Newly-released Cloud Based Contact Center Market analysis report by Future Market Insights shows that global sales of Cloud Based Contact Center Market in 2021 was held at USD 19 Billion. With 18%, the projected market growth from 2022 to 2032 is expected to be slightly higher than the historical growth. Professional services are expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 17.8% from 2022 to 2032.
| Attributes | Details |
|---|---|
| Cloud Based Contact Center Market Size (2022) | USD 23 Billion |
| Cloud Based Contact Center Market Size (2032) | USD 120 Billion |
| Cloud Based Contact Center Market CAGR (2022 to 2032) | 18.0% |
| USA Market CAGR (2022 to 2032) | 17.7% |
| Key Companies Covered | Cisco Systems; Dell Technologies Inc.; EON Reality; Google; Genesys; Honeywell International, Inc.; Microsoft Corporation; Sony Interactive Entertainment; Samsung Electronics Co., Ltd; HP Development Company, L.P.; 8x8 |
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As per the Global Cloud Based Contact Center Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Cloud Based Contact Center increased at around 21.6% CAGR. With an absolute dollar opportunity of USD 97 Billion, the market is projected to reach a valuation of USD 120 Billion by 2032.
Cloud-based contact centers are supporting governments as well as enhancing the customer experience for both people and businesses by increasing access to information. Due to the rapid advancement of technology, governments must also deal with rising public expectations. Private companies looking to purchase cloud-based contact centers are utilizing the possibility to work directly with governmental organizations to increase service access and track the status of requests through self-service channels.
Companies in the cloud-based contact center industry are offering tailored services to government organizations with the help of CRM integration. Government stakeholders and citizens want prompt issue resolution and immediate access to caller information. More collaboration solutions are being made available by businesses so that employees may instantly connect with subject matter experts in different departments or organizations.
The concept of contact center as a service is gaining traction among industry participants in global cloud-based contact center market. With collaboration options like team chat and video, the new contact center as a service technician in the cloud-based contact center industry is assisting in the efficient management of remote teams. In particular, during the coronavirus epidemic, the contact center as a service technology assisted in minimizing the cost of ownership, reducing downtime, and ensuring business continuity. Multi-channel communication has been found to be made possible via unified communications as a service and cloud communications as a service.
Cloud-based contact centers have made it possible to manage a remote contact center staff, eliminating the need for calls to an outside vendor. With cloud-based contact centers, agents can be deployed across the country with the goal of putting them closer to customers. Numerous companies are implementing work-from-home policies for agents in an effort to reduce costs. For instance, the Everest Group's research program claims that money saved on office space and other overheads can be used to hire local staff who can offer services that are specific to the area. Additionally, hiring operate-from-home agents in the USA costs 5 to 10% less than hiring specialists who work on-site.
Owing to cloud-based contact centers, businesses can look into the possibility of home shoring or scaling up the remote workforce to accommodate more employees who clock in from home. Home shoring is the use of at-home agents to maximize customer pleasure and make financial savings. Home shoring offers workers more than simply career possibilities. Agents can choose their own schedules while working remotely. Agents who operate remotely are free to choose their own hours. For instance, the Bureau of Labor Statistics estimates that there are approximately 2.8 million customer service representatives in the United States.
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The ease of access to important information in the current digital world has led to a number of challenges. One of these challenges is the rise in importance of sensitive data storage companies as a target for cybercriminals. Contact centers, which routinely deal with private consumer information, unfortunately, are not an exception.
As contact centers routinely gather and store enormous amounts of client data, fraudsters frequently target these contact centers. In a new cloud security report by SANS Institute, comprising several hundred businesses in Europe, the USA, Asia, and Canada revealed that 19% of participants had heard about cloud hacks and were leery of using them. In order for businesses to be ready, they must deploy reliable security solutions, which can be highly expensive.
During the projection period, Europe Cloud Based Contact Center Market is predicted to be the leading market for Cloud Based Contact Centers. Europe is a key producer and consumer of modern technology, acting as the hub for some of the biggest tech hubs worldwide. Due to the cost and regulatory concerns, a large number of businesses have relocated to the cloud and enabled employee mobility. Numerous European nations are engaged in an initiative aimed at improving their digital infrastructures. Efforts are also being made to boost the skills of the community and to quickly increase cloud-based platforms.
The governments in Poland, Bulgaria, and Romania have planned to increase their investment in digital infrastructure, and the government of the Ukrainian Republic is on track to double its spending on IT Research and Development through 2020.
