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Cloud-based Contact Center Market Size Expected to Grow at a CAGR over 25% from 2019 to 2023

March 2020

There is an imperative need for businesses to step up to the expanding demands of customers, optimize their present IT ecosystem, and migrate towards a technology that not only helps ensure seamless customer experience but also aids in retaining customers. This is vital for businesses in order to stay ahead of the complex competitive world.

Technology is evolving at a constant pace and becoming more and more sophisticated while providing cost optimization, flexibility, and convenience for businesses. With booming technologies like the Internet of Things (IoT), Digital Intelligence, Cloud Technology, and Artificial Intelligence (AI) rapidly emerging into the mainstream world, contact centers are potentially identifying the advantages of cloud-based center in their particular industries. In order to steer ahead of the limitations of legacy systems, growing customer behavior, and flexible models of business, contact centers are moving into an automated and reliable cloud landscape.

Realizing its potential, Market Research Future (MRFR) conducted an in-depth study of the global cloud-based contact center market. The study report revealed that the market valuation is expected to reach USD 24.11 billion by 2023 from its previous valuation of USD 6.47 billion in 2017. The market is forecasted to grow at an impressive CAGR of 25% during the forecast period.

Market In-Brief

Cloud contact center is the central point in an organization, one which is hosted on an internet server from which both inbound and outbound communications are handled. These contact centers make their connections through the help of emails, social media platforms, voice, and the World Wide Web. Cloud contact centers are used for curbing down cost, improving the Return on Investment, enhancing the flexibility & scalability, optimizing the agent efficiency, and for providing better experiences of customers and employee empowerment. The cloud-based contact centers’ deployment model divided into a public, hybrid, and private cloud, allows organizations to build contact centers for third-party enterprises.

Drivers and Constraints

Some of the factors driving the global cloud-based contact center market are improved business continuity, improved integration, cloud compliance, enhanced business continuity, the pay-per-use subscription-based pricing model for end-users, and usability.

However, the market faces some stiff challenges linked with such adoption like poor IT infrastructure and maintenance of integration levels. These contact centers function in numerous verticals or sectors like retail, BFSI, government, IT & telecommunication, manufacturing, healthcare, and life sciences, and media and entertainment. The IT & telecommunication segment holds the largest market portion and is expected to maintain its standing in the near future.

Regional Classification

The global cloud-based contact center market is regionally segmented into North America, Asia Pacific, Europe, and the Rest of the World. The North American region is expected to hold the dominant share of the market due to the presence of various key vendors and the expanding adoption of associated services. Asia Pacific region is expected to grow at a rapid pace due to the growing adoption of recognized technologies like the IoT and rising recognition for cloud-based solutions. Europe is projected to grow at a stable rate due to the presence of a huge healthcare and car manufacturing industry. The Rest of the World is expected to hold the least share and growth in the forthcoming years.

Competitive Perspective

The global cloud-based contact center market comprises of various leading players like Accurate Always, Inc.(US), Interlink Network Systems (US), Liveops, Inc. (US), KM2 Solutions (US), 3CLogic (US), Servion Global Solutions (India), inContact, Inc.(US), and CCT Solutions (US) among others.

April 9th, 2019, Genesys, a world leader in omnichannel contact center solutions and in providing omnichannel customer experiences, announced the plans of extending its collaboration with Google Cloud Contact Center AI across all 3 of its platforms – PureCloud, PureConnect, and Genesys PureEngage.

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