[203+ Pages Report] As per the Facts and Factors market research report, the global cloud-based contact center market generated sales revenue of USD 11.5 Billion in 2020, and the cloud-based contact center sales is expected to generate revenue of USD 45.5 Billion by the end of 2026, increasing at a CAGR of around 25.8% from 2021 to 2026.
A cloud-based contact center is an internet-based facility that handles all inbound and outbound customer communications for a company. It's a software solution that offers a comprehensive suite of tools and applications which allows organizations to deliver outstanding levels of customer service across multiple channels, including voice, SMS, email, and social media. A cloud contact center uses the latest in communications technology and is a modern alternative to on-premises contact centers. It offers many benefits to businesses who want to continually meet and exceed customers’ service expectations.
Cloud contact centers have become a necessary step for businesses to take in order to adopt a systematic strategy that improves performance, channel support and engagement, reporting, and analytics in order to successfully service a client base with constantly changing preferences. Enterprises face a problem in selecting the correct cloud contact center solution and strategic partner to fulfill these objectives.
With a cloud-based contact center, the organization or enterprise is able to deliver state-of-the-art competencies that transform the legacy contact center into a modern one. Moreover, cloud-based contact centers are also becoming popular among the industries due to the low initial investment and ease of deployment that are fueling the growth of the market. Additionally, the major investments made by the key players in R&D activities and integration with artificial intelligence are the factors that are likely to propel the growth of the global cloud-based contact center market over the forecast period. Furthermore, in the global cloud-based contact center business, the notion of a contact center as a service (CCaaS) is gaining traction. RingCentral, Inc., a publicly traded company in the United States that provides cloud-based communications and collaboration solutions for organizations, is being lauded for its CCaaS solutions, which enable businesses to save money upfront and reduce IT headcount. With collaboration options like team chat and video, the new wave of CCaaS technology in the cloud-based contact center market is helping to successfully manage remote teams. CCaaS technology is assisting in lowering the total cost of ownership, reducing downtime, and ensuring business continuity, particularly during the current coronavirus pandemic. It has been discovered that unified communications as a service (UCaaS) and cloud communications as a service (CCaaS) operate together to enable multi-channel communication.
The COVID-19 pandemic has affected virtually every industrial sector globally. Most organizations are predicted to switch to cloud-based contact centers so they can cope with the losses caused by the global economic crisis caused during the pandemic situation. In addition, the work-from-home policy imposed by most companies has led to a rise in cloud-based deployment. All these factors have therefore led to the increased demand for cloud contact centers during and post-pandemic periods.
Based on components, the market is bifurcated into solution and service. Based on deployment, the market is bifurcated into public cloud, private cloud, and hybrid cloud. Based on organization size, the market is bifurcated into small and medium-sized enterprises (SME's) and large enterprises. Based on the industrial vertical, the market is bifurcated intoBFSI, consumer goods and retails, government and public sector, healthcare and life sciences, manufacturing, media & entertainment, IT and telecom, and others.
|Expected Market Value in 2020||USD 11.5 Billion|
|Expected Market Forecast in 2026||USD 45.5 Billion|
|Expected CAGR Value||25.8%|
|Top Market Players||Cisco Systems, Inc., Dell Technologies Inc., EON Reality, Inc., Five9, Inc., Google, LLC, Connect First, Inc., Honeywell International, Inc. and Others|
|Key Segments||Component, Deployment, Organization Size, Industrial Vertical, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
On a regional basis, the cloud-based contact center market is divided into five major regions namely North America, Europe, Latin America, Asia Pacific, and The Middle East and Africa.
Among these regions, North America is expected to be the dominating region for the cloud-based contact center market during the forecast period, due to the presence of many global players and the high adoption of cloud services. Whereas, with the presence of a large scale manufacturing sector and healthcare industry the region of Europe is expected to grow at a stable rate during this time period.
On the other hand, Asia Pacific is expected to grow at a faster rate during the forecast period due to the presence of many IT & telecommunication companies. The rapid adoption of electronics and increasing investments in research and development by major economies of the region like China and Japan are surging the cloud-based contact center market.
Some of the key players in the cloud-based contact center market are Cisco Systems, Inc., Dell Technologies Inc., EON Reality, Inc., Five9, Inc., Google, LLC, Connect First, Inc., Honeywell International, Inc., HP Development Company, L.P., HTC Corporation, Magic Leap, Inc., Genesys, Microsoft Corporation, Oculus VR LLC, Qualcomm Incorporated, Samsung Electronics Co., Ltd., NICE Ltd., Oracle Corporation, Nokia Corporation, Sony Interactive Entertainment LLC, Aspect Software, Inc., Vuzix Corporation and West Corporation, among others.
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