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The market is segmented by Type (Automatic Call Distribution, Agent Performance Optimization, Dialers, Interactive Voice Response, Computer Telephony Integration, Analytics, and Reporting), Services (Managed, Professional), End-user Industry (BFSI, IT and Telecom, Media and Entertainment, Retail, and Consumer, Logistics and Transport, Healthcare), and Geography.
Fastest Growing Market:
The cloud-based contact center market was valued at USD 13.17 billion in 2019, and is expected to reach USD 49.12 billion by 2025, at a CAGR of 24.57% over the forecast period (2020 - 2025). Legacy contact centers operate on older technologies that cannot support newer channels, such as social media, mobile app chats, or videos. Cloud-based contact centers can help companies meet these demands.
The cloud-based contact center market is segmented by Type (Automatic Call Distribution, Agent Performance Optimization, Dialers, Interactive Voice Response, Computer Telephony Integration, Analytics and Reporting), Services (Managed, Professional), End-user Industry (BFSI, IT and Telecom, Media and Entertainment, Retail, and Consumer, Logistics and Transport, Healthcare), and Geography.
|Automatic Call Distribution|
|Agent Performance Optimization|
|Interactive Voice Response|
|Computer Telephony Integration|
|Analytics and Reporting|
|By End-user Industry|
|Banking, Financial Services and Insurance (BFSI)|
|IT and Telecom|
|Media and Entertainment|
|Logistics and Transport|
|Other End-user Industries|
|Middle East & Africa|
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The intensifying competition in the retail marketplace and the emerging trends in customer services, expectations, behaviors, and e-commerce operations are driving the growth for the cloud-based contact centers market.
The e-commerce industry is contributing to the growth of cloud contact centers tremendously. With retailers and e-tailers operating globally, compliance management becomes even more challenging. In May 2018, the advent of the European Union’s General Data Protection Regulation (GDPR) empowered EU customers and prospects to request that businesses delete their personal information. From live call monitoring and call recordings, supervisors of cloud-based contact centers can monitor key aspects of customer engagement to ensure adherence to regulations and identify issues.
Most of the retailers, offline as well as online consider cloud contact centers as revenue generating stream with customer experience as a strategic focus. Therefore, many companies are entering this space. In 2019, Google announced its Contact Center AI, a beta version yet, to help retailers with intuitive customer service by scaling phone support without compromising the customer experience.
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In North America, the utilization of premise-based call centers dominated in mid-2017. However, the exceptional benefits offered by the cloud-based software is likely to boost the software demand.
The organizations are shifting their focus toward cloud-based solutions to enhance efficiencies and scalabilities. For instance, in October 2018, one of the largest sub-servicers of residential mortgages in the United States, PHH Mortgage moved its contact center to cloud-based architecture in alliance with Serenova.
The rising omnichannel approach to sales, coupled with the expanding e-commerce industry in the North American region, is driving the demand for contact centers. Companies are trying to expand their business portfolio in the region, due to the huge potential it offers. For instance, the omnichannel, cloud-based contact center software provider, ZaiLab, announced its plans to expand its product offerings in the North American region.
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The competitive rivalry in the market is high with the presence of Amazon Web Services, Genesys Telecommunications Laboratories Inc., among others. R&D investments and continuous software upgrades characterize the rivalry. Many global players are concentrating on mergers and acquisitions for sustaining in the competitive environment of the cloud-based contact center.
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Introduction to Market Drivers and Restraints
4.4 Market Drivers
4.4.1 Increasing Demand for Cloud-based Solutions
4.4.2 Reduced Capital Expenses and Faster Deployment of Cloud Contact Center
4.5 Market Restraints
4.5.1 Security Concerns Regarding Cloud Based Solutions
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Automatic Call Distribution
5.1.2 Agent Performance Optimization
5.1.4 Interactive Voice Response
5.1.5 Computer Telephony Integration
5.1.6 Analytics and Reporting
5.2 By Service
5.3 By End-user Industry
5.3.1 Banking, Financial Services and Insurance (BFSI)
5.3.2 IT and Telecom
5.3.3 Media and Entertainment
5.3.5 Logistics and Transport
5.3.7 Other End-user Industries
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Amazon Web Services, Inc.
6.1.2 Oracle Corporation
6.1.3 Cisco Systems Inc.
6.1.4 Genesys Telecommunications Laboratories Inc.
6.1.5 3CLogic Inc.
6.1.6 Connect First Inc.
6.1.7 Five9 Inc.
6.1.8 Mitel Networks Corporation
6.1.9 Aspect Software Parent Inc.
6.1.10 8X8 Inc.
6.1.11 Avaya Holdings Corp.
6.1.12 NICE inContact
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS