Cloud-based Contact Center Market is expected to project a notable CAGR of 25.6% in 2030.
Cloud-based Contact Center Market to surpass USD 38.9 billion by 2030 from USD 12.7 billion in 2018 at a CAGR of 25.6% throughout the forecast period, i.e., 2019-30. Market growth is projected to boost due to the growing user base and high adoption rate of cloud-based services, social media and mobile analytics among different industry sectors.
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Cloud-based Contact Center Market: Segments
Solution segment to grow with the highest CAGR of XX.X% during 2019-30
Cloud-based contact center market is segmented by component as solution and services. The solutions segment is further bifurcated into consulting and training. Due to large-scale demand for the implementation of new contact center software and the integration of new systems with existing ones in the workplace, the higher market share in 2018 was accounted for by the solution, which is expected to drive segment growth. Enterprises use cloud-based solutions and services by outsourcing complete contact center operations to cloud-based contact center vendors to reduce the total cost of ownership and increase business agility and productivity. The scalability and agility of operations have increased with increasing demand and awareness among public and private organizations, which is one of the main reasons expected to drive the growth of the cloud-based contact center market.
Cloud-based Contact Center Market: Market Dynamics
Increasing Demand for Cloud-based Solutions
Contact centres are rapidly evolving from primary models that deploy operations in a single channel to multi-channel, multi-function units to manage customer relationship management. In-bound and out-bound calls, emails, web queries, and chats are managed worldwide by modern age contact centers.
Security Concerns Regarding Cloud-based Solutions
Access to critical information has led to a number of challenges in today's digital world. One of these challenges is that cybercriminals have become a major target for businesses storing sensitive data. Contact centres, which normally handle a lot of valuable customer information, are unfortunately no exception.
Cloud-based Contact Center Market: Regions
Cloud-based Contact Center Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Cloud-based Contact Center Market in North America held the largest market share of XX.X% in the year 2018 and it is expected to continue its market dominance in the future. The presence in North America of a large number of contacts center software providers has led to increased awareness of these software among local organizations. Several suppliers in the region focus on providing efficient and simple self-service IVR options to save customer effort and time for customer queries, thus creating growth opportunities for the region's software adoption. A large number of companies are also migrating to cloud storage, creating growth opportunities for the regional market, while the rapid growth of cloud-based contact center adoption in APAC is mainly driven by the dramatic growth of data center business, increasing numbers of start-ups and the willingness of customers to adopt new technologies are driving the growth of cloud-based contact center market.
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