The global cloud-based contact center market size is to grow from USD 17.1 billion in 2022 to USD 54.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 26.1% during the forecast period.
Cloud-based Contact Center is a comprehensive suite of tools, applications and cloud-hosted services for contact centers in large organizations that require multiple communications channels (including phone calls and messaging), sophisticated call routing, agent management and analytics. Cloud-based contact centers are a network-based service in which a provider owns and operates call center technology. Thereby providing its services remotely to businesses in a subscription model. Cloud-based contact centres are offering an innovative way to approach the pitfalls of your business. The BFSI segment is expected to have the largest market size during the forecast period
The BFSI vertical collectively includes organizations that are into banking services, such as core banking, retail, investment, financial services (payment gateways, stock broking, and mutual funds), and insurance services (life and general insurance policies). The risk level in the BFSI vertical is always high, as enterprises in this vertical deal with critical financial data. The BFSI vertical is expected to provide substantial opportunities for the growth of the cloud-based contact center market, as it provides BFSI organizations the ability to mine customer data that includes transactions, customer activities across banking and financial services, websites, customer queries through multiple channels, and the deep knowledge of prioritized customer segments.
Among regions, APAC holds the highest CAGR during the forecast period
The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific is increasingly adopting the digitalization trend for several processes in organizations across various industries. Countries in this region are home to a large number of SMEs, and the need for huge investments associated with the deployment of on-premises solutions restricts SMEs from adopting advanced communication technologies.
Therefore, there is a high demand for agile, scalable, and ""pay-per-usage"" cloud infrastructure in the region. Moreover, companies in the region continue to focus on improving their customer services to drive competitive differentiation and revenue growth. Rapid economic development, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the growth of the Cloud-based Contact Center market in the Asia Pacific region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Cloud-Based Contact Center Market 4.2 Market, by Vertical 4.3 Market, by Region 4.4 Market, by Solution and Vertical
5 Market Overview and Industry Trends 5.1 Introduction 5.1.1 Drivers 5.1.1.1 Rising Adoption of Smac Technologies 5.1.1.2 Role of Social Media in Cloud-Based Contact Center Operations 5.1.1.3 Benefits of Smac Technologies in Contact Centers 5.1.1.4 Increasing Adoption of Cloud-Based Contact Centers Due to COVID-19 5.1.1.5 Rising Number of Channels to Reach End-Customers 5.1.1.6 Growing Need for Personalized and Streamlined Customer Interactions 5.1.1.7 Faster Deployment, Scalability, and Flexibility of Cloud-Based Contact Centers 5.1.1.8 Better Business Continuity with Cloud-Based Contact Centers 5.1.2 Restraints 5.1.2.1 Inadequate Network Bandwidth in Emerging Economies 5.1.2.2 Cyber-Attacks Impacting Business Operations 5.1.3 Opportunities 5.1.3.1 Enhanced Customer Experience to Increase Cloud-Based Contact Center Adoption 5.1.3.2 Need to Analyze Audio Conversations in Real-Time 5.1.3.3 Shifting Focus of Enterprises on Work from Home Culture 5.1.3.4 Implementation of Ai, Analytics, and Nlp Capabilities to Add Value to Existing Cloud-Based Contact Centers 5.1.4 Challenges 5.1.4.1 Privacy and Data Security Aspects 5.1.4.2 Organizational, Technical, and Operational Difficulties while Moving Contact Centers in Cloud 5.1.4.3 Integration of Mobility with Existing Capabilities 5.2 COVID-19-Driven Market Dynamics 5.2.1 Drivers and Opportunities 5.2.2 Restraints and Challenges 5.3 Cloud-Based Contact Center: Evolution 5.4 Case Study Analysis 5.4.1 Case Study 1: Banking, Financial Services, and Insurance 5.4.2 Case Study 2: Retail 5.4.3 Case Study 3: Healthcare 5.4.4 Case Study 4: Telecommunications 5.4.5 Case Study 5: Information Technology 5.4.6 Case Study 6: Government 5.4.7 Case Study 7: Media and Entertainment 5.4.8 Case Study 8: Energy and Utilities 5.4.9 Case Study 9: Manufacturing 5.5 Cloud-Based Contact Center Market: Value Chain Analysis 5.6 Market Ecosystem 5.7 Market: COVID-19 Impact 5.8 Trends and Disruptions Impacting Buyers 5.9 Technology Analysis 5.10 Pricing Analysis 5.11 Patent Analysis 5.12 Porter's Five Forces Analysis
6 Cloud-Based Contact Center Market, by Component 6.1 Introduction 6.1.1 Component: Market Drivers 6.1.2 Component: COVID-19 Impact 6.2 Solutions 6.2.1 Omnichannel Routing 6.2.1.1 Digital Channels 6.2.1.2 Interactive Voice Response 6.2.1.3 Automatic Call Distributors 6.2.1.4 Dialers 6.2.1.5 Virtual Agents 6.2.2 Workforce Engagement Management 6.2.2.1 Workforce Optimization 6.2.2.2 Call Recording and Quality Management 6.2.3 Reporting and Analytics 6.2.3.1 Historical and Customized Reports 6.2.3.2 Speech Analytics 6.2.3.3 Text Analytics 6.2.4 Customer Engagement Management 6.2.5 Other Solutions 6.3 Services 6.3.1 Consulting 6.3.2 Implementation and Integration 6.3.3 Training and Support and Maintenance
7 Cloud-Based Contact Center Market, by Deployment Mode 7.1 Introduction 7.1.1 Deployment Mode: Market Drivers 7.1.2 Deployment Mode: COVID-19 Impact 7.2 Public Cloud 7.3 Private Cloud
8 Cloud-Based Contact Center Market, by Organization Size 8.1 Introduction 8.1.1 Organization Size: Market Drivers 8.1.2 Organization Size: COVID-19 Impact 8.2 Large Enterprises 8.3 Small and Medium-Sized Enterprises
9 Cloud-Based Contact Center Market, by Vertical 9.1 Introduction 9.1.1 Vertical: Market Drivers 9.1.2 Vertical: COVID-19 Impact 9.2 Banking, Financial Services, and Insurance 9.3 Telecommunications 9.4 It and Ites 9.5 Government and Public Sector 9.6 Retail and Consumer Goods 9.7 Manufacturing 9.8 Energy and Utilities 9.9 Media and Entertainment 9.10 Healthcare and Life Sciences 9.11 Other Verticals
10 Cloud-Based Contact Center Market, by Region
11 Competitive Landscape 11.1 Key Player Strategies 11.2 Market Evaluation Framework 11.3 Market Share Analysis 11.4 Historical Revenue Analysis of Leading Players 11.5 Company Evaluation Matrix 11.5.1 Definitions and Methodology 11.5.2 Stars 11.5.3 Emerging Leaders 11.5.4 Pervasive Players 11.5.5 Participants 11.6 Evaluation Matrix for Small and Medium-Sized Enterprises/Startups 11.6.1 Definitions and Methodology 11.6.2 Progressive Companies 11.6.3 Responsive Companies 11.6.4 Dynamic Companies 11.6.5 Starting Blocks 11.7 Competitive Scenario 11.7.1 Product Launches 11.7.2 Deals
