More organizations are deploying cloud-based contact center solutions because of the flexibility it provides in addressing many of the challenges operators are facing. In addition to being extremely flexible, cloud technology makes it much easier to deploy services faster, recover from disasters and manage the many different compliances in healthcare, finance and other industries with call monitoring and other solutions. The report by Research and Markets revealed the cloud-based contact center market is expected to grow at a Compound Annual Growth Rate (CAGR) of 23.6 percent between 2016 and 2021 to $15.67 billion.
Compliance management is an important issue for businesses in the vast majority of industries, but more so in some than others. This is especially true for healthcare and financial companies that have to abide by some of the strictest regulations. With cloud technology, contact center operators can deploy a wide range of call monitoring, recording and archiving solutions to more than meet the regulations.
An effective call monitoring solution can provide multiple benefits to the entire call center ecosystem by systematically identifying problems quickly and seeing how they will impact the service quality. With a clear understanding of the full benefits this technology provides, administrators can use the data to identify opportunities, address problems, ensure internal policies and procedures are followed and pinpoint customer concerns.
Agents can then be trained to improve their performance as well as the customer experience by increasing quality standards and a consistent experience across the board to lower callbacks and increase first contact resolutions.
Research and Markets stated chat quality and monitoring applications as having the highest potential growth during the forecast period. According to the firm, this is being driven to improve customer service by monitoring the conversations consumers are having with their agents. In addition to self-improvement, the issue of compliance also plays an important role in the growth of call monitoring.
The cloud-based contact center segment will be dominated by the North American market, which will continue to hold the largest share until 2021. However, the Asia-Pacific region will grow at the highest CAGR from 2016 to 2021, driven by online tourism, e-commerce, and insurance. Some of the vendors highlighted in the report include 8x8 (News - Alert), Cisco Systems, Five9, Genesys Telecommunications Laboratories, Nice-Systems, Oracle Corporation and others.