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The Worldwide Industry for Cloud-Based Contact Centers is Expected to Reach $36 Billion by 2025DUBLIN, 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: 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights For more information about this report visit https://www.researchandmarkets.com/r/7uu4xz Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets View original content:http://www.prnewswire.com/news-releases/the-worldwide-industry-for-cloud-based-contact-centers-is-expected-to-reach-36-billion-by-2025-301167879.html SOURCE Research and Markets |