DUBLIN, Nov. 6, 2020 /PRNewswire/ -- The "Cloud-Based Contact Center Market by Component (Solutions and Services), Deployment Model (Public Cloud and Private Cloud), Organization Size, Industry (BFSI, Telecommunications, and Retail and Consumer Goods), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global cloud-based contact center market size is expected to grow at a CAGR of 25.8% during the forecast period, to reach USD 36.1 billion by 2025 from USD 11.5 billion in 2020.
Digital business transformation has entered a more challenging and urgency-driven phase due to the COVID-19 pandemic. Global giants provide customers with cost-effective and productive digital solutions as every industry is economically hard-hit by the pandemic. The sudden shutdowns of organizations and institutions increased the demand for cloud solutions and other online services. The cloud-based contact center market in industries such as IT and ITeS, telecommunications, BFSI, and media and entertainment, has impacted positively due to the work from the home initiative. Cloud-based contact centers are independent of the location they are situated, enabling agents, supervisors, and administrators to access them from anywhere through a phone or by an internet connection. Enterprises across the globe are recovering gradually and are expected to get back on gradually by mid of 2021.
The omnichannel segment is expected to have the largest market size during the forecast period
The omnichannel routing solutions comprise digital channels, Interactive Voice Response (IVR), ACD, dialer, and virtual agent. COmnichannel solutions empower to designates certain calls to different agents and locations depending on a variety of factors. Focusing on call routing enables organizations to manage thousands of calls continuously without compromising with customer satisfaction. Moreover, organizations could easily manage spikes in call volume by intelligently distributing calls among multiple contact centers, including remote centers and home-based agents, with the unique omnichannel technology.
The large enterprise segment is expected to have a larger market share during the forecast period
The cloud-based contact center market has been segmented based on organization size into Small and Medium-sized Enterprises (SMEs) and large enterprises. The major benefit large enterprises receive with the implementation of cloud transformation is that the cloud services are maintained and supported by the vendors themselves. Moreover, firms could thereby engage their employees in more strategic business tasks. The demand for flexible, scalable, and convenient solutions for large enterprises pushes service providers to come up with new technologies and offer innovative solutions. Hence, the cloud-based contact center market for large enterprises is expected to grow at a significant rate.
The BFSI industry is expected to hold the largest market share in 2020.
The BFSI industry is adopting cloud services as it helps save operational costs and offers high business continuity. Banks' customer information is stored across a variety of systems. Having this information readily available for customer service channels is crucial to meet stated objectives and provide seamless customer experiences. With the help of cloud-based solutions, contact center agents can enhancecustomer experiences through increased speed and better quality of call resolution. Moreover, a cloud-based contact center ensures business continuity by focusing on issues such as manageability, scalability, and higher efficiency.
North America to hold the largest market size, and Asia Pacific (APAC) to grow at a higher rate during the forecast period
North America is estimated to capture the largest market share in 2020, and the trend is expected to continue during the forecast period. Growth in the adoption of cloud-based services in SMEs and large enterprises is expected to drive revenue growth in this region. On the other hand, the cloud-based contact center market in the Asia Pacific (APAC) is expected to witness exponential growth and is projected to be one of the fastest-growing regions in the global cloud-based contact center market. This is attributed to the large-scale adoption of cost-effective cloud-based solutions in these regions.