Cloud Based Contact Center Market Forecasts to 2030 - Global Analysis By Solution, Service, Application, Deployment Model, Organization Size, End User and By Geography

According to Stratistics MRC, the Global Cloud Based Contact Center Market is accounted for $21.22 billion in 2023 and is expected to reach $96.19 billion by 2030 growing at a CAGR of 24.1% during the forecast period. A cloud-based contact center refers to a call center setup that is hosted over the internet server, from which all inbound and outbound customer communications are handled. Through many communication channels, including phone calls, email, chat, social media, and the web, the cloud-based contact center offers improved support for customers and is virtually accessible from anywhere in the world.

According to the 'IDC Future Scape: Latin America IT Industry 2019 Predictions Report', published in December 2018, 24.5% growth in the cloud ICT spending has been recorded in Latin America. Significant spending on cloud technology will accelerate market growth across South America.

Market Dynamics:

Driver:

The healthcare sector will present a market opportunity

Cloud-based contact centers are employed in the healthcare sector to deliver telemedicine services, allowing patients to get virtual consultations and providing remote monitoring by medical professionals. Additionally, it helps medical professionals manage patient appointments and reminders, cut off missed visits, and enhance patient outcomes. This encourages market expansion, together with the rising incidence of chronic disorders among the general population.

Restraint:

Lack of network bandwidth in emerging economies

Many contact centers plan on integrating their communication activities with cloud-based corporate phone systems as the use of internet-based telephone services develops. Cloud-based telephone systems are essentially becoming an important player in business communications worldwide because of a few characteristics and offerings. But as cutting-edge technologies in contact center solutions proliferate, companies are finding it difficult to dedicate enough bandwidth to address issues like poor voice quality in cloud telephone systems, inadequate routers for cloud telephone systems, improperly configured internal networks, and safety concerns. Enterprises must correctly handle these issues when implementing cloud-based contact centers and telephone systems to efficiently serve clients.

Opportunity:

Companies turning their attention to the work-from-home trend

The COVID-19 outbreak provided an opportunity for businesses to switch from work-from-office to work-from-home business models. Having a permanent model for contact centers that allows "work from home" agents is one of the crucial things that any firm would need to take care of during this pandemic. Through Contact Center as a Service (CCaaS) techniques, a scattered work-from-home functional model can be scaled. Integrations made possible by cloud telephony can provide a consistent support platform by providing direct call routing via traditional mobile phones or smartphone applications.

Threat:

Increasing risk of cybercrimes

The primary concern on the market may be the massive amounts of data that contact centers routinely store since they attract hackers and have a chance to alter the data. Data loss risks may hinder market growth. However, contact centers, which frequently deal with private consumer information, are not an exception. Contact centers regularly collect and store a ton of client information, which attracts attackers. Thus, growing concerns regarding cyber attacks may affect the adoption of the cloud based contact center.

COVID-19 Impact

Contact centers are now a reliable, distinctive, and practical choice for businesses to continue their operations in the midst of the abrupt COVID-19 epidemic. The use of these contact centers has increased over time as the epidemic has raised demand for remote working methods. The move of contact centers to the cloud is further aided by advantages including flexibility, affordability, scalability, and ease of integration provided by the cloud-based system. While numerous companies had business continuity plans in place before the pandemic, the bulk of them had not taken into account the possibility that every employee could have to work from home. Business continuity during the pandemic was readily achievable for organizations that had already moved their contact center operations to the cloud.

The private cloud segment is expected to be the largest during the forecast period

The private cloud segment is estimated to hold the largest share, due to Private cloud-based deployments are anticipated to develop adequately as they grow more popular as a result of their favourable attributes, including an increased level of security, customizability, efficiency, and control. For the purpose of operating their services discreetly inside corporate firewalls, a number of suppliers started using private cloud installations. One of the key factors influencing demand for private cloud deployment is the capacity to address security issues. It provides cloud contact centers with a flexible and agile environment.

The banking, financial services, and insurance segment is expected to have the highest CAGR during the forecast period

The banking, financial services, and insurance segment is anticipated to have lucrative growth during the forecast period, due to As BFSI enterprises look to enhance customer service, achieve regulatory compliance, and improve flexibility and scalability in their operations; this sector is likely to continue to drive demand for cloud-based contact centers. The need for banks, financial institutions, and insurance businesses to provide dependable and effective client service is one of the main reasons for this adoption. However, by offering a variety of features and capabilities that enable them to handle high numbers of client inquiries, offer personalized assistance, and enhance the overall customer experience, cloud-based contact centers can help these companies accomplish this. The BFSI industry is also highly regulated, and cloud-based contact centers may assist businesses in complying with legal obligations.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period. Many of the SMEs in these nations are prevented from implementing modern communication technologies due to the substantial expenses required for the deployment of on-premises solutions. As a result, there is an enormous demand for flexible, scalable, and pay-per-use cloud infrastructure in the area. Additionally, businesses in the region continue to direct their attention toward enhancing client services in order to encourage competitive differentiation and revenue growth. This motivates businesses to investigate hosted and cloud solutions rather than systems that are installed on-site. Therefore, it is expected that a key driver influencing the adoption of cloud-based contact center solutions and services among Asia Pacific businesses will be the growth in the usage of cloud technologies, in addition to the need to enhance customer services.

Region with highest CAGR:

North America is expected to witness profitable growth over the projection period. This market's significant expansion has been linked to the region's presence of innovative and powerful suppliers like Oracle Corporation, Microsoft Corporation, and Cisco Systems, Inc. The growth of the global market is rapid due to these major vendors' growing investments in R&D. Another significant factor supporting North America's market advantage is the growing trend of companies moving their operations to the cloud. The use of cloud-based customer service centers is additionally encouraged by the growing trend of remote working.

Key players in the market:

Some of the key players in the Cloud Based Contact Center Market include: Genesys, Five9, Vonage, Google, Cisco, Serenova, Talkdesk, Dell Technologies Inc., EON Reality, Avaya, Honeywell International, Oracle, New Voice Media, Connect First , Ameyo, TechSee, Aspect Software 8x8 and RingCentral, Inc.

Key Developments:

In March 2023, RingCentral, Inc., an AI-powered enterprise which provides contact center solutions, cloud communications, video meetings, and collaboration announced the launch of RingSense™, a ground-breaking AI platform that brings the power of conversation intelligence to business collaboration and communications. Integrating AI, RingSense helps organizations to turn their conversation data into powerful insights that will unlock better productivity and drive business outcomes.

In March 2022, 8x8 revolutionized the role of the contact center agent by introducing a new 8x8 contact center composed experience. An entirely browser-based, design-driven interface, the 8x8 Agent Workspace provides a personalized and intuitive user experience. The contact center and unified communications features are only found in this one application.

Solutions Covered:

• Dialers
• Automatic Call Distribution
• Computer Technology Interaction
• Interactive Voice Response
• Security
• Automatic Call Distribution
• Reporting and Analytics
• Other Solutions

Services Covered:

• Managed Service
• Professional Service

Applications Covered:

• Chat Quality and Monitoring
• Call Routing and Queuing
• Real-Time Decision-Making
• Data Integration and Recording
• Workforce Optimization

Deployment Models Covered:

• Private Cloud
• Public Cloud
• Hybrid Cloud

Organization Sizes Covered:

• Large Enterprises
• Small and Medium Enterprises

End Users Covered:

• Consumer Goods and Retail
• Banking, Financial Services, and Insurance
• Manufacturing
• Telecommunication
• Media & Entertainment
• Healthcare and Life Sciences
• Other End-Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances