New Report Predicts CCaaS Sector to Grow to $15.1 Billion by 2028

As more companies seek to deliver their customer support via the cloud, the global market for contact center-as-a-service (CCaaS) is becoming white-hot. CCaaS is a cloud-based software deployment model that helps companies procure only the technology they require and reduce their overall operational costs and capital expenditures. These solutions enable firms to optimize and efficiently manage customer interactions on their multichannel infrastructure which, in turn, enhances the overall employee and consumer experience. Companies can scale up and down on their number of seats as needed, eliminating the need to buy extra seats that are unused for most of the year.

According to a new report published by Brandessence Market Research and Consulting, the CCaaS sector will reach a valuation of USD $15.1 billion by 2028 from its current USD $4.7 billion in 2022, which translates to a compound annual growth rate of a 18% over the forecast duration of 2022 to 2029.

The primary drivers of expansion via the adoption of CCaaS are two-parted. First, increasing numbers of large enterprises (as well as small to medium-sized enterprises, or SMEs) seek to improve their quality of customer care while saving money. Second, is the recognition of widespread technological advancements in this field.

In addition, growth can be attributed to remote-working trends as well as surging research and development investments in the sector.

And finally, escalating demand for cloud computing solutions, a rising focus of organizations on offering enhanced customer experiences, and increased digitalization are all creating lucrative opportunities for the makers and sellers of CCaaS solutions.

“CCaaS solutions boost the customer retention strategy of organizations by helping them to streamline their entire process with minimal human intervention,” according to the study’s authors. “This also reduces their overall operational expenses while improving employee productivity. These factors are adding traction to the development of this marketplace over the forecast duration of 2022-2029.”

Edited by Alex Passett