Cloud-Based Contact Center Market to reach $ 20.9 Billion by 2022 | Key players include 8x8, Inc., Five9, Cisco Systems, Genesys and Oracle

According to recent research "Cloud-Based Contact Center Market by Solution (ACD, APO, Dialers, IVR, CTI, Reporting and Analytics, and Security), Service (Professional and Managed), Application, Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets, the cloud-based contact center market is expected to grow from USD 6.8 billion in 2017 to USD 20.9 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 25.2% during the forecast period. The factors that drive the growth of the market are improved integration and usability, rise in demand from Small and Medium-sized Enterprises (SMEs) for cloud-based contact center services, and pay-per-use subscription model for charging end users. Moreover, the increase in the need to improve the consumer experience and the rise in the number of enterprises harnessing the benefits of contact centers have propelled the adoption of cloud-based contact center solutions.

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Managed services segment to grow at a higher CAGR during the forecast period

The growth in the adoption of cloud-based contact center solutions in organizations has increased the need to upgrade the existing systems and provide assistance for solving issues related to solutions. This adoption is expected to fuel the demand for efficient cloud-based contact center services. Hence, the managed services segment is anticipated to grow at a higher CAGR, as compared to the professional services segment, during the forecast period. Managed services are focused on the service quality and the end-user experience while delivering speed, cost optimization, and quality of service. The services help organizations increase efficiency and save costs for managing cloud-based contact center solutions. The demand for managed services is expected to gain traction due to the increase in the deployment of cloud-based contact center solutions.

Public cloud segment to grow at the largest market size in 2017

Among deployment models, the public cloud segment is estimated to grow at the largest market size in 2017. The reason for the high adoption of public cloud is its ease of access and fast deployment. The public cloud deployment model offers various benefits, such as scalability, reliability, and flexibility, to organizations. Public cloud service providers own and operate the infrastructure and offer access via the internet. In the public cloud, the delivered services can be accessed by multiple clients who share the same infrastructure, resulting in a surge in use of the public cloud deployment model.

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North America to grow at the highest market share in 2017

North America is estimated to account for the highest market share in 2017, followed by Europe, APAC, Latin America, and MEA, due to the presence of cloud computing giants, and implementation and updating of technologies continually in large enterprises with technical expertise. Moreover, several vendors are adopting cloud-based contact center solutions, as well as the low cost of ownership as compared to other communication tools, lead to the market growth in the region. The primary driving factor for the market growth is the increase in the adoption of cost-effective and scalable cloud-based contact center solutions in the region.

Major technology vendors in the cloud-based contact center market include 8x8 Inc. (US), Five9 (US), Cisco Systems (US), Genesys (US), Oracle (US), NewVoiceMedia (UK), Connect First (US), Aspect Software (US), NICE Ltd. (Israel), and 3CLogic (US).

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