The Worldwide Cloud-Based Contact Center Industry is Expected to Reach $54.6 Billion by 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.

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.

Market Dynamics

Drivers

• Rising Adoption of Smac Technologies
• Role of Social Media in Cloud-Based Contact Center Operations
• Benefits of Smac Technologies in Contact Centers
• Increasing Adoption of Cloud-Based Contact Centers Due to COVID-19
• Rising Number of Channels to Reach End-Customers
• Growing Need for Personalized and Streamlined Customer Interactions
• Faster Deployment, Scalability, and Flexibility of Cloud-Based Contact Centers
• Better Business Continuity with Cloud-Based Contact Centers

Restraints

• Inadequate Network Bandwidth in Emerging Economies
• Cyber-Attacks Impacting Business Operations

Opportunities

• Enhanced Customer Experience to Increase Cloud-Based Contact Center Adoption
• Need to Analyze Audio Conversations in Real-Time
• Shifting Focus of Enterprises on Work from Home Culture
• Implementation of Ai, Analytics, and Nlp Capabilities to Add Value to Existing Cloud-Based Contact Centers

Challenges

• Privacy and Data Security Aspects
• Organizational, Technical, and Operational Difficulties while Moving Contact Centers in Cloud
• Integration of Mobility with Existing Capabilities

Companies Mentioned

• 3Clogic
• 8X8
• Aircall
• Alvaria
• Ameyo
• Avaya
• Cisco
• Content Guru
• Dialer360
• Enghouse Interactive
• Evolve Ip
• Five9
• Genesys
• Justcall
• Neodove
• Nice
• Nubitel
• Pypestream
• Ringcentral
• Rulai
• Sentiment Machines
• Serenova
• Servetel
• Talkdesk
• Techsee
• Twilio
• Vocalcom
• Vonage

For more information about this report visit https://www.researchandmarkets.com/r/efi2k1