Cloud-Based Contact Center Market by Component (Solution, Service); Deployment Model (Public cloud, Private cloud, Hybrid cloud); Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises); Application (Call routing and queuing, Data integration and recording, Chat quality and monitoring, Real-time Decision-making, Workforce Optimization (WFO)); Vertical (BFSI, Consumer goods and retail, Government and public sector, Healthcare and life sciences, Manufacturing, Media and entertainment, Telecommunication and Information Technology Enabled Services (ITES), Others): Global Market Size Estimates and Forecast (2022–2030)
The cloud-based contact center market crossed US$ 17.4 billion mark in 2022 and is expected to hit US$ 92.2 billion by 2030, recording a CAGR of 23.1% during the forecast period.
Cloud-Based Contact Center market has been significantly growing with the adoption of social media, Mobile, Analytics, and Cloud (SMAC) technology
Contact centers are developing rapidly from primary models where processes are installed from single channel to multi-channel, multi-function components for handling customer relationship management (CRM). Modern age contact centers manage inbound and outbound calls, emails, web inquiries, and chats worldwide. Organizations infuse their contact centers with robust SMAC technologies to achieve better results. SMAC technologies allow companies to expand the agility of their company operations by addressing dynamic customer preferences and the need for multi-channel uniformity. Modern contact centers are focused on providing capabilities, such as social media, communication as a service abilities to handle requests originating from smartphone, social media access to offer contact center agents with the proper video enablement, real-time information to involve in face-to-face video calls, virtual contact centers to diminish costs and complications, and cutting-edge analytics to analyze unstructured data in bulk and deliver key insights into customer behavior.
Within the report, the cloud-based contact center market is segmented into authentication component, deployment mode, organization size, application, vertical. On the basis of component, the cloud-based contact center market is segmented as solution, service. On the basis of deployment mode, the cloud-based contact center market is segmented as public cloud, private cloud, hybrid cloud. On the basis of organization size, the cloud-based contact center market is segmented as small and medium-sized enterprises (SMEs), large enterprises. On the basis of application, the cloud-based contact center market is segmented as call routing and queuing, data integration and recording, chat quality and monitoring, real-time decision-making, workforce optimization (WFO). On the basis of vertical, the cloud-based contact center market is segmented as BFSI, consumer goods and retail, government and public sector, healthcare and life sciences, manufacturing, media and entertainment, telecommunication and information technology enabled services (ITES), others. Geographically, the cloud-based contact center market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The cloud-based contact center market in Asia Pacific holds the highest growth rate and is expected to retain its position during the forecast period (2022-2030). The high growth is due to the presence of most populous countries such as China and India in the region.
BFSI segment in vertical to hold largest share of Cloud-Based Contact Center market during the forecast period (2022-2030)
Based on industry vertical, the BFSI segment is estimated to account for a larger cloud-based contact center market share in 2022. It is expected to hold its significant position during the forecast period. The BFSI industry is a pioneer in implementing new technologies. The cloud-based contact center market allows BFSI organizations to mine client data that includes customer activities, transactions across BFSI services, websites, customer queries through multiple channels, and the deep knowledge of prioritized customer segments.
Rising adoption of artificial intelligence (AI) is one of the major factors accelerating the market growth.
The implementation of artificial intelligence (AI) is estimated to generate lucrative opportunities for the cloud-based contact center market over the forecast period. Artificial intelligence (AI) offers dependability to contact center operators by systematizing the most repetitious processes. The actionable customer insights and learnings provided by an AI-based contact center model can be used to upsurge agent productivity and efficiency as a whole. Additionally, AI-based contact centers improve predictive and prescriptive model performance to answer customers' complicated concerns quickly. The Vocalcom Group announced a new AI-based contact center system called "Vocalcom Hermes360" in April 2020. Contact centers may enhance the customer and agent experiences with an omnichannel and comprehensible solution, nevertheless of the preferred communication method.
Recent strategic developments in Cloud-Based Contact Center market
The cloud-based contact center market has undergone several significant developments, and a few of these have been mentioned below:
- In March 2022, 8x8 launched an 8x8 Contact Center composed of experience transmuting the contact center agent role. 8x8 Agent Workspace is a completely design-led interface, browser-based, delivering a tailor-made and spontaneous experience that exceptionally blends contact center and unified communications capabilities in a single application
- In March 2022, 8X8 launched the continued global growth and customer adoption of the 8x8 XCaaS solution. 8x8 XCaaS includes an integrated cloud contact center, voice, team chat, video meetings, and CPaaS embeddable APIs capabilities in a single-vendor solution.
The cloud-based contact center market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. 3CLogic; 8x8, Inc.; Aspect Software, Inc.; Cisco Systems, Inc.; Five9, Inc.; Genesys; NewVoiceMedia; NICE Ltd.; Oracle; and RingCentral, Inc. are among the prominent players operating in the market.
Target audience for the report:
- Cloud-based contact center software providers
- Cloud-based contact center service providers
- Cloud-based contact center associations, organizations, forums, and alliances
- Venture capitalists, private equity firms, and start-up companies
- End users of Cloud-based contact center
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the cloud-based contact center market has been segmented on the basis of:
- Component
- Solution
- Service
- Deployment Model
- Public cloud
- Private cloud
- Hybrid cloud
- Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- Application
- Call routing and queuing
- Data integration and recording
- Chat quality and monitoring
- Real-time Decision-making
- Workforce Optimization (WFO)
- Vertical
- BFSI
- Consumer goods and retail
- Government and public sector
- Healthcare and life sciences
- Manufacturing
- Media and entertainment
- Telecommunication and Information Technology Enabled Services (ITES)
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- 3CLogic
- 8x8, Inc.
- Aspect Software, Inc.
- Cisco Systems, Inc.
- Five9, Inc.
- Genesys
- NewVoiceMedia
- NICE Ltd.
- Oracle
- RingCentral, Inc.
- 3CLogic
- 8x8, Inc.
- Aspect Software, Inc.
- Cisco Systems, Inc.
- Five9, Inc.
- Genesys
- NewVoiceMedia
- NICE Ltd.
- Oracle
- RingCentral, Inc.