Contact Center as a Service (CCaaS) Market Booms with Double-Digit Growth Till 2031 | Cisco Systems, IBM Corporation, Microsoft Corporation

According to a new report published by Allied Market Research, titled, "Contact Center as a Service (CCaaS) Market," The Contact Center as a Service Market Size was $4.3 billion in 2021, and is estimated to reach $19.8 billion by 2031, growing at a CAGR of 16.8% from 2022 to 2031.

A corporation can subscribe to a cloud-based contact center platform or software on a yearly or monthly basis under the term contact center as a service (CCaaS). CCaaS industry serves as the focal point for all high-volume audience engagements in addition to client contacts. However, many contact center teams serve a range of audiences, including employees, students at higher education institutions, and many other groups, even though most people only connect contact centers with customer support teams.

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Surge in demand for a superior, smoother seamless customer service from inception to delivery and increased demand for CCaaS Market is the fast use of cloud-based contact centers. Including growing integration of application programming interface (API) enabling the centralization of data for quick access have been major driver of the market's growth. Omni-channel communication and the use of digital technology like artificial intelligence allow for the consolidation of all client interactions, giving businesses a competitive advantage. CCaaS improves work satisfaction and productivity by automating tedious and repetitive tasks and giving agents access to information, tools, and resources.

Covid-19 scenario:

• The Covid-19 pandemic boosted the demand for cutting-edge technologies such as cloud computing, customer relation management solutions, and artificial intelligence. Businesses across the globe had to embrace such innovations to fulfill their need for digitalization.

• Several organizations established cloud-based services such as video conferencing, project management, and variety of communications tools that are delivered as a service.

• CcaaS model options helped companies in improving business efficiency and customer exerience during the pandemic.

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By organization size, the large enterprise segment held the largest share in 2021, contributing to more than two-thirds of the global contact center as a service (CcaaS) market, as large corporations may profit greatly from CcaaS technology. oreover, CcaaS frees large businesses from worries about the technological issues of processing their enormous amounts of data and allows the workforce of large businesses to work with more flexible schedules. However, the SME's segment is projected to manifest the highest CAGR of 18.4% during the forecast period.

By end use verticals, the healthcare segment is projected to manifest the highest CAGR of 20.4% during the forecast period, due to use of automated machine technologies and adoption of telemedicine and e-prescriptions, computer telephony intergration, customer collaboration, reporting, and analytics. However, the others segment dominated the global lubricants global contact center as a service industry in 2021, accounting for nearly two-fifths of the market, and is expected to continue to dominate throughout the forecast period.

Region-wise, North America holds a significant share in the global Contact Center as a Service (CCaaS) market, owing to the presence of prime players in this region. In North America authorities have expressed a strong enthusiasm in implementing contact center cloud solutions. Major corporations that are committed to delivering superior customer service are widespread in the area, which boosts the growth of the market. The collaboration to provide cloud-based contact center solutions to the Canadian market was announced on April 21, 2022 by Five9, Inc., a global provider of intelligent cloud contact centers, and Deloitte Canada, an independent company operating under the Deloitte name. Collaboration is anticipated to significantly improve customer experience as Five9 continues to expand its worldwide footprint and link the success of Deloitte Canada and Five9 with Canadian businesses to fulfil the rise in need for digital age networking and CCaaS.

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Major market players:

• Alibaba Group Holding Limited
• Alphabet Inc. (Google Corporation)
• Amazon.com Inc. (AWS)
• AT&T Inc.
• Cisco Systems
• IBM Corporation
• Microsoft Corporation
• Orcale Corporation
• SAP SE

The report analyzes these key players of the global contact center as a service (CcaaS) market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, product portfolio, and developments by every market player.

KEY FINDINGS OF THE STUDY:

• The automatic call distribution segment was the highest Contact Center as a Service Market Share contributor, with $854.7 million in 2021, and is estimated to reach $3,321.7 million by 2031, with a CAGR of 14.7%.

• The integration and deployment segment was the highest revenue contributor to the market, with $100.4 million in 2021, and is estimated to reach $798.5 million by 2031, with a CAGR of 23.1%

• The large enterprise segment was the highest revenue contributor to the market, with $2,880.8 million in 2021, and is expected to continue its growth during Contact Center as a Service Market Forecast period.

• North America was the highest revenue contributor, accounting for $2,378.8 million in 2021, and is estimated to reach $9,353.9 million by 2031, with a CAGR of 14.9%.

• Asia-Pacific is estimated to reach $5,517.4 million by 2031, at a significant CAGR of 19.5%.

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