Cloud Based Contact Center Market Worth 14.70 Billion USD by 2020

PUNE, Maharashtra, November 12, 2015 /PRNewswire/ --

According to a new market research report "Cloud Based Contact Center Market by Solution (IVR, ACD, CTI, APO, Dialers, Analytics & Reporting), & by Application (Chat Quality Monitoring, Real Time Decision Making, Work Force Optimization), by Vertical, by Region - Global Forecast to 2020", published by MarketsandMarkets, 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% during the forecast period.

Browse 70 market data Tables and 59 Figures spread through 150 Pages and in-depth TOC on "Cloud Based Contact Center Market"

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The market report segments the global market on the basis of components, solutions, services, applications, deployment models, verticals, and regions, and provides an in-depth analysis and market size estimations. The components include solutions and services. The solutions is further segregated into Automatic call distribution (ACD), Agent Performance Optimization solutions (APO), Dialers, Interactive Voice Response (IVR), Computer Telephony Integration solutions, Analytics and Reporting, and Multi-channel solutions.

The key to growing business and scaling customer success is embedding best practices into your customer service software. With the retrenchment in consumer spending, organizations are turning to the cloud to become customer experience-driven organizations to grow their businesses and improve the customer engagements.

Cloud based contact center is a deployment model that enables organizations to set their contact center in a remote, third party's data center. It enables greater flexibility, scalability, and business agility for contact centers, while saving significant costs over the long term. Cloud-based contact center solutions allow companies to communicate effectively with their customers via various channels, including inbound/outbound/voice, email, and web. This unified system includes key software technologies that contact centers require the most: dialers, ACD, IVR software, CTI for intelligent screen pops, digital recording, workforce optimization, real-time reporting and decision making and analytics tools. The cloud-based solutions streamlines the process of providing modernized, up-to-date service to customers, personalizing service to meet their preferences and demands, in addition to providing the advantages of cost, reliability, and flexibility.

Global industry for Cloud Based Contact Center Market is expected to witness a great revolution in terms of technological advancements and increased presence in different parts of the world. The demand for IMC market is majorly driven by the low initial cost, faster deployment, growing demand for enhanced customer experience, and enhanced business agility. Major vendors in the cloud-based contact center market space include five9, Cisco, Interactive Intelligence, Genesys, 8X8, 3CLogic, InContact, Connect first, Aspect Software, and Oracle. Mitel and LiveOps social are among the top key innovators in this space.

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The report also identifies the drivers, restraints, and opportunities prevalent in the market. The report has also been segmented by region: North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. A detailed analysis of the key industry players has been done to provide insights into their products and services, strategies, and recent developments associated with the Cloud-based contact center market.

Verticals rapidly adopting cloud-based contact center technology include BFSI, IT and Telecom, and retail, which contributed more than 50% of the cloud-based contact center revenue in 2015. IT and Telecom is expected to have the highest market share by 2020, while travel and hospitality, healthcare, and transportation and logistics are the emerging verticals.

Latin America is one of the growing regions in the Cloud Based Contact Center Market, which is driven by an investment friendly atmosphere, rapid development of new market in other nations, such as Chile, Mexico, and Argentina and favorable labor scenario. MEA and APAC has a potential market for cloud-based contact center market across various industry verticals, such as BFSI, retail, healthcare, government, and telecom and IT. The region has a growing number of SMBs and highly skilled workforce which represents huge potential for growth in this market.

MarketsandMarkets forecasts that 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% during the forecast period.

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