With 22.7% CAGR, Cloud based contact center Market Size worth USD 56.37 Billion in 2027

Pune, India, Sept. 15, 2022 (GLOBE NEWSWIRE) — The global Cloud Based Contact Center Market Size is projected to exhibit flourishing growth owing to the increasing utilization of artificial intelligence in the development of the product, observes Fortune Business Insights™ in its report, titled, “Cloud Based Contact Center Market Size, Share & COVID-19 Impact Analysis, By Component (Solutions and Services), By Deployment (Public, Private, and Hybrid), By Organization Size (Large Organizations, Small and Medium-Sized Organizations), By Vertical (Banking, Financial Services, and Insurance, ITES, IT and Telecom, Government, Healthcare, Consumer Goods and Retail, Travel and Hospitality, Media and Entertainment and Others) and Regional Forecast, 2022-2027” The market stood at USD 11.01 billion in 2019 and is projected to reach USD 56.37 billion by 2027 at a CAGR of 22.7% in the forecast period.

Industry Development

October 2019 – 8X8, Inc. announced that Pax8, Inc. has strategically partnered to join 8×8 Open Channel Program. The partnership allows Pax8, Inc. to serve the open communication platform that uniquely combines team chat, voice, contact centers, and meetings in a single solution to partners across the United States.

March 2020 – Talkdesk, Inc., announced three months of free access to the ‘Talkdesk Boost’ platform for organizations to boost their business continuity during the coronavirus outbreak. The ‘Talkdesk Boost’ platform would help contact center staff by accelerating the work from home or remote working during the crisis time. 

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Report Scope

Rapidly Increasing Demand for Cloud-based Computing amid COVID-19 to Limit Growth

The COVID-19 pandemic has become a blessing in disguise for cloud computing. Strict regulations regarding social distancing and nationwide shutdowns have driven the companies to set up work from home infrastructure. This has propelled the demand for cloud-based solutions. However, the rapidly increasing demand amid the lockdowns has pushed the networks to their limits. This has resulted in frequent downtimes. Major players in the industries are striving to resolve such challenges. At Fortune Business Insights, we are focused on developing valuable insights to help you cope with the crisis.

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Drivers & Restraints-

Extensive Utilization of Artificial Intelligence to Drive Growth

Increasing utilization of latest technologies, especially Artificial Intelligence (AI), is anticipated to drive the growth of the global cloud based contact center market. For instance, according to the MIT Technology Review, in April 2021, the contact centers that comprised AI-powered call assistants recorded a 40% increase in traffic. In addition, the numerous features offered by the cloud-based systems including high security and scalability are estimated to further strengthen the growth. However, concerns regarding cyberattacks may limit the growth of cloud-based contact centers.

Highlights of the Report:

The report comprises insights on the revenue generated by the key market players, which we have availed through secondary sources such as company websites, corporate filings, annual reports, and investor presentations. Our next step included tracking and analyzing competitive developments of these players such as partnerships, mergers & acquisitions, new product launches, and research & development activities. We have also conducted extensive interviews with key industry experts, such as CEOs, VPs, directors, and executives. Top-down and bottom-up procedures were used to arrive at the overall size of the market.

Regional Insights-

Presence of Prominent Enterprises to Help North America Dominate

North America is projected to lead the global cloud-based contact center market with a share of USD 3.60 billion. Presence of prominent enterprises, such as Oracle Corporation, Microsoft Corporation, and Cisco Systems, Inc., is one of the key factors driving the growth in the region. In addition, increasing research and development activities from major players in order to provide technologically advanced products is forecast to further enhance the demand.

The market in Asia-Pacific is anticipated to exhibit substantial growth in the upcoming years. The increasing prevalence of digitization across major countries including India and Australia is expected to offer strong tailwind to the market in the region.

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Segment-

Based on the type of deployment, the public deployment segment is estimated to dominate the market with 42.8% share in 2021. The low cost associated with the public deployment is anticipated to help the segment gain prominence in the forecast timeframe. Based on organization size, the large organizations segment is set to capture the maximum market share as most of the large enterprises are early adopters of advent technologies.

Competitive Landscape-

Offering Cutting-edge Products to Aid Major Enterprises Gain Competitive Advantage

Key players operating in the global cloud based contact center market are focusing on the development of technology-driven, customer-centric solutions to enhance their contact center operations and efficiency. This will help them gain competitive advantage over other enterprises. For instance, In June 2021, 8X8, Inc. launched a new holistic cloud based contact center solution to increase its product portfolio.

List of Key Players Mentioned in the Report:

• Genesys Telecommunications Laboratories, Inc.
• Ameyo
• Aircall SAS
• RingCentral, Inc.
• Amazon Web Services, Inc.
• Metaswitch Networks Ltd.
• Vocalcom Group
• Cisco Systems, Inc.
• Five9, Inc.
• Oracle Corporation
• Exotel Techcom Pvt. Ltd.
• TCN, Inc.
• Avaya Inc.
• NICE Ltd.
• Tata Consultancy Services Limited.
• 3CLogic Software, Inc.
• Aspect Software, Inc.
• Talkdesk, Inc
• Worldline
• 8×8, Inc.

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Major Points of Table:

• Introduction
  • Definition, By Segment
  • Research Methodology/Approach
  • Data Sources
• Key Takeaways
• Market Dynamics
  • Macro and Micro Economic Indicators
  • Drivers, Restraints, Opportunities and Trends
  • Impact of COVID-19
    • Short-term Impact
    • Long-term Impact
• Competition Landscape
  • Business Strategies Adopted by Key Players
  • Consolidated SWOT Analysis of Key Players
  • PESTLE Analysis
  • Porter’s Five Force Analysis
• Global Cloud based Contact Center Key Players Market Share Insights and Analysis, 2019
• Key Market Insights
• Companies Profiled (Covered for key 10 players only)
  • Overview
    • Key Management
    • Headquarters etc
  • Offerings/Business Segments
  • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
    • Employee Size
    • Key Financials
      • Past and Current Revenue
      • Gross Margin
      • Geographical Share
      • Business Segment Share
  • Recent Developments
• Annexure / Appendix
  • Global Cloud based Contact Center Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
    • By Component (Value)
      • Solution
        • Interactive Voice Response (IVR)
        • Automatic Call Distribution
        • Computer Telephony Integration (CTI)
        • Call Recording
        • Reporting and Analytics
        • Dialer
        • Workforce Optimization
        • Customer Collaboration
        • Others
      • Services
        • Professional Services
        • Managed Services
    • By Deployment (Value)
    • By Organization Size (Value)
      • Large Enterprises
      • Small and Medium-Sized Enterprises
    • By Vertical (Value)
      • Banking, Financial Services, and Insurance
      • ITES
      • IT and Telecom
      • Government
      • Healthcare
      • Consumer Goods and Retail
      • Travel and Hospitality
      • Media and Entertainment
      • Others
    • By Region (Value)
      • North America
      • South America
      • Europe
      • Middle East & Africa
      • Asia Pacific
  • North America Cloud based Contact Center Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027

TOC Continued.

FAQ:

How big is the Cloud based contact center Market?

The market is projected to grow from USD 13.45 billion in 2020 to USD 56.37 billion in 2027 at a CAGR of 22.7% in the 2020-2027 period. 

How big is Cloud based contact center Market In North America?

The market in North America stood at USD 3.60 billion in 2019 and is expected to gain a huge portion of the market share in the coming years.

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