The Cloud Based Contact Center Market Size in 2019 was USD 11.01 billion. The effects of COVID-19 have been staggering and unprecedented on a global scale, and the pandemic has had a negative effect on demand at cloud-based contact centers worldwide. According to our analysis, the global market will expand by a lesser amount—22.1%—in 2020 than it did on an annual basis on average from 2016 to 2019. With a projected CAGR of 22.7% from 2020 to 2027, the market is expected to increase from USD 13.45 billion in 2020 to USD 56.37 billion in 2027. This market's demand and expansion, which will resume to pre-pandemic levels once the pandemic is over, is what is responsible for the increase in CAGR.
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Information about the report:
- Forecast Timeframe: 2020-2027
- The starting year is 2019.
- Market Size in 2019 - USD 11.01 billion
- The market size in 2027 will be USD 56.37 billion
- CAGR - 22.7%
- Segments Included: according to deployment type, application, enterprise type, sector, and geographic region
The Cloud Based Contact Center Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The market size is the total amount of money service providers make from selling their products to consumers. Market share is the percentage of the market that is under the control of one provider or a group of providers. The term market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the different sectors or domains that use applications for their business operations or activities.
Analyses of the worldwide Cloud Based Contact Center Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
By Component Analysis,
The market is divided into solutions and services according to the components. The solution segment currently holds a sizable market share, while the service segment is anticipated to grow significantly over the course of the forecast period. Professional services, such as integration, deployment, and optimization, are expected to hold the largest share in the services segment, which is further divided into professional and managed services. It is predicted that managed services will expand more quickly.
By Deployment Analysis,
The market has been divided into public, private, and hybrid deployment based on the type of deployment. It is anticipated that the hybrid cloud deployment will come in second, with the public deployment taking the lead. Due to the low operational costs, vendors are primarily deploying their cloud-based contact centers in the public deployment model. Another important element driving the adoption of public deployment is the maintenance services they offer as part of their product.
By Organization Size Analysis,
Based on organization size, the market has been divided into large and small & medium-sized enterprises (SMEs). Due to the fact that most large businesses are early adopters of emerging technologies, they are likely to hold the largest market share. Other significant factors contributing to the segment growth include the decline in capital and operational expenditures and the size of the customer base. Additionally, it is anticipated that the adoption will be supported by the growing trend of remote work or remote workforce.
By Key Industry Analysis,
Leading global market players are persistently concentrating on expanding their current product and service portfolios. An additional tactic used by organizations to maintain their commercial acumen is the introduction of new products and solutions. To improve contact center operations and efficiency, vendors are creating technology-driven, customer-centric solutions that are distinctive. As an illustration, in June 2019, 8X8, Inc. unveiled a brand-new comprehensive cloud-based contact center solution. In addition, strategic alliances and cooperation assist major players in diversifying their product and commercial lines. The needs of contact center agents and consumers are taken into consideration as several major vendors work together to introduce individualized, omnichannel, and simple cloud-based solutions. For instance, NICE Ltd. announced in May 2020 that it would integrate its NICE inContact CXone solution with Microsoft Corporation's patented Microsoft Teams platform to improve the effectiveness and customization of contact centers. Similarly, NICE Ltd. and Zendesk, Inc. partnered in May 2020 to support the operations of remote contact centers.
With a USD 3.60 billion revenue in 2019, North America dominated the global market. This market's pronounced growth has been attributed to the region's concentration of innovative and powerful vendors like Oracle Corporation, Microsoft Corporation, and Cisco Systems, Inc. The expansion of the global market is being accelerated by these key vendors' increasing investments in R&D. Another important factor contributing to North America's market dominance is the growing trend of organizations moving their business operations to the cloud. Further supporting the adoption of cloud-based contact centers is the growing trend of remote working.
The study report provides a thorough analysis of the “Cloud Based Contact Center Market” size globally, including regional and country-level market size analysis, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background, and sales analysis of the payers. The paper also discusses the principal risks and challenges that will be encountered over the projected period. The Cloud Based Contact Center Market is divided into two categories: type and application. Players, stakeholders, and other participants in the global Cloud Based Contact Center Market industry will be able to gain the upper hand by using the study as a valuable resource.
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