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Cloud-based Contact Center Markets, 2020 to 2025
DUBLIN, Jan. 30, 2020 /PRNewswire/ -- The "Cloud-based Contact Center Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
 The cloud-based contact center market was valued at USD 13.17 billion in 2019, and is expected to reach USD 49.12 billion by 2025, at a CAGR of 24.57% over the forecast period (2020-2025).
A report from the State of Customer Experience 2017, validates the way cloud call centers are substituting the on-premise call centers. Migration of 39% contact centers in the United Kingdom to cloud-based, with 57% chalking out an action plan to move to cloud-based call center within the next three years, indicates the potential for the overall market.
Furthermore, cloud-based infrastructure makes contact centers extremely scalable and by adopting enterprise cloud solutions for contact centers, organizations can save millions of dollars in operating costs, while also monitoring revenue leakage.
Cloud contact centers have become a necessary step for companies to adopt a systematic approach that enhances performance, channels support and engagement, reporting and analytics to successfully support a customer base where customer preferences keep changing. The challenge for enterprises lies in choosing the right cloud contact center solution and strategic partner to achieve these goals.
Key Market Trends
Retail Sector to Witness the Highest Growth Rate Over the Forecast Period
The intensifying competition in the retail marketplace and the emerging trends in customer services, expectations, behaviors, and e-commerce operations are driving the growth for the cloud-based contact centers market.
The e-commerce industry is contributing to the growth of cloud contact centers tremendously. With retailers and e-tailers operating globally, compliance management becomes even more challenging. In May 2018, the advent of the European Union's General Data Protection Regulation (GDPR) empowered EU customers and prospects to request that businesses delete their personal information. From live call monitoring and call recordings, supervisors of cloud-based contact centers can monitor key aspects of customer engagement to ensure adherence to regulations and identify issues.
Most of the retailers, offline as well as online consider clod contact centers as revenue generating stream with customer experience as a strategic focus. Therefore, many companies are entering this space. In 2019, Google announced its Contact Center AI, a beta version yet, to help retailers with intuitive customer service by scaling phone support without compromising the customer experience.
North America to Hold the Largest Market Share
In North America, the utilization of premise-based call centers dominated in mid-2017. However, the exceptional benefits offered by the cloud-based software is likely to boost the software demand.
The organizations are shifting their focus toward cloud-based solutions to enhance efficiencies and scalabilities. For instance, in October 2018, one of the largest sub-servicers of residential mortgages in the United States, PHH Mortgage moved its contact center to cloud-based architecture in alliance with Serenova.
The rising omnichannel approach to sales, coupled with the expanding e-commerce industry in the North American region, is driving the demand for contact centers. Companies are trying to expand their business portfolio in the region, due to the huge potential it offers. For instance, the omnichannel, cloud-based contact center software provider, ZaiLab, announced its plans to expand its product offerings in the North American region.
Competitive Landscape
The competitive rivalry in the market is high with the presence of Amazon Web Services, Genesys Telecommunications Laboratories Inc., among others. R&D investments and continuous software upgrades characterize the rivalry. Many global players are concentrating on mergers and acquisitions for sustaining in the competitive environment of the cloud-based contact center.
Noteable Industry Developments
- April 2019 - ZephyrTel, announced that it signed a telecom-focused strategic collaboration agreement with Amazon Web Services (AWS) to migrate ZephyrTel solutions to AWS, including OASIS Cloud Contact Centre.
- May 2018 - 8x8, Inc. acquired Marianaiq to strengthen AI capabilities to transform both the employee and customer experience.
- June 2017 - 3CLogic announced contact center software leveraging artificial intelligence focused primarily on chat-enabled bots using Amazon Lex(R) and Polly(R).
Key Topics Covered
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Introduction to Market Drivers and Restraints
4.4 Market Drivers
4.4.1 Increasing Demand for Cloud-based Solutions
4.4.2 Reduced Capital Expenses and Faster Deployment of Cloud Contact Center
4.5 Market Restraints
4.5.1 Security Concerns Regarding Cloud Based Solutions
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Automatic Call Distribution
5.1.2 Agent Performance Optimization
5.1.3 Dialers
5.1.4 Interactive Voice Response
5.1.5 Computer Telephony Integration
5.1.6 Analytics and Reporting
5.2 By Service
5.2.1 Professional
5.2.2 Managed
5.3 By End-user Industry
5.3.1 Banking, Financial Services and Insurance (BFSI)
5.3.2 IT and Telecom
5.3.3 Media and Entertainment
5.3.4 Retail
5.3.5 Logistics and Transport
5.3.6 Healthcare
5.3.7 Other End-user Industries
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Amazon Web Services, Inc.
6.1.2 Oracle Corporation
6.1.3 Cisco Systems Inc.
6.1.4 Genesys Telecommunications Laboratories Inc.
6.1.5 3CLogic Inc.
6.1.6 Connect First Inc.
6.1.7 Five9 Inc.
6.1.8 Mitel Networks Corporation
6.1.9 Aspect Software Parent Inc.
6.1.10 8X8 Inc.
6.1.11 Avaya Holdings Corp.
6.1.12 NICE inContact
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/vwlivf
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
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