Cloud-Based Contact Center Market by Component (Solutions and Services), Deployment Mode (Public and Private Cloud), Organization Size, Industry (BFSI, Telecommunications, and Retail and Consumer Goods) and Region - Global Forecast to 2027

Cloud-Based Contact Center Market by Component (Solutions and Services), Deployment Mode (Public and Private Cloud), Organization Size, Industry (BFSI, Telecommunications, and Retail and Consumer Goods) and Region - Global Forecast to 2027

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.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the Call Center AI Market.

By Company: Tier I: 35%, Tier II: 25%, and Tier III: 42%

By Designation: C-Level Executives: 31%, D-Level Executives: 34%, and others: 35%

By Region: North America: 42%, Asia Pacific: 22 %, Europe: 28%, and RoW: 8%

The report includes the study of key players offering cloud-based contact center market. The major vendors covered are as NICE (Israel), Genesys (US), Five9 (US), Vonage (US), Talkdesk (US), 8x8 (US), Cisco (US), Avaya (US), Serenova (US), Content Guru (US), Alvaria (US), RingCentral (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), Twilio (US), Vocalcom (France), Evolve IP (US), Pypestream (US), TechSee (US), AirCall (US), Nubitel (Singapore), JustCall (US), Sentiment Machines (UK) Dialer360 (UK), Servetel (India), NeoDove (India), and Rulai (US).

Research Coverage

The research study for the cloud-based contact center market involved extensive secondary sources, directories, and several journals, including the Journal of Intelligent Learning Systems and Applications, International Journal of Advanced Science and Technology, and International Research Journal of Engineering and Technology (IRJET). Primary sources were mainly industry experts from the core and related industries, preferred cloud-based contact center solution providers, third-party service providers, consulting service providers, verticals, and other commercial enterprises. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information, and assess the market’s prospects

Key Benefits of Buying the Report

The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall cloud-based contact center market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.