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Cloud-based Contact Center Market Growing Demand Overview Volume and Value Forecast Report 2024

Cloud-based Contact Center

The Cloud-based Contact Center Market Report companies operating in the market are incessantly focusing on the implementation of various strategies in order to retain their positions in the market. Decrease in prices, implementation of more efficient technology, broader product portfolio, and long term supply relations with key end-use industries as well as localized manufacturers are the core strategies of the leading players to amplify consumer base and market share.

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Cloud-based Contact Center Market study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Market Overview

The cloud-based contact center market was valued at USD 8.926 billion in 2018, and is expected to reach USD 33.296 billion by 2024, at a CAGR of 24.57% over the forecast period (2019-2024). Legacy contact centers operate on older technologies that cannot support newer channels, such as social media, mobile app chats, or videos. Cloud-based contact centers can help companies meet these demands.

– 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.

Scope of the Report

The cloud-based contact center market is segmented by Type (Automatic Call Distribution, Agent Performance Optimization, Dialers, Interactive Voice Response, Computer Telephony Integration, Analytics and Reporting), Services (Managed, Professional), End-user Industry (BFSI, IT and Telecom, Media and Entertainment, Retail, and Consumer, Logistics and Transport, Healthcare), and Geography.

Key Market Trends

Retail Sector to Witness the Highest Growth Rate in 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 cloud 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.

– 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 – 8×8, 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).

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Cloud-based Contact Center Market Analyse according to leading players, Competitive landscape, geographical regions, top manufacturers, types, and applications forecast over a period of 2019 to 2024. Geographically, this report is divided into many key Regions, with production, consumption, revenue (million USD), market share and rate of Cloud-based Contact Center Market 2019 in these regions, from 2018 to 2024 (forecast), covering: North America, China, Europe, Japan, Southeast Asia, India.

The Objectives of this report are:

  • To define, describe, and analyze the Cloud-based Contact Center market on the basis of product type, application, and region
  • To forecast and analyze the size of the Cloud-based Contact Center market (in terms of value) in six key regions, namely, Asia Pacific, Western Europe, Central & Eastern Europe, North America, the Middle East & Africa, and South America
  • To forecast and analyze the Cloud-based Contact Center market at country-level in each region
  • To strategically analyze each submarket with respect to individual growth trends and its contribution to the Cloud-based Contact Center market
  • To analyze opportunities in the Cloud-based Contact Center market for stakeholders by identifying high-growth segments of the market

Key Questions Answered in Cloud-based Contact Center market report:

  • What will the market size be in 2024 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?

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Cloud-based Contact Center Market Report Provides Comprehensive Analysis as Following:

Market segments and sub-segments

Market size & shares

Market trends and dynamics

Market Drivers and Opportunities

Market Analysis and Segmentation

Competitive landscape

Supply and demand

Technological inventions in Cloud-based Contact Center trade

Marketing Channel Development Trend

Cloud-based Contact Center Market Positioning

Pricing Strategy

Brand Strategy

Target consumer

Distributors/Traders List enclosed in Positioning Cloud-based Contact Center Market

Cloud-based Contact Center Market report provides you a visible, one-stop breakdown of the leading product, submarkets and market leaders revenue forecasts till 2024. In conclusion, Cloud-based Contact Center Market 2019 report presents the descriptive analysis of the Cloud-based Contact Center Market Major Key-players, Types, Application and Forecast Period knowledge which is able to function a profitable guide for all the Cloud-based Contact Center Market competitors.

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