Cloud-based Contact Center Market is Expected to Exceed US$ 26.69 Billion globally by the end of 2023 - ORACLE, GENESYS TELECOMMUNICATIONS LABORATORIES, 3CLOGIC, INTERACTIVE INTELLIGENCE, , CONNECT FIRST, FIVE9, MITEL NETWORKS

The global cloud-based contact center market was valued at USD 7.17 billion in 2017, and is expected to reach USD 26.69 billion by 2023 at a CAGR of 24.49%, over the forecast period (2018-2023). This report provides information about the leading players in the market and a corresponding detailed analysis of the top vendors in the market. In addition, the report discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends that are emerging in the market.

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The cloud-based contact center is a deployment model that enables organizations to build their contact center in third-party or remote data centers. It enables scalability, flexibility, and business agility for contact centers, while saving major costs over the long term. With the advent of globalization, many organizations are looking for a cost-effective approach to aid their business expansion and penetration. This can be achieved through cloud-based services, which do not require any distinct and high expenditure installations, thus favoring the adoption of the technology.

Key Developments in the Market
October 2017 - Oracle launched an autonomous cloud database capable of patching cyber security weaknesses on its own accord. Oracle Autonomous Database Cloud uses machine learning to eliminate human maintenance and error, offering self-driving, self-scaling, and self-repairing database functions.

The major players include –
ORACLE CORPORATION, CISCO SYSTEMS, INC., GENESYS TELECOMMUNICATIONS LABORATORIES, INC., 3CLOGIC INC., INTERACTIVE INTELLIGENCE, INC., CONNECT FIRST INC., FIVE9 INC., MITEL NETWORKS CORPORATION, ASPECT SOFTWARE PARENT INC., 8X8, INC., and INCONTACT, INC., amongst others.

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Increasing Demand for Cloud-based Solutions is Driving Market Growth
Increased business agility, scalability, faster deployment models, better agent productivity, and better customer experience are driving the demand for cloud-based services and solutions. These solutions provide organizations with data storage and processing capabilities over the cloud. The growing business demand for maximum flexibility of resources and the change in technology requirements are expected to make cloud-based and hosted solutions the dominant model in the future. With the growing adoption of cloud, the movement of solution providers offering full suites of contact center applications is also growing, thus highlighting the benefits offered by the solution.

IT & Telecom Industry is Expected to Hold Largest Share
Cloud-based contact centers are seeing growing adoption in the IT & telecom industry. The telecom industry currently serves all other industries in the market. With advancements in technology and increasing adoption of modern connectivity systems, the demand for communication services in industries such as automotive, retail, energy and power, government services, IT sector, and other industries employing the technology, has seen an incremental growth over the past decade. The IT & telecom industry serves as a critical link for every industry to operate without interruptions. With the advent of cloud, the dependence on communication services is growing. Many large players in the telecom industry are venturing into this market, providing cloud-based contact centers. Their services also include system integration, security, and customization according to the vendor requirements. Thus, changing consumer requirements in the industry are driving the growth of cloud-based contact centers.

North America is the Major Contributor to the Market
The North American market has been the focus for cloud-based contact center companies. This market is the highest contributor to cloud-based contact centers. The United States is the major contributor to the North American market, due to early adoption and huge investment in cloud-based services and solutions. Companies in this region are looking to scale-up their customer services operations to meet the growing demand, thus implicitly impacting the growth of the market. Outsourcing management and expertise are growing constantly, as organizations in this region look to stay focused on their core business.

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This release was published on openPR.