Cloud-based Contact Center Market: Current Analysis and Forecast (2022-2030)

Cloud-based Contact Center Market: Current Analysis and Forecast (2022-2030)

A cloud-based call center (also known as a cloud call center) is a web-based software platform for handling incoming and outgoing corporate communications. Being cloud-based, cloud call center technology does not require a physical location. It also means anytime, anywhere access, giving you the flexibility to deploy remote agents around the world and scale the workforce to meet demand as needed.

The Cloud-based Contact Center Market is expected to grow at a steady rate of around 23% owing to the growing need for personalized and streamlined customer interactions. Moreover, the increasing popularity of omnichannel contact centers to improve the availability of channels is another factor helping the market to grow. Additionally, the increasing number of products launched in the cloud-based contact center is one of the most prominent factors contributing to the growth of the market. For instance, in July 2022, Microsoft launched a new Digital Contact Center Platform that combines several distinct capabilities across Dynamics 365, Teams, Power Platform, Azure, and Nuance, showing off the power of its platform strategy.

• Based on component, the market is bifurcated into solutions and services. The solutions segment held a prominent share of the market in 2021 and is expected to grow at a prominent CAGR during the forecasted period. This is because a cloud-based contact center allows businesses to build the exact solution needed through application programming interfaces (APIs) rather than adopting immutable hardware and software. Moreover, cloud-based contact centers also enable greater agent versatility, improve agent efficiency, reduce cost, and enhance security
• On the basis of organization size, the market is bifurcated into large enterprises and SMEs. Among these, large enterprises dominated the market in 2021 mainly because they are the early adopters of cloud-based contact center solutions. Factors such as the reduction in capital and operational expenditure and the large customer base are some of the most prominent factors contributing to segmental growth. Additionally, the rising trend of remote working is also supporting the growth of this segment
• By application, interactive voice response, automatic call distribution, call recording, workforce optimization, and others. The interactive voice response catered to a significant share of the global cloud-based contact center market in 2021 majorly due to the benefits it offers to the organizations such as efficient call routing, lower operational costs, error reduction, increased security, and others. Besides, IVR offers virtual receptionist and operator options to save labor costs and free up time for the service team. This allows making better use of the resources while meeting the needs of the customers
• Based on industry, banking & financial services, media & entertainment, healthcare, information & communication technology, and others. Compliance, flexibility, scalability, cost-effectiveness, integration capabilities, and advanced analytics capabilities are some factors that are playing a major role in driving the demand for cloud-based contact centers in the banking and financial services industry. As banking companies continue to prioritize customer centricity, cloud-based solutions are becoming an integral part of their overall customer service strategy
• For a better understanding of the market adoption of the cloud-based contact center industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America held the major share of the global cloud-based contact center market in 2021. The dominating share of North America can be largely attributed to the flexibility, scalability, cost-effectiveness, better accessibility, and mobility of cloud-based contact centers. Cloud-based solutions offer a flexible and scalable alternative to traditional on-premises systems. This scalability allows businesses to quickly adapt to changing call volume and customer needs, which is especially important in industries with high seasonality or unpredictable demand
• Some of the major players operating in the market include Genesys; Ameyo; Aircall; RingCentral, Inc.; Amazon Web Services, Inc.; Microsoft; Cisco Systems, Inc.; Oracle; Avaya LLC; and TATA Consultancy Services Limited.