Cloud-Based Contact Center Market 2019 Global Leading Growth Drivers, Emerging Audience, Industry Segments, Business Trends and Profit Analysis

September 07 12:58 2019
Cloud-Based Contact Center Market 2019 Global Leading Growth Drivers, Emerging Audience, Industry Segments, Business Trends and Profit Analysis

Cloud-Based Contact Center Market
Global Cloud-Based Contact Center Market is expected to grow from USD 6.47 billion in 2017 to USD 24.11 billion by 2023, at a CAGR of 25% during the forecast period

Cloud-Based Contact Center Market Synopsis:

A contact center is a center point of an organization through which all outbound and inbound communications are managed. Usually, contact centers hosted on an Internet server (premise-based) have their own set of limitations. Contrarily, a cloud-based contact center can be accessed virtually from any location.  Deployment of a cloud contact center ensures optimized agent efficiency, improving flexibility & scalability, better customer experiences and hence, improved ROI, all at a much-reduced cost. 

Resultantly, the adoption of cloud contact centers is increasing across the industries, and its market is witnessing a considerable rise in the gains. According to Market Research Future (MRFR), the global Cloud-Based Contact Center Marketwould reach a valuation of USD 24.11 BN by 2023, registering a whopping, double-digit CAGR of 25% throughout the forecast period (2018 – 2023). In 2017, the market had valued merely at USD 6.47 BN.

Additional factors bolstering the market include cloud compliance requirements and the option of pay-per-use subscription pricing model for end-users.  IT & telecommunication industry, among other verticals, would hold the largest share in the market. To way to achieve digital transformation is to enhance the customer experience. Since contact centers are the sources to improve customer experience, it is critical to upgrade them.   

On the other hand, the security concerns for both, the data and apps stored in the data center and for the data/voice moving in and out of the data center are restricting the growth of the market. Also, the risk of loss of information such as data breaches affects the growth of the market. Nevertheless, improved customer experience and rising interest of global players towards investment in the market are some of the major tailwinds that would support the growth of the market.

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Major Players:

Players leading the cloud-based contact center market are 8×8 Inc. (US), NICE Ltd. (Israel), Five9 (US), Genesys (US), Cisco Systems (US), Oracle Corporation (US), Connect First (US), NewVoiceMedia (UK), Extreme Networks, and Aspect Software (US), inContact, Inc. (US), Liveops, Inc. (US), 3CLogic (US), Interlink Network Systems (US), Accurate Always, Inc. (US), KM2 Solutions (US), CCT Solutions (US), and  Servion Global Solutions (India), among others.

Cloud-Based Contact Center Market Segmentations:
For a better understanding, the report has been segmented into six key dynamics:
· By Solution : Automatic Call Distribution, Agent Performance Optimization, Diallers, Interactive Voice Response, Computer Telephony Integration, Reporting & Analytics, and Security, among others.
· By Application: Workforce Optimization and Data Integration & Recording, among others.
· By Vertical: BFSI, IT &Telecomm, Retail, Government & Public Sector, Healthcare & Life Sciences, Media & Entertainment, Manufacturing, among others.
· By Services: Professional Service and Managed Service.
· By Organization Size: Large Enterprise and SME.
· By Deployment Model: Public Cloud, Private Cloud, and Hybrid Cloud.

Cloud-Based Contact Center Market Geographical Analysis:

North America would retain its dominance over the global cloud-based contact center market.  Vast advances in technologies led by the well-established infrastructures in the region that encourages development and early uptake of advanced technologies drive the regional market.

Also, factors such as advancements in the customer experience management, the presence of large operation bases & customer contact centers, and augmenting uptake of cloud-based analytics solutions across various industries foster the growth in the regional market.

The Asia Pacific cloud-based contact center market has been emerging as a lucrative market globally. Factors attributing to the growth in the regional market include massive demand for the deployment of cloud-based contact center technologies that can provide comprehensive support and specialty in real-time.

Cloud-Based Contact Center Market Competitive Analysis:

Highly competitive cloud-based contact center market appears to be fragmented owing to the presence of many matured players accounting for a substantial market share. Through strategic initiatives such as acquisition, expansion, and product/technology launch, these players try to gain a competitive advantage in this market. They invest substantially in R&D to develop an entirely different technology compared to their competition. 

Current trends in the market are usages of chatbots & artificial intelligence and increasing dependence on interactive voice response (IVR). Following these trends, many players incorporated chat bots & artificial intelligence to their solutions to increase their enterprise value in the market.

Industry/Innovation/Related News:

June 16, 2019 —- Talkdesk (the US), a cloud-based contact center, and artificial intelligence software provider launched Talkdesk Boost, a new way to accelerate corporate digital transformation. Unveiled at Customer Contact Week in Las Vegas, the ‘Talkdesk Boost’ enhances agent productivity, operational agility, and customer experience by augmenting existing voice systems with AI-infused, cloud-based contact center applications. Talkdesk Boost enables agents to do more with minimal disruption, while also being able to yield business results.

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Intended Audience:

  • Cloud vendors
  • Application design and development service providers
  • System integrators/migration service providers
  • Consultancy firms/advisory firms
  • Training and education service providers
  • Data integration service providers
  • Managed service providers
  • Data quality service providers

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