Cloud Based Contact Center Market was estimated USD 8,637 million in 2019 and will grow at a CAGR of 24.9% |Industry Share, Size & Growth Forecast

Cloud Based Contact Center Market

The Cloud Based Contact Center Market was estimated around USD 8,637 million in 2019 and is predicted to grow at a CAGR of 24.9% over the forecast period (2020-2027).

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The factors driving the growth of Cloud Based Contact Center Market includes growing demand for multi-channel customer contacts, increasing application of cloud-based contact center solutions in end-use industries such as BSFI, IT and Telecom and Healthcare, rising trend of remote working around the world and rapid digitalization. According to the report published by Statista, the revenue generated in the Banking, Finance & Insurances industry in the United States is estimated to reach USD 3.72 trillion by the end of 2022, growing at a CAGR of 2.47% over the forecast period (2022-2025), which will accelerate the Cloud-Based Contact Center Market size in the approaching years. Moreover, growing adoption of social media, Mobile, Analytics, and Cloud (SMAC) technologies by major companies and increasing focus on using Artificial Intelligence for automating repetitive tasks and improving contact center operations, are some of the additional factors supplementing the Global Cloud Based Contact Center Market. In addition, the increasing investments by leading players on research and development, rising disposable incomes and growing pupation growth rates, are further propelling the Cloud-Based Contact Center Market Growth.

However, growth of the Cloud Based Contact Center Market is hindered due to rising incidences of cyberattacks.

The major players operating in the market Cloud Based Contact Center Market Avaya Inc., Aspect Software, RingCentral, Inc., Nice Ltd., Five9, Inc., Genesys, Vocalcom, Vonage Holdings Corp., Talkdesk and Cisco System, Inc., among others.

Based on Type, the Automatic Call Distribution segment is expected to grow at a significant CAGR during the forecast period

The cloud based automatic call distribution solutions reduces time for transferring calls, enhances efficiency and productivity of the agents and improves customer experience, are some of the factors responsible for the segment's growth.

Based on End-user Industry, the Banking Financial Services and Insurance (BFSI) segment is projected to expand at a robust CAGR over the forecast period

Cloud based contact center solutions are increasingly used in the BSFI industry because it helps banks to expand multi-channel solutions through voice, SMS, mobile and web and social channel, is propelling the segment's growth.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

Rapid growth in the IT and Telecom and Healthcare sectors, growing adoption of cloud based contact center solutions by SMEs, rising disposable incomes and increasing population growth rates, are some of the important factors augmenting the market growth in North American region.

Key Developments

In 2020, NICE Ltd., entered into partnership with Zendesk, Inc., one of the leading providers of customer service software, to launch NICE inContact CXone, a cloud contact center platform, which will provide improved customer care solutions to the agents globally.
Genesys, one of the prominent leaders in cloud customer experience and contact center solutions, intorduced the Genesys Rapid Response offer to provide organisations free access to Genesys Cloud so they can offer critical business support.

Market Segmentation

Segmentation by Type

Automatic Call Distribution
Agent Performance Optimization
Dialers
Interactive Voice Response
Computer Telephony Integration
Analytics and Reporting

Segmentation by Organization Size

Small and Medium-sized Enterprises (SMEs)
Large Enterprises

Segmentation by End-user Industry

Banking Financial Services and Insurance (BFSI)
IT and Telecom
Media and Entertainment
Retail
Logistics and Transport
Healthcare
Other

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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