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights4.1 Attractive Growth Opportunities in the Cloud-Based Contact Center Market4.2 Market: by Deployment Model, 2020 Vs 20254.3 Market: by Solution, 2020 Vs 20254.4 Market Investment Scenario5 Market Overview and Industry Trend5.1 Introduction5.1.1 Drivers18.104.22.168 Rising Adoption of Smac Technologies22.214.171.124 Role of Social Media in Cloud-Based Contact Center Operations126.96.36.199 Benefits of Smac Technologies in Contact Centers188.8.131.52 Increasing Adoption of Cloud-Based Contact Centers due to COVID-184.108.40.206 Rising Number of Channels to Reach End Customers220.127.116.11 Growing Need for Personalized and Streamlined Customer Interactions18.104.22.168 Faster Deployment, Scalability, and Flexibility of Cloud-Based Contact Centers22.214.171.124 Better Business Continuity with Cloud-Based Contact Centers5.1.2 Restraints126.96.36.199 Inadequate Network Bandwidth in the Emerging Economies188.8.131.52 Cyber Attacks Impacting Business Operations5.1.3 Opportunities184.108.40.206 Enhanced Customer Experience to Increase Cloud-Based Contact Center Adoption220.127.116.11 Need to Analyze Audio Conversations in Real Time18.104.22.168 Shifting Focus of Enterprises Towards the Work from Home Culture22.214.171.124 Implementation of Ai, Analytics, and Nlp Capabilities to Add Value in Existing Cloud-Based Contact Centers5.1.4 Challenges126.96.36.199 Privacy and Data Security Aspects188.8.131.52 Organizational, Technical, and Operational Difficulties while Moving Contact Centers in Cloud184.108.40.206 Integration of Mobility with the Existing Capabilities5.2 COVID-19-Driven Market Dynamics5.2.1 Drivers and Opportunities5.2.2 Restraints and Challenges5.3 Case Study Analysis5.4 Cloud-Based Contact Center Market: Value Chain Analysis5.5 Market Ecosystem5.6 Technology Analysis5.7 Pricing Analysis5.8 Patent Analysis6 Cloud-Based Contact Center Market, by Component6.1 Introduction6.1.1 Component: Market Drivers6.1.2 Component: COVID-19 Impact6.2 Solutions6.2.1 Omnichannel Routing220.127.116.11 Digital Channels18.104.22.168 Interactive Voice Response22.214.171.124 Automatic Call Distributor126.96.36.199 Dialer188.8.131.52 Virtual Agents6.2.2 Workforce Engagement Management184.108.40.206 Workforce Optimization220.127.116.11 Call Recording and Quality Management6.2.3 Reporting and Analytics18.104.22.168 Historical and Customized Reports22.214.171.124 Speech Analytics126.96.36.199 Text Analytics6.2.4 Customer Engagement Management6.2.5 Others6.3 Services6.3.1 Consulting6.3.2 Implementation and Integration6.3.3 Training, and Support and Maintenance7 Cloud-Based Contact Center Market, by Deployment Model7.1 Introduction7.1.1 Deployment Model: Market Drivers7.1.2 Deployment Model: COVID-19 Impact7.2 Public Cloud7.3 Private Cloud8 Cloud-Based Contact Center Market, by Organization Size8.1 Introduction8.1.1 Organization Size: Market Drivers8.1.2 Organization Size: COVID-19 Impact8.2 Large Enterprises8.3 Small and Medium-Sized Enterprises9 Cloud-Based Contact Center Market, by Industry9.1 Introduction9.1.1 Industries: Market Drivers9.1.2 Industries: COVID-19 Impact9.2 Banking, Financial Services, and Insurance9.3 Telecommunications9.4 IT and ITEs9.5 Government and Public Sector9.6 Retail and Consumer Goods9.7 Manufacturing9.8 Energy and Utilities9.9 Media and Entertainment9.10 Healthcare and Life Sciences9.11 Others10 Cloud-Based Contact Center Market, by Region10.1 Introduction10.2 North America10.3 Europe10.4 Asia-Pacific10.5 Middle East and Africa10.6 Latin America11 Competitive Landscape11.1 Market Evaluation Framework11.2 Market Share Analysis11.3 Historical Revenue Analysis of Leading Players11.4 Company Evaluation Matrix11.4.1 Definitions and Methodology11.4.2 Star11.4.3 Emerging Leaders11.4.4 Pervasive11.4.5 Participant11.5 Small and Medium Enterprise / Startup Evaluation Matrix11.5.1 Definitions and Methodology11.5.2 Progressive Companies11.5.3 Responsive Companies11.5.4 Dynamic Companies11.5.5 Starting Blocks12 Company Profiles12.1 Introduction12.2 Nice12.3 Genesys12.4 Five912.5 Vonage12.6 Talkdesk12.7 8X812.8 Cisco12.9 Avaya12.10 Serenova12.11 Content Guru12.12 Aspect Software12.13 Ringcentral12.14 Enghouse Interactive12.15 3Clogic12.16 Ameyo12.17 Twilio12.18 Vocalcom12.19 Evolve IP12.20 Startup/SME Profiles12.20.1 Pypestream12.20.2 Techsee12.20.3 Aircall12.20.4 Sentiment Machines12.20.5 Nubitel12.20.6 Justcall12.20.7 Dialer36012.20.8 Servetel12.20.9 Neodove12.20.10 Rulai13 Adjacent and Related Markets14 Appendix
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