NEW YORK, United States, July 17, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Cloud Based Contact Center Market - Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028” in its research database. According to the latest research study, the demand of global Cloud Based Contact Center Market size was worth at around USD 10.80 billion in 2020. The market is expected to grow above a CAGR of 22.6% and is anticipated to reach over USD 55.12 billion by 2028.
The report analyses the Cloud Based Contact Center market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global market.
Cloud Based Contact Center Market Overview:
A cloud-based contact center is a complete set of tools, applications, and cloud-hosted services for contact centers in establishments that require multiple communications channels, reliable call routing, agent management, and analytics. A cloud-based contact channel integrates multiple communications channels, uses automated services like auto-attendant and music-on-hold, features workforce management tools, provides supervisors access to high-level dashboards and detailed analytics, and is hosted in the cloud by a service provider. The market is primarily driven by the increasing adoption of cloud-based contact centers by various organizations due to the shifting focus of companies to work from home culture. Technological advancements like the integration of artificial intelligence (AI), analytics, and natural language processing (NLP) with cloud-based contact centers to improve existing solutions are anticipated to augment the growth of the market during the forecast period.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2021 updated report.
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2021
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historical and Forecast Growth, Porter's 5 Forces Analysis
- Zion Market Research Methodology
Key Insights from Primary Research
- As per the analysis, the Cloud Based Contact Center market share is likely to grow above a CAGR of around 22.6% between 2021 and 2028.
- The Cloud Based Contact Center market size was worth around USD 10.80 billion in 2020 and is estimated to hit approximately USD 55.12 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Assessment of the product pricing strategies for the top 5 market players.
- Market Dynamics, Trends, Factors affecting market growth during upcoming year.
- North America To Dominate The Global Cloud Based Contact Center Market.
Market Dynamics:
- Ever Increasing Use Of Social Media & Analytics To Propel Cloud Based Contact Center Market
Analysts at Zion Market Research claimed that the increase in cloud computing, the ability of the cloud-based contact center to offer multichannel customer engagement, and the rise in use of social media & analytics are some of the key features that are fostering the growth of the global cloud-based contact center market. The use of cloud-based contact center allows the organization or enterprise to deliver state-of-the-art competences that transform the legacy contact center into a modernized contact center. In addition to this, such a type of contact center improves the ROI, minimizes the cost, offers better employee empowerment & customer experience, optimizes agent efficiency, and enhances flexibility & scalability.
The cloud-based contact center also enables the user to purchase on-demand contact numbers across the world and immediately deploy. It also offers elasticity which without any penalty helps the company to easily scale up and scale down as per the required changes. Owing to all its benefits, most of the industries including IT & telecom, retail, BFSI, and much more are adopting cloud-based contact centers which are equally contributing to the growth of the global market.
Moreover, small initial investments and ease of deployment are also the factors due to which most of the sectors are seeking interest in the adoption of cloud-based contact centers thereby boosting the growth of the market. Furthermore, major investments made by the key players in the R&D activities and integration with artificial intelligence are the factors that are likely to propel the growth of the global cloud-based contact center market over the forecast period. However, the negative impact of cyber-attacks on the usage of cloud-based contact centers may limit the growth of the global cloud-based contact center market.
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Competitive Players
The report contains qualitative and quantitative research on the global Cloud Based Contact Center Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.
Some of the main players in the global Cloud Based Contact Center market include;
- NICE
- Genesys
- Five9
- Vonage
- Talkdesk
- Cisco
- Avaya
- Serenova
- Content Guru
- Aspect Software
- RingCentral
Segmentation Analysis:
Component Segment Analysis Preview
The solutions segment held a maximum share in 2020. This is attributable to the increasing adoption of cloud-based solutions and services by various organizations to increase productivity and reduce the total cost of ownership. These solutions also increase business efficiency by outsourcing the complete contact center operations to cloud-based contact center solution providers. The increasing benefits and awareness among public and private organizations have increased the acceptance of cloud-based solutions which is the major reason to augment the cloud-based contact center market. Furthermore, the accessibility of customized cloud-based contact center solutions at reduced prices with the addition of new options and capabilities is also anticipated to increase the growth of the solution segment of the market.
Industries Segment Analysis Preview
IT and ITeS industry segments accounted to held a substantial share in the years to come. This is attributable to the increasing adoption of these solutions by large enterprises. The cloud-based contact center provides numerous benefits to the organizations such as enabling greater agent versatility, improved agent efficiency, provides true scalability, reduced costs, and enhanced security, among others. As a result, many companies in the industry are widely adopting contact center software solutions to increase the efficiency of business management and its operations.
Regional Analysis:
- North America To Dominate The Global Cloud Based Contact Center Market
Among the regions, North America is estimated to dominate the global cloud based contact center market over the forecast period. Factors such as an increase in adoption of cloud-based technologies and heavy investment in the IT sector are primarily spurring the growth of the market in this region. On the other hand, the market in the Asia Pacific region is anticipated to grow at a faster rate. This is attributed to the rise in adoption of cloud technology by small & large enterprises and growing awareness regarding the usage of cloud-based contact centers among several industries.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Cloud Based Contact Center industry?
- What are the main driving factors propelling the Cloud Based Contact Center Market forward?
- What are the leading companies in the Cloud Based Contact Center Industry?
- What segments does the Cloud Based Contact Center Market cover?
- How can I receive a free copy of the Cloud Based Contact Center Market sample report and company profiles?
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2020 | USD 10.80 Billion |
| Market Forecast in 2028 | USD 55.12 Billion |
| Growth Rate | CAGR of 22.6% |
| Base Year | 2020 |
| Forecast Years | 2021- 2028 |
| Key Companies Covered | NICE, Genesys, Five9, Vonage, Talkdesk, Cisco, Avaya, Serenova, Content Guru, Aspect Software, and RingCentral, among others. |
| Segments Covered | By Component, By Deployment Model, By Organization Size, By Industries And By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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The global Cloud Based Contact Center market is segmented as follows:
By Component
- Solutions
- Services
By Deployment Model
- Public Cloud
- Private Cloud
By Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Industries
- BFSI
- IT and ITeS
- Telecommunications
- Healthcare and Life Sciences
- Government and Public Sector
- Retail and Consumer Goods
- Manufacturing
- Media and Entertainment
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2021-2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Component, By Deployment Model, By Organization Size, By Industries and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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