CHICAGO, June 29, 2022 /PRNewswire/ -- According to a research report 'Cloud-Based Contact Center Market by Component (Solutions and Services), Deployment Mode (Public and Private Cloud), Organization Size, Industry (BFSI, Telecommunications, and Retail and Consumer Goods) and Region - Global Forecast to 2027', published by MarketsandMarkets™, the global Cloud-Based Contact Center Market size is to grow from USD 17.1 billion in 2022 to USD 54.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 26.1% during the forecast period.
The Cloud-Based Contact Center Market comprises three broad technologies: digital transformation with advanced techniques and surging demand for AI, ML, advanced analytics technologies for enhanced business operations, and rising demand for automated solutions for business continuity and planning is driving the growth of Cloud-Based Contact Center Market.
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The services segment to hold a higher CAGR during the forecast period
Based on components, the services segment holds a higher CAGR during the forecast period. Services play a crucial role in efficiently managing the contact center of an organization. Service providers offer consulting services to help clients understand which cloud-based contact center solution suits their business needs. Service providers ensure the proper implementation of contact center software to provide enhanced customer experience to strengthen and sustain their relationship with customers. Consulting services help organizations adopt the best vertical practices to remain competitive in the global market. Furthermore, the services facilitate organizations to optimize global operations related to the contact center.
The Private cloud segment is estimated to have a higher CAGR during the forecast period
Based on deployment mode, the private cloud segment is estimated to have a higher CAGR during the forecast period. The private cloud mainly addresses the security and compliance concerns of the enterprises. Therefