01-Sep-2021 | Facts and Factors
The latest report published by Facts and Factors states that the global cloud-based contact center market was estimated at USD 11.5 Billion in 2020 and it is further projected to reach USD 45.5 Billion by the end of 2026, rising at a CAGR of around 25.8% between 2021 and 2026.
A cloud-based contact center, hosted by an internet server, is a focal point of any business. It is in charge of all customer communications, including incoming and outbound. Calls, emails, and social media can all be used to communicate or connect. The cloud-based contact center is regarded as a quick, simple, and highly adaptable option. With the help of a configurable management panel, a cloud-based contact center may also keep track of real-time administration metrics. Compared to call centers, contact centers have a number of advantages. Customers can self-serve and solve their own problems, for example, by using two-way, keyword-driven instant messaging, text messaging, or discussion with chatbots. Self-service reduces the number of time agents spends on the phone, resulting in shorter wait times for clients and cheaper total expenses. The infinite scalability and flexibility of cloud-based contact centers will drive up demand in the future. Numerous business verticals, including banking, financial services, and insurance (BFSI), public sector, government, healthcare, and life sciences, and consumer goods and retail, will boost demand for cloud-based contact centers.
Top Market Players
Major 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.
Increasing Adoption Of Cloud Computing, Social Media And The Need For Providing Customer Services Is Driving The Growth Of Cloud Based Contact Center Market
There are various major factors that are fueling the growth of the global cloud-based contact center market: the rise in cloud computing, offering multichannel customer engagement, and the use of social media & analytics. The use of a cloud-based contact center enables organizations or enterprises to gain state-of-the-art competences that will transform a legacy contact center into a modernized contact center. Such contact centers can also improve also improve ROI, minimize cost, offer superior employee empowerment and customer service, optimize agent efficiency, and enhance flexibility and scalability. Furthermore, the cloud-based contact center will enable the user to purchase on-demand numbers across the globe and immediately deploy. It also has elasticity, which allows the company to scale up and scale down depending on the needs. Several industries are adopting cloud-based contact centers due to all their benefits, which are equally contributing to the global market's expansion. Additionally, low initial investments and easy deployment are also factors that have led most sectors to seek out cloud based contact center deployment thereby driving the market upwards. Over the forecast period, major investments of AI will be factors likely to drive the growth of the global cloud based contact center market.
The global economic crisis caused by the pandemic of Covid-19 has affected most of the industrial sectors. Contact centers are expected to migrate from on-premises to cloud-based to cope with the financial losses. Work-from-home policies adopted by most companies have also contributed to growing cloud deployments. As a result, the global cloud-based contact center market is experiencing growth during the pandemic.
North AmericaDominates Global Cloud Based Contact Center Market
North America dominates the cloud-based contact center market, owing to the presence of many global players, rising rates of innovation, and widespread acceptance of cloud services in the region, which is intensifying the adoption of cloud-based contact centers. Organizations in this region are looking to outsource management and expertise in order to stay focused on their core activities. During the projection period, Europe is expected to increase at a steady pace. The cloud-based contact center market in Europe is driven by the presence of large car manufacturing and healthcare industries. Due to the existence of many IT and telecommunication industries, Asia-Pacific is predicted to grow at a quicker rate during the forecast period. During the projection period, the cloud-based contact center market will be driven by increasing usage of electronic devices as well as massive investment in R&D by China and Japan.
Browse the fullreport “Cloud Based Contact Center Market By Component (Solution and Service), By Deployment (Public Cloud, Private Cloud and Hybrid Cloud), By Organization Size (Small and Medium Size Enterprises (SME's) and Large Enterprises) and By Industrial Vertical (BFSI, Consumer Goods and Retails, Government and Public Sector, Healthcare and Life Sciences, Manufacturing, Media &Entertainment, IT and Telecom, and Others): Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026” at https://www.fnfresearch.com/cloud-based-contact-center-market
The global cloud based contact centermarket is segmented as follows:
By Organization Size:
By Industrial Vertical:
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