Global Contact Center as a Service Market Outlook (2022-2029)

LONDON, Jan. 23, 2023 /PRNewswire/ -- The Global Contact Center as a Service Market is anticipated to reach a valuation of USD 15.1 billion by 2028 from USD 4.7 billion in 2022, registering a CAGR of 18.0% over the forecast duration of 2022-2029.

Contact Center as a Service is referred to as a cloud-based software deployment model equipped with the ability to help organizations to only procure the technology they require and reduce their overall operational costs. These solutions further enable firms to optimize and efficiently manage customer interactions on their multichannel infrastructure which in turn enhances the overall employee and consumer experience.

Increasing numbers of Large enterprises and SMEs across the globe, booming e-commerce sector, along with widespread technological advancements in the field are primarily aiding the expansion of this business vertical.

Alongside, growing remote working trends, surging R&D investments in this sector, coupled with prompt industrialization are adding momentum to the progression of this marketplace.

Moreover, escalating demand for cloud computing solutions, rising focus of organizations to offer enhanced customer experience, and prompt digitalization are creating lucrative opportunities for the Global Contact Center as a Service Market to prosper.

Besides, surge in the number of API-based customer experience contact centers is augmenting the outlook of this industry sphere.

On the contrary, increasing instances of cyberattacks and internet frauds are hindering the remuneration scope of this marketplace.

Comparing the historical outlook and ongoing trends of this market

This business vertical is growing substantially over the assessment timeline of 2022-2028 due to the positive impact of numerous expansion propellants.

The outbreak of the Coronavirus pandemic created lucrative profit trajectory for this business sphere. Due to stringent mobility restrictions in the form of lockdowns and travel bans,  most of the organizations had to adopt online mode of operations. Initially it was challenging for them to shift everything to a complete virtual setting. They also needed to ensure that their proficiency does not decline due to this sudden transformation. This escalated the demand for cloud solutions to let these firms continue their operations smoothly while ensuring that their employees and customers get utmost satisfaction in terms of work culture, communication, and buying experience. Apart from that, firms are adopting efficient solutions to safeguard their IT infrastructure from data breaches and other forms of cyberattacks which is further fuelling the growth of this industry.

Application Programming Interface (API) based contact centers are gaining massive popularity across the globe. API based solutions enable organizations to provide online customer care through emails, texts, live calls, SMS, and live chat , among others. The usage of AI-powered chatbots in this domain has further enhanced the productivity of these organizations. Prominent organizations have launched their own API-powered contact centers to enhance customer experience. This in turn is stimulating the overall dynamics of this business vertical.

Contact Center as a Service solutions boost the customer retention strategy of organizations by helping them to streamline their entire process with minimal human intervention. This also reduces their overall operational expenses while improving employee productivity. These factors are adding traction to the development of this marketplace over the forecast duration of 2022-2029.

Trends in Contact Center as a Service (CCaaS) include:

• Increased use of artificial intelligence (AI) and machine learning (ML) to improve customer service and automate routine tasks.
• Growing adoption of cloud-based solutions, which offer greater flexibility and scalability than on-premises systems.
• Increased focus on providing a seamless, omnichannel customer experience across multiple communication channels, including voice, email, chat, and social media.
• Greater emphasis on data and analytics to gain insights into customer behavior and preferences, and to improve the overall customer experience.
• Rising popularity of remote work, which has led to an increase in the adoption of virtual contact centers that allow agents to work from anywhere.

Region-Wise Outlook

How is North America performing in the Global Contact Center as a Service Market?

North America is reckoned to amplify substantially over the projected timeline. This is attributable to the increasing number of SMEs and large enterprises, growth in remote working trends along with widespread technological innovations in the field.

What prospects are in store for Asia Pacific in this marketplace?

Asia Pacific is poised to generate significant returns over 2022-2029 owing to the growing focus of enterprises to enhance customer experience, escalating demand  for cloud computing solutions, presence of noteworthy players, along with extensive R&D activities in the field.

Category-Wise Insights

Which is the leading service segment in this industry sphere?

The support and maintenance segment is presently leading the market in terms of volume share. This is credited to the growing focus of organizations to quickly tackle to issues faced by customers and improve their overall services.

Which is the fastest growing solution segment in this marketplace?

The automatic call distribution segment has emerged as one of the fastest growing solution segment over 2022-2029 due to the widespread adoption of this arrangement in contact centers.  This entity allows firms to efficiently handle a large volume of inbound calls by routing the approaching calls to the designated agents.

Which enterprise segment is expected to amass notable gains over 2022-2029?

The small & medium enterprises segment is reckoned to garner significant returns over the stipulated timeline. This is credited to the rapid surge in the number of start-ups across the globe.

Which is the most dominant end user  segment in this industry?

The IT & Telecom segment is currently dominating the industry in terms of volume share. This is attributable to the increasing internet proliferation, rapidly evolving IT infrastructure in various nations, and widespread digitalization.

Competitive Hierarchy

The  prominent players characterizing the competitive terrain of the Global Contact Center as a Service Market are Avaya, Inc., Alcatel Lucent Enterprise, Cisco Systems, Five9, Inc., Unify Inc., Enghouse Interactive Inc., Microsoft Corporation, Genesys, SAP SE, and NICE inContact.

These companies are trying to strengthen their market position by partaking in various growth inducing activities. They are curating various strategies that will help  them to diversify their offerings in the field, thereby increasing their overall remuneration scope.

Major Developments

Some notable product launches and merger and acquisition (M&A) activities in the Contact Center as a Service (CCaaS) industry include:

Product Launches:

• In 2020, Genesys announced the launch of its PureCloud Engage platform, which combines the company's cloud contact center software with AI-powered automation tools.
• Five9, a leading provider of cloud contact center software, launched its Five9 Genius product, which uses artificial intelligence and machine learning to improve customer service and automate routine tasks.

Merger and Acquisition:

• In 2020, NICE inContact, a provider of cloud contact center software and services, was acquired by Verint Systems, a provider of customer engagement and analytics software.
• In 2019, Cisco Systems, a leading provider of networking and communications technology, acquired BroadSoft, a provider of cloud-based unified communications and contact center solutions, for $1.9 billion.
• In 2018, Salesforce, a leading provider of customer relationship management (CRM) software, acquired Genesys, a provider of cloud contact center software and services, for $1.4 billion.

Please note that this is just a snapshot of some of the major events in the CCaaS industry and there are many more happening in the industry regularly.

Logo - https://mma.prnewswire.com/media/1392316/BEMR_Logo.jpg

SOURCE Brandessence Market Research and Consulting Private Limited