NEW YORK, Nov. 25, 2015 /PRNewswire/ -- The cloud model has seen high demand and growth in the contact center market over the past few years. A cloud-based contact center is a deployment model that allows businesses to host their contact center in a remote, third-party data center rather than in a physical location owned by the contact center.
The global cloud-based contact center market is expected to grow from USD 4.68 billion in 2015 to USD 14.71 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 25.7%. The key players in this market include Oracle, Cisco, Genesys, 3CLogic, Interactive Intelligence, 8X8, Aspect Software, InContact, Connect First, Five9 and other key innovators such as Mitel and LiveOps.
Various assumptions have been taken into consideration for the market sizing and forecasting exercise of the cloud-based contact center market. A few of the global assumptions include political, social, technological, and economic factors. The dollar fluctuations are expected to not seriously affect the forecasts in the emerging regions.
Organizations of all sizes worldwide are increasingly adopting cloud solutions for contact centers. The cloud-based contact center market has seen rapid adoption across verticals such as BFSI, IT and telecom, media and entertainment, and retail, which has led to the rapid growth of the market. Its high adoption across industries gives a clear view regarding robustness and maturity of the model. Due to major technology upgrades, several contact center organizations have shifted their setup from on-premise to cloud based. It helps organizations to save costs and modernize their contact center technology.
Latin America is expected to have the highest CAGR during the forecast period while North America is expected to dominate the market in terms of market share. Though the contact center market in Latin America is still at a nascent stage, it is expected to grow significantly during the forecast period. The contact center market in Mexico is expected to experience maximum growth.
The report aims at estimating the market size and future growth potential of this market across segments such as solutions, services, deployment models, applications, verticals, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the cloud-based contact center market, their company profiles, SWOT analysis, recent developments, and key market strategies.
The report would help the market leaders or new entrants in this market in the following ways:
1. This report segments the market into various sub-segments, covering this market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the sub-segments. The market numbers are further split across different end users and regions.
2. This report would help in better understanding of the competitors and gain more insights to enhance one's position in the business. There is a separate section on competitive landscape, which includes competitor ecosystem, mergers and acquisitions, partnerships, and agreements. Besides, there are company profiles of ten players in this market and key innovators. Market internals have been provided to put one ahead of the competitors.
3. The report also helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities
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