Cloud-Based Contact Center Market Latest Trends and Analysis, Future Growth Study by 2032

The global cloud-based contact center market was valued at USD 15.05 billion in 2022 and is projected to reach USD 46.07 billion by 2032, growing at a CAGR of 22.9% during the forecast period.

Both multi-channel and single-channel call centres can manage a large number of incoming and outgoing client conversations with the use of contact centre software. Phone calls, VoIP calls, live chat, faxes, emails, SMS/text messages, chatbot chats, and social media messaging are all examples of many ways to communicate with customers. Software's primary purposes include assigning customer contacts to agents, reporting on customer interaction data, and tracking important metrics.

Without a PBX phone system on-site, this software enables enterprises to conduct their customer conversations over the internet. It is less expensive to implement and maintain, and it allows enterprises greater operational visibility and control. It contributes to a contact center's increased efficacy and efficiency, with a particular emphasis on interactions. between customers and contact centre representatives.

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Due to the rising use of interactive voice response (IVR) solutions, which allow for quick resolution of inquiries over calls, the solution segment experienced the highest growth in the contact centre software market in terms of component in 2019, and it is anticipated that this trend will continue in the years to come. Customers can fix problems without the assistance of customer service representatives thanks to solutions. However, the services sector is anticipated to grow at the fastest rate due to the widespread acceptance of services by end users, which guarantees the efficient operation of contact centre software throughout the process. Additionally, it is anticipated that a rise in the integration of new systems with current ones at the workplace and a sharp increase in demand for the use of new contact centre software will fuel growth.

Due to major organisations' reluctance to abandon on-premise solutions, the on-premise category contributes a sizeable portion of the worldwide contact centre software market. Updates and maintenance are completely the responsibility of on-premise contact centre software. The market, however, is likely to be dominated by the cloud segment as the availability of reasonably priced internet connections is anticipated to increase demand for the deployment of contact centre solutions in the cloud in businesses.

The large enterprise segment dominated the global contact centre software market in terms of enterprise size in 2019, and it is anticipated that it will continue to do so in the years to come. This is because large enterprises have a significant number of clients across many regions, as well as technical know-how, large market shares, and successful business strategies. Consequently, businesses across this sector are likely to efficiently operate their businesses by utilising new technologies.

Top impacting factors

The increase in organisations using contact centre software to improve customer experience across numerous channels, including phone, video, mobile, online, and social media, is the key factor driving the growth of the worldwide contact centre software market. Additionally, the global contact centre software market is driven by the rise in omnichannel communication strategies, quick strides in the field of customer relationship management, and surge in demand for personalised services. The market's expansion is, however, somewhat constrained by the challenges associated with integrating with legacy systems and the high cost of on-premise call centre software. On the other hand, throughout the projected period, the advent of cutting-edge technologies like artificial intelligence, predictive analysis, cloud computing, and machine learning is anticipated to present lucrative potential for the market expansion. Moreover, rise During the projection period for the contact centre software market, it is projected that client use of social media would present opportunities for market growth.

Segmentation:

By Deployment Model:

· Public Cloud

· Private Cloud

· Hybrid Cloud

By Organization Size:

· Small and Medium-sized Enterprises (SMEs)

· Large Enterprises

By Vertical:

· Banking, Financial Services, and Insurance (BFSI)

· Government and Public Sector

· Healthcare and Life Sciences

· Retail and Consumer Goods

· Telecommunications and Information Technology (IT)

· Others

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Geographical Analysis:

North America is expected to dominate the cloud-based contact center market in terms of market share. The region is the early adopter of advanced technologies and has a large number of cloud-based contact center providers. The Asia Pacific region is also expected to grow at the highest CAGR during the forecast period, owing to the increasing adoption of cloud-based solutions and services in emerging economies such as India and China.

Recent Development: Global Cloud-Based Contact Center Market

· In January 2019, Five9 Inc., a leading provider of cloud contact center software, announced the acquisition of Whendu's iPaaS platform, aimed at enhancing its cloud contact center offerings.

· In February 2019, NICE inContact, a provider of cloud contact center software, announced the integration of its CXone platform with Google Cloud Contact Center AI, aimed at providing advanced AI capabilities to contact centers.

· In March 2019, Genesys, a leading provider of omnichannel customer experience and contact center solutions, announced its acquisition of AI-powered customer experience platform provider Altocloud, to enhance its cloud offerings.

These developments reflect the increasing demand for cloud-based contact center solutions and the continuous efforts of companies to improve their offerings through acquisitions and partnerships.

Company Profiles:

· Amazon Web Services

· Five9 Inc.

· Twilio Inc.

· Cisco Systems Inc.

· 8x8 Inc.

· Genesys Telecommunications Laboratories Inc.

· Oracle Corporation

· NICE inContact

· Vonage Holdings Corp.

· Serenova

· RingCentral Inc.

· Connect First Inc.

· Aspect Software Inc.

· Talkdesk Inc.

· SAP SE.

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