Cloud-Based Contact Center Market

Cloud-Based Contact Center Market was valued at USD 16,828.7 million in 2022 and is anticipated to reach USD 99,666.6 Million in 2030 and is expected to register a CAGR of 24.9% during the forecast period.

Introduction of the Cloud-Based Contact Center Market Report

A cloud-based contact center refers to a call center setup that is hosted over the internet server, from which all inbound and outbound customer communications are handled. The cloud based contact center provides enhanced customer service through multiple communications channels such as voice calls, email, chat, social media, and the web that is accessible from virtually from any part of the world. The cloud-based contact center market has a wide range of end-user industries such as banking, financial services and insurance, it and telecom, media and entertainment, retail, logistics and transport, healthcare, and others.

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Market Dynamic

Key Drivers and Emerging Trends

Increasing adoption of cloud computing environment and the rising adoption of SMAC technologies that includes social media, mobile, analytics, and cloud technologies across a range of verticals such as banking, financial services, and insurance (BFSI), IT, telecom, media and entertainment, and retail is expected to drive the growth of the cloud based contact center market. In addition, growing demand for offering improved customer experience with quick, personalised, and seamless interactions; flexibility of employees to work from home, and remote operation for offering round-the-clock customer care service are some of the emerging cloud contact center market trends that are expected to surge the market growth. Moreover, cloud-based call center offer benefits including global reach, reduced infrastructure costs, better customer experiences, scalability and flexibility, quick and easy access to the multi-channel communication and services including automatic call distributor (ACD) and interactive voice response (IVR) system. This factor will provide high opportunities for the growth of the cloud-based contact center market size over the forecast period.

Restraint in the Cloud-Based Contact Center Market

However, increasing incidents of cloud cyberattacks and rising concerns related to the privacy of critical information on cloud are expected to restraint the growth of the cloud based contact center market size. In addition to this, high amount of initial extra investment required for bandwidth of internet connection and single vendor lock-in may further hamper the growth of the cloud-based contact center market share.

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Type – Segment Analysis

Based on type, automatic call distribution is expected to grow at a higher CAGR in the market owing to its several benefits that includes faster response to incoming calls, reduces call transferring time, improves the efficiency and productivity of the agents, and enhances the customer experience. Additionally, automatic call distribution (ACD) can be easily integrated with customer relationship management (CRM) system, and other communication platforms which include social media and Live Chat, this allows to provide an insightful and smarter conversation with the customer by understanding their requirements, previous interaction history with the business. This is another major driver that is projected to support the market growth over the coming years.

Organization Size – Segment Analysis

Based on the organization size, small and medium sized enterprise is expected to grow at a faster CAGR during the forecast period primarily due to the growing number of small and medium business enterprises around the world and increasing demand for flexible, scalable, convenient communication solutions, and faster deployment of services in call centers. According to the World Bank Group, small and medium enterprises represent about 90% of businesses around the world and is estimated to provide 600 million jobs 2030.

End-User Industry – Segment Analysis

Based on the end-user industry, BFSI is projected to hold a prominent market share in the market. This can be attributed to the rising adoption of cloud-based solutions in financial institutions and growing need for offering enhanced customer experiences through better and fast quality of call resolution. Moreover, cloud-based contact center help banks for the expansion of multi-channel solutions through voice, SMS, mobile, web and social channel in order to reply to customer’s query. This is another key driver that is further projected to contribute to the growth of the segment.

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Regional – Segment Analysis

Based on region, North America is expected lead the cloud-based contact center market primarily due to the expansion of the BFSI, healthcare, and telecommunication sectors in this region and the rising adoption of cloud-based call center services in SMEs and large enterprises. Furthermore, numerous companies including Five9, Inc., Genesys, Talkdesk, and Vonage Holdings Corp. are operating in the region, which is further propelling the market growth.

Top Market Players

Several Leading players operating in the market include Nice Ltd., Five9, Inc., Genesys, Vonage Holdings Corp., Talkdesk, Cisco System, Inc., Avaya Inc., Aspect Software, RingCentral, Inc., and Vocalcom, and others.

Key Developments:

• • In 2020, NICE Ltd., a part of Nice Ltd. Partnered with Zendesk, Inc., one of the leading providers of customer service software, launched NICE inContact CXone, a cloud contact center platform. This is expected to provide improved customer care solutions to the agents globally.
  • Genesys, one of the prominent leaders in cloud customer experience and contact center solutions, launched the Genesys Rapid Response offer to provide organisations free access to Genesys Cloud so they can offer critical business support.

Segments Covered in the Report:

The global cloud-based contact center market has been segmented on the basis of type, organization size, end-user industry, and regions. Based on type, the market is segmented into automatic call distribution, agent performance optimization, diallers, interactive voice response, computer telephony integration, and analytics and reporting. Based on organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. Based on end-user industry, the market is segmented into banking, financial services and insurance, IT and telecom, media and entertainment, retail, logistics and transport, healthcare, and other. 

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Key questions answered in this research report:

• • At what pace is global Cloud-Based Contact Center Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Cloud-Based Contact Center Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Cloud-Based Contact Center Market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various end-user industries of global Cloud-Based Contact Center Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Cloud-Based Contact Center Market by Type

• • Automatic Call Distribution
  • Agent Performance Optimization
  • Diallers
  • Interactive Voice Response
  • Computer Telephony Integration
  • Analytics and Reporting

Global Cloud-Based Contact Center Market by Organization Size

• • Small and Medium-sized Enterprises (SMEs)
  • Large Enterprises

Global Cloud-Based Contact Center Market by End-user Industry

• • Banking Financial Services and Insurance (BFSI)
  • IT and Telecom
  • Media and Entertainment
  • Retail
  • Logistics and Transport
  • Healthcare
  • Other

Global Cloud-Based Contact Center Market by Region

• • North America Cloud-Based Contact Center Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Organization Size
    • By End-User Industry
    • US Market All-Up
    • Canada Market All-Up
  • Europe Cloud-Based Contact Center Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Organization Size
    • By End-User Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Cloud-Based Contact Center Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Organization Size
    • By End-User Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Cloud-Based Contact Center Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Organization Size
    • By End-User Industry
    • Brazil Market All-Up
    • South Market All-Up
    • Saudi Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Cloud-Based Contact Center Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Nice Ltd.
  • Five9, Inc.
  • Genesys
  • Vonage Holdings Corp.
  • Talkdesk
  • Cisco System, Inc.
  • Avaya Inc.
  • Aspect Software
  • RingCentral, Inc.
  • Vocalcom