offerings.
|Report Attributes||Report Details|
|Report Name||Cloud-Based Contact Center Market Research Report|
|Market Size in 2020||USD 10.80 Billion|
|Market Forecast in 2028||USD 55.12 Billion|
|Compound Annual Growth Rate||CAGR of 22.6%|
|Number of Pages||160|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||NICE, Genesys, Five9, Vonage, Talkdesk, Cisco, Avaya, Serenova, Content Guru, Aspect Software, and RingCentral, among others.|
|Segments Covered||By Component, By Deployment Model, By Organization Size, By Industries And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Component Segment Analysis Preview
The solutions segment held a maximum share in 2020. This is attributable to the increasing adoption of cloud-based solutions and services by various organizations to increase productivity and reduce the total cost of ownership. These solutions also increase business efficiency by outsourcing the complete contact center operations to cloud-based contact center solution providers. The increasing benefits and awareness among public and private organizations have increased the acceptance of cloud-based solutions which is the major reason to augment the cloud-based contact center market. Furthermore, the accessibility of customized cloud-based contact center solutions at reduced prices with the addition of new options and capabilities is also anticipated to increase the growth of the solution segment of the market.
Industries Segment Analysis Preview
IT and ITeS industry segments accounted to held a substantial share in the years to come. This is attributable to the increasing adoption of these solutions by large enterprises. The cloud-based contact center provides numerous benefits to the organizations such as enabling greater agent versatility, improved agent efficiency, provides true scalability, reduced costs, and enhanced security, among others. As a result, many companies in the industry are widely adopting contact center software solutions to increase the efficiency of business management and its operations.
Regional Analysis Preview
The North America region held a share of 38% in 2020. This is attributable to the increasing internet penetration and acceptance of cloud-based services from remote infrastructure for remote operations at a reduced cost. Furthermore, the presence of major companies providing cloud-based solutions is anticipated to increase the market growth in the region. Moreover, the increasing usage of cloud-based solutions by various sectors is expected to generate huge demand for the market in this region.
The Asia Pacific region is projected to grow at a CAGR of 26.4% over the forecast period. This surge is due to the increasing adoption of cloud-based contact centers by large and small and medium enterprises in the Asia pacific region. The market is also driven by the increasing number of data center business, startups, and customers’ adoption of new technologies in the region. Additionally, increasing investments of organizations from various industrial and business operations are expected to open new avenues for the cloud-based contact center market over the coming years.
Some of the key players in the cloud-based contact center market are
In Dec 2020 Five9, Inc. announced its strategic partnership with Conn3ct, a leading customer experience, unified communications, and network services communications provider for international businesses to expand its global presence. This new strategic partnership between Five9 and Conn3ct was done to help stabilize, enhance and transform global cloud contact centers.
The global cloud-based contact center market is segmented as follows:
By Deployment Model
By Organization Size
The global cloud-based contact center market was valued at USD 10.80 Billion in 2020.
The global cloud-based contact center market is expected to reach USD 55.12 Billion by 2028, growing at a CAGR of 22.6% between 2021 to 2028.
Some of the key factors driving the global cloud-based contact center market growth are increasing adoption of SMAC technologies, increasing adoption of cloud-based contact centers due to COVID-19, integration of AI, analytics, and NLP capabilities to add significant solutions in existing cloud-based contact centers, among others.
North America region held a substantial share of the cloud-based contact center market in 2020. This is attributable to the presence of major players in the region. Asia Pacific region is projected to grow at a significant rate owing to the rising demand for cloud-based contact center solutions in developing economies such as China and India.
Some of the major companies operating in the cloud-based contact center market are NICE, Genesys, Five9, Vonage, Talkdesk, Cisco, Avaya, Serenova, Content Guru, Aspect Software, and RingCentral, among others.