The Worldwide Industry for Cloud-Based Contact Centers is Expected to Reach $36 Billion by 2025

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 enhance customer 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
4.1 Attractive Growth Opportunities in the Cloud-Based Contact Center Market
4.2 Market: by Deployment Model, 2020 Vs 2025
4.3 Market: by Solution, 2020 Vs 2025
4.4 Market Investment Scenario


5 Market Overview and Industry Trend
5.1 Introduction
5.1.1 Drivers
5.1.1.1 Rising Adoption of Smac Technologies
5.1.1.2 Role of Social Media in Cloud-Based Contact Center Operations
5.1.1.3 Benefits of Smac Technologies in Contact Centers
5.1.1.4 Increasing Adoption of Cloud-Based Contact Centers due to COVID-19
5.1.1.5 Rising Number of Channels to Reach End Customers
5.1.1.6 Growing Need for Personalized and Streamlined Customer Interactions
5.1.1.7 Faster Deployment, Scalability, and Flexibility of Cloud-Based Contact Centers
5.1.1.8 Better Business Continuity with Cloud-Based Contact Centers
5.1.2 Restraints
5.1.2.1 Inadequate Network Bandwidth in the Emerging Economies
5.1.2.2 Cyber Attacks Impacting Business Operations
5.1.3 Opportunities
5.1.3.1 Enhanced Customer Experience to Increase Cloud-Based Contact Center Adoption
5.1.3.2 Need to Analyze Audio Conversations in Real Time
5.1.3.3 Shifting Focus of Enterprises Towards the Work from Home Culture
5.1.3.4 Implementation of Ai, Analytics, and Nlp Capabilities to Add Value in Existing Cloud-Based Contact Centers
5.1.4 Challenges
5.1.4.1 Privacy and Data Security Aspects
5.1.4.2 Organizational, Technical, and Operational Difficulties while Moving Contact Centers in Cloud
5.1.4.3 Integration of Mobility with the Existing Capabilities
5.2 COVID-19-Driven Market Dynamics
5.2.1 Drivers and Opportunities
5.2.2 Restraints and Challenges
5.3 Case Study Analysis
5.4 Cloud-Based Contact Center Market: Value Chain Analysis
5.5 Market Ecosystem
5.6 Technology Analysis
5.7 Pricing Analysis
5.8 Patent Analysis

6 Cloud-Based Contact Center Market, by Component
6.1 Introduction
6.1.1 Component: Market Drivers
6.1.2 Component: COVID-19 Impact
6.2 Solutions
6.2.1 Omnichannel Routing
6.2.1.1 Digital Channels
6.2.1.2 Interactive Voice Response
6.2.1.3 Automatic Call Distributor
6.2.1.4 Dialer
6.2.1.5 Virtual Agents
6.2.2 Workforce Engagement Management
6.2.2.1 Workforce Optimization
6.2.2.2 Call Recording and Quality Management
6.2.3 Reporting and Analytics
6.2.3.1 Historical and Customized Reports
6.2.3.2 Speech Analytics
6.2.3.3 Text Analytics
6.2.4 Customer Engagement Management
6.2.5 Others
6.3 Services
6.3.1 Consulting
6.3.2 Implementation and Integration
6.3.3 Training, and Support and Maintenance

7 Cloud-Based Contact Center Market, by Deployment Model
7.1 Introduction
7.1.1 Deployment Model: Market Drivers
7.1.2 Deployment Model: COVID-19 Impact
7.2 Public Cloud
7.3 Private Cloud

8 Cloud-Based Contact Center Market, by Organization Size
8.1 Introduction
8.1.1 Organization Size: Market Drivers
8.1.2 Organization Size: COVID-19 Impact
8.2 Large Enterprises
8.3 Small and Medium-Sized Enterprises

9 Cloud-Based Contact Center Market, by Industry
9.1 Introduction
9.1.1 Industries: Market Drivers
9.1.2 Industries: COVID-19 Impact
9.2 Banking, Financial Services, and Insurance
9.3 Telecommunications
9.4 IT and ITEs
9.5 Government and Public Sector
9.6 Retail and Consumer Goods
9.7 Manufacturing
9.8 Energy and Utilities
9.9 Media and Entertainment
9.10 Healthcare and Life Sciences
9.11 Others

10 Cloud-Based Contact Center Market, by Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia-Pacific
10.5 Middle East and Africa
10.6 Latin America

11 Competitive Landscape
11.1 Market Evaluation Framework
11.2 Market Share Analysis
11.3 Historical Revenue Analysis of Leading Players
11.4 Company Evaluation Matrix
11.4.1 Definitions and Methodology
11.4.2 Star
11.4.3 Emerging Leaders
11.4.4 Pervasive
11.4.5 Participant
11.5 Small and Medium Enterprise / Startup Evaluation Matrix
11.5.1 Definitions and Methodology
11.5.2 Progressive Companies
11.5.3 Responsive Companies
11.5.4 Dynamic Companies
11.5.5 Starting Blocks

12 Company Profiles
12.1 Introduction
12.2 Nice
12.3 Genesys
12.4 Five9
12.5 Vonage
12.6 Talkdesk
12.7 8X8
12.8 Cisco
12.9 Avaya
12.10 Serenova
12.11 Content Guru
12.12 Aspect Software
12.13 Ringcentral
12.14 Enghouse Interactive
12.15 3Clogic
12.16 Ameyo
12.17 Twilio
12.18 Vocalcom
12.19 Evolve IP
12.20 Startup/SME Profiles
12.20.1 Pypestream
12.20.2 Techsee
12.20.3 Aircall
12.20.4 Sentiment Machines
12.20.5 Nubitel
12.20.6 Justcall
12.20.7 Dialer360
12.20.8 Servetel
12.20.9 Neodove
12.20.10 Rulai

13 Adjacent and Related Markets

14 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/7uu4xz

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