Call centers are an important part of numerous businesses in the UK. The UK's finance sector, which accounts for 18% of all employment, is expected to employ about one in five call center workers. Telemarketing, governmental sectors, IT and telecommunications, and utility corporations are other significant industries in the UK call center market. The contact center sector in Spain is also still growing. As a result, the European market is anticipated to expand over the course of the forecast period due to the adoption of cloud-based services in Germany, the United Kingdom, and Spain.
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The USA is expected to account for the highest market of USD 41.6 Billion by the end of 2032. Also, the market in the country is projected to account for an absolute dollar growth of USD 33.5 Billion. The USA businesses prioritize digital transformation, and they are typically seen as early adopters of cutting-edge technology like the Internet of Things, additive manufacturing, big data analytics, and connected industries. One of the key factors influencing this market in the USA is the existence of Google, one of the most successful cloud providers, which has displayed the potentiality of large-scale, web-based apps provided from the cloud, and Microsoft, which is now moving to offer its services on a cloud-based platform.
RingCentral, Inc. is a USA-based company that offers contact center as a service to help reduce upfront costs and IT staff. RingCentral, Inc. is a supplier of cloud-based communications and collaboration solutions for businesses.
Market revenue through Professional services is forecasted to grow at a CAGR of over 17.8% from 2022 to 2032. Users who are not aware that their company's infrastructure has to be upgraded might obtain advice from cloud professional services vendors. Users that want to upgrade their infrastructure can benefit from the expertise of seasoned cloud service providers, which helps users adopt the best mix of services. These service providers specialize in deploying cloud-based systems for use cases that are specialized to particular industries. Implementation services assist clients in quickly achieving their business goals by implementing cloud strategy through planning, acquiring access to existing systems, doing quality assessment and verification, and providing support.
Implementation services provide a successful and secure deployment on any infrastructure, whether a private cloud, public cloud, or hybrid cloud. The primary elements influencing the rising demand for cloud migration services include scalability, flexibility for changing workloads, increased productivity, agility, enhanced application security, and cost savings.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in Cloud Based Contact Center market are focused on their alliances, technology collaborations, and product launch strategies.
Some of the recent developments of a key in Cloud Based Contact Center providers are as follows:
Similarly, recent developments related to companies in Cloud Based Contact Center Market have been tracked by the team at Future Market Insights, which are available in the full report.
The global Cloud Based Contact Center Market is worth more than USD 23 Billion at present.
The value of the Cloud Based Contact Center Market is projected to increase at a CAGR of around 18% from 2022 to 2032.
The value of the Cloud Based Contact Center Market increased at a CAGR of around 21.6% from 2017 to 2021.
The demand for Professional Services has increased significantly. The global demand for Cloud Based Contact Center is being fueled by a considerable increase in the number of cloud-based contact centers.
The growth of the market for Cloud Based Contact Center in the USA is projected to expand at a CAGR of around 17.7% from 2022 to 2032.
The growth of the market for Cloud Based Contact Center in China is projected to expand at a CAGR of around 17% from 2022 to 2032.
While the market in South Korea is expected to grow at nearly 15.7%, the market in Japan is projected to register a CAGR of nearly 16.1% from 2022 to 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Solution 5.1. Automatic Call Distribution (ACD) 5.2. Agent Performance Optimization (APO) 5.3. Dialers 5.4. Interactive Voice Response (IVR) 5.5. Computer Technology Interaction (CTRI) 5.6. Reporting And Analytics 5.7. Security 5.8. Others 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Service 6.1. Professional Service 6.2. Managed Service 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 7.1. Call Routing And Queuing 7.2. Data Integration And Recording 7.3. Chat Quality and Monitoring 7.4. Real-Time Decision-Making 7.5. Workforce Optimization 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Deployment Model 8.1. Public Cloud 8.2. Private Cloud 8.3. Hybrid Cloud 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Organization Size 9.1. Small And Medium Enterprises (SMEs) 9.2. Large Enterprises 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Vertical 10.1. BFSI 10.2. Consumer Goods and Retail 10.3. Government and Public Sector 10.4. Healthcare and Life Sciences 10.5. Manufacturing 10.6. Media & Entertainment 10.7. Telecommunication And Information Technology Enabled Services 10.8. Others 11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. Asia Pacific 11.5. Middle East and Africa (MEA) 12. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 16. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Cisco Systems 19.2. Dell Technologies Inc. 19.3. EON Reality 19.4. Google 19.5. Genesys 19.6. Five9 19.7. Honeywell International 19.8. Connect First 19.9. Oracle 19.10. New Voice Media 19.11. Talkdesk 20. Assumptions & Acronyms Used 21. Research Methodology
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Cloud Based Contact Center Market
