Cloud Based Contact Center Global Market Report 2021: COVID-19 Implications and Growth

Cloud Based Contact Center Global Market Report 2021: COVID-19 Implications and Growth

  • September 2021 •
  • 175 pages •
  • Report ID: 6144630 •
  • Format: PDF
Major players in the cloud based contact center market are Genesys Telecommunications Laboratories Inc., 3CLogic Inc., Avaya Contact Center (Avaya Group), Connect First Inc., Five9 Inc., 8X8 Inc., Aspect Software, RingCentral Inc., NICE Systems Ltd., Ameyo, Aircall SAS, Amazon Web Services Inc., Vocalcom Group, Talkdesk Inc, Vonage, Serenova, Content Guru, Evolve IP, TCN Inc., Tata Consultancy Services Limited., and Worldline.

The global cloud based contact center market is expected to grow from $12.50 billion in 2020 to $15.73 billion in 2021 at a compound annual growth rate (CAGR) of 25.8%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $39.19 billion in 2025 at a CAGR of 25.6%.

The cloud based contact center market consists of sales of cloud based services by entities (organizations, sole traders, and partnerships) that provide cloud-hosted customer services such as automated call routing and multiple communication platforms. A cloud contact center is a full set of technologies, applications, and cloud-hosted solutions for contact centers in large companies which need multiple communication modes (such as messaging and phone calls), complex call routing, staff management, and analytics.

The main types of cloud based contact centers are automatic call distribution, agent performance optimization, dialers, interactive voice response, computer telephony integration, analytics, and reporting.A telephone system that automatically receives incoming calls and sends them to an available agent is known as automated call distribution.

The different components include services, solutions and are deployed in public, private, hybrid clouds. It is used in call routing and queuing, data integration and recording, chat quality and monitoring, real-time decision making, workforce optimization and is implemented in various sectors such as banking, financial services and insurance (BFSI), IT and telecom, media, and entertainment, retail, logistics, and transport, healthcare, others.

North America was the largest region in the cloud based contact center market in 2020.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The growing technological advancements are shaping the cloud based call center market.Major companies operating in the cloud based call center sector are focused on developing technological solutions for cloud based call centers to strengthen their position in the industry.

For instance, in July 2019, TechSee, a US-based technology and technical support company that specializes in visual technology and augmented reality launched TechSee Smart based on artificial intelligence technology. A smartphone-calling consumer can now send still photographs or video to the contact center, which are subsequently analyzed by the TechSee Smart platform to detect the product model and the source of the issue.

In August 2020, TTEC Holdings a US-based customer experience technology and services company acquired VoiceFoundry for an undisclosed amount.The acquisition aims to create an end-to-end delivery solution for Amazon connect.

Voice Foundry is a US-based company that is focused design and delivery of Amazon Connect, a cloud based enterprise contact center solution used around the globe, and is focused on helping businesses to improve customer engagement while maximizing the benefits of the cloud.

The rising adoption of cloud based call centers is projected to drive the growth of the cloud based contact center market in the coming years.A network-based service in which a provider owns and controls contact center technology is known as cloud-based call centers.

Cloud based call centers provide innovative solutions to address the company issues and remote services to enterprises on a subscription basis.According to CCW Digital’s industry report on the future of the contact center in 2019, 66% of call center firms plan to invest in advanced analytics to create a better customer experience, while 64% of companies believe that customers should be able to speak with a live agent.

Therefore, the rising adoption of cloud based call centers fuels the growth of the cloud based contact center market.

The countries covered in the cloud based contact center market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.