Cloud-Based Contact Center Market Set to Innovatively Disrupt Worldwide Communication Systems

  • 14 May 2019

Global cloud-based contact center market is expected to value over US $ 23 billion by 2026 end and observe a CAGR of 23.2% during the forecast period of 2019 to 2026. 

Legacy communication systems are falling short of necessary support demanded by modern channels like mobile application chat services, live chat sessions, social media, video ads and so on. Handling inbound and outbound communication over centralised internet server of an enterprise can be renovating with cloud-based contact centre in place. Pricing model works on pay-per use-subscription basis and cloud compliance requirements driving rapid adoption of the cloud-based contact centres and responsible for the overall market growth. Cloud-based contact centres provide the following benefits to organizations:
•    Cost reduction
•    Improved flexibility and scalability
•    Business agility
•    Collaboration and problem solving across teams
•    Enhanced customer experience
•    Enable building of contact centres for third-party organizations
•    Optimized agent efficiency
•    Improved return on investments
Technological advancement, penetration of modern connectivity systems, demand for improved communication channels across verticals like IT, automotive, energy, healthcare and finance are driving the incremental growth of the global cloud-based contact centre market. Further the generous R&D investments by vendors, system integrators, education service providers etc. are fuelling the cloud-based contact centre infrastructure setup in order to discover innovative products and services with a competitive edge.

Global Cloud-Based Contact Center Market Restraints

•    Risk of information loss
•    Lack of awareness about cloud-based contact centres in emerging nations


Global Cloud-Based Contact Center Market, by Solution: 

+ Automatic Call Distribution (ACD)
+ Dialers 
+ Agent Performance Optimization (APO)
+ Computer Telephony Integration (CTI)
+ Interactive Voice Response (IVR)
+ Security 
+ Reporting and Analytics 
+ Others

Global Cloud-Based Contact Center Market, by Services

+ Professional Services 
+ Managed Services

Global Cloud-Based Contact Center Market, by Application 
+ Call Routing and Queuing 
+ Workforce Optimization
+ Chat Quality and Monitoring 
+ Data Integration and Recording 
+ Real-Time Decision Making 

Global Cloud-Based Contact Center Market, by Deployment Type:
+ Private Cloud  
+ Public Cloud 
+ Hybrid Cloud

Global Cloud-Based Contact Center Market, by Organization Size:
+ Large enterprises
+ Small and medium enterprises
Large enterprises are majorly implementing the cloud-based contact centre for specific function and departments. The large enterprises' segment is estimated to grow at a healthy CAGR due to the need for providing improved user experience utilising cloud transformation. Whereas the small and medium enterprises implement the cloud-based contact centres across business operations and are anticipated to demonstrate robust growth during the forecast period of 2019-2026.

Global Cloud-Based Contact Center Market, by Vertical:
+ IT and Telecommunication
+ Manufacturing
+ Banking, Financial Services, and Insurance 
+ Healthcare and Life Sciences  
+ Consumer Goods and Retail 
+ Government and Public Sector 
+ Media and Entertainment 
+ Others 

Global Cloud-Based Contact Center Market, by Region:
+ Europe 
+ North America 
+ Latin America
+ Rest of World
North America dominates the global cloud-based centre market in terms of revenue generation. The high penetration of cloud-based service providers and increased adoption of cloud infrastructure is estimated to forge the continued growth over upcoming years. Availability of affordable IoT and Big data solution is immensely fortifying the exponential growth in the APC region over the next few years.

Competitive Landscape: 
+ Tier 1 players- established companies in the market with a major market share 
+ Tier 2 players
+ Emerging players which are growing rapidly
+ New Entrants  

FutureWise Takeaways: 
+ Growth prospects 
+ SWOT analysis
+ Key trends
+ Key data points affecting market growth 

Objectives of the Study:
+ To provide with an exhaustive analysis on the global cloud-based contact center market on the basis of the solution, service, application, deployment type, organization size, vertical, and region
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
+ To evaluate and forecast micro-markets and the overall market 
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East.
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies 


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