Cloud-Based Contact Center Market – Global Industry Analysis and Forecast (2023-2029)

Cloud-Based Contact Center Market was valued at US$ 17.91 Bn. in 2022 and is expected to reach US$ 84.45 Bn. by 2029, at a CAGR of 24.8% during a forecast period.
Cloud-Based Contact Center Market Overview:
The Cloud-Based Contact Center includes software, which includes a suite of tools, and cloud-hosted services such as intelligent call routing, various communication channels, agent management, and analytics. It provides and enables businesses to use data stored in the cloud. It is critical in assisting organizations in adopting a methodical approach and improving performance. Cloud centers are in high demand due to their finest benefits such as cost reduction, improved ROI, increased flexibility and scalability, improved agent efficiency, better client experiences, and staff empowerment.To know about the Research Methodology :- Request Free Sample Report

COVID -19 Impact on Cloud-Based Contact Center Market:

The COVID-19 pandemic has altered everything in the world. Due to the virus's escalating spread over the world, several countries are taking steps to prevent its transmission by imposing lockdowns, maintaining social distance, employing face masks or shields, and shutting down all manufacturing, educational, and business sectors, among other things. To preserve social distance from one another in this pandemic condition, businesses are turning to cloud-based contact center solutions to run their day-to-day operations remotely.
Cloud-Based Contact Center Market Dynamics:
Cloud compliance requirements, as well as a pay-per-use subscription pricing model for end users, are likely to support the growth of the cloud-based contact center industry. The majority of firms instil powerful Social Media, Mobile Analytics, and Cloud (SMAC) technology in their contact centers. These technologies assist the company in opening new operations in order to meet the changing client preferences and the demand for multi-channel consistency. These technologies assist organizations in increasing the agility of their business processes by addressing changing client preferences and the need for multi-channel consistency. Modern contact centers are focused on capabilities such as communication as a service, smartphone access to provide contact center agents with relevant real-time information, virtual contact centers to reduce costs and complexity, and advanced analytics to analyses unstructured data in bulk and deliver key insights into customer behavior.

Improving the customer experience, as well as the increased interest of global companies in investing in the sector, is expected to be one of the primary cloud-based contact center market possibilities to drive market growth. Contact centers routinely hold massive volumes of data that have been attracted by hackers and may alter the data may be the market's major challenge.

The risk of information loss could limit the market growth. Another factor hampering market growth is a lack of understanding about the benefits of cloud-based contact centers in a few economically emerging nations. Unfortunately, contact centers, which often handle a large amount of sensitive consumer data, are no exception. Contact centers routinely acquire and retain a massive amount of client information, which draws cybercriminals to target them.
Cloud-Based Contact Center Market segment analysis:
Based on organization size, the large enterprise segment held the largest market share of xx% in 2022. Customers of the large enterprise are spread throughout multiple locations. Large enterprises are expected to invest in cutting-edge technologies in order to run their businesses efficiently. Furthermore, huge corporations seek to employ solutions and services that are expected to help them increase their profits. As a result, large enterprises are likely to increase their use of contact center software solutions.

Based on industry, the IT and telecom segment held the largest market share of xx% in 2022. The IT and telecommunications industries are becoming more competitive than ever. Several new companies are entering the industry, each with its own innovative ways and approaches to success. As a result, firms that have already established themselves in the sector are widely implementing contact center software solutions to improve business operations efficiency.

The retailer is the second dominant segment and it held xx% of the share in 2022. Customers are increasingly turning to digital media for their buying needs. Furthermore, consumer adoption of new technologies and channels has compelled consumer goods and retail organizations to adapt to contact center software solutions in order to provide excellent customer experiences. Through individualized client encounters, these technologies assist organizations and merchants in developing strong customer relationships.
Cloud-Based Contact Center Market Regional Insight:
The North America region held the largest market share of xx% in 2022. Because of the existence of major vendors and the increasing acceptance of related services Because of the growing acceptance of cloud-based solutions, as well as the development and deployment of beneficial technologies such as the Internet of Things (IoT), the Asia-Pacific area is growing at a quicker rate. The availability of cloud-based contact centers at a cheaper cost by the region's key vendors fosters industry expansion. Large-scale digitalization initiatives and an increasing number of startups in this region are propelling the cloud-based contact center industry at a rapid pace.

The objective of the report is to present a comprehensive analysis of the Cloud-Based Contact Center market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Cloud-Based Contact Center market dynamics, structure by analyzing the market segments and projects the Cloud-Based Contact Center market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Cloud-Based Contact Center market make the report investor’s guide.
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Cloud-Based Contact Center Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 17.91 Bn.


Forecast Period 2023 to 2029 CAGR:
24.8%
Market Size in 2029:
US $ 84.45 Bn.


 Segments Covered:
by Component
Solution
Services
Professional
Managed


by Organization Size
Large Enterprise
SMEs


by Deployment mode
Public Cloud
Private Cloud
Hybrid Cloud


by Industry
BFSI
Government & Public Sector
IT and Telecom
Manufacturing
Healthcare
Retail
Media & Entertainment
Others



Cloud-Based Contact Center Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Cloud-Based Contact Center Market, Key Players:
1. NICE
2. Genesys
3. Five9
4. Vonage
5. Talkdesk
6. 8x8
7. Cisco
8. Avaya
9. Serenova
10.Content Guru
11.Aspect Software
12.RingCentral
13.Enghouse Interactive
14.3CLogic
15.Ameyo
16.Twilio
17.Vocalcom
18.Evolve IP
19.Pypestream
20.TechSee
21.Sentiment Machines

Frequently Asked Questions:

1. Which region has the largest share in Cloud-Based Contact Center Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Cloud-Based Contact Center Market?
Ans: The Cloud-Based Contact Center Market is growing at a CAGR of 24.8% during forecasting period 2023-2029.

3. What segments are covered in Cloud-Based Contact Center market?
Ans: Cloud-Based Contact Center Market is segmented into component, deployment mode, organization size, industry and region.

4. Who are the key players in Cloud-Based Contact Center market?
Ans: The important key players in the Cloud-Based Contact Center Market are – NICE , Genesys , Five9 , Vonage , Talkdesk , 8x8 , Cisco , Avaya , Serenova , Content Guru ,Aspect Software , RingCentral , Enghouse Interactive , 3CLogic , Ameyo.

5. What is the study period of this market?
Ans: The Cloud-Based Contact Center Market is studied from 2022 to 2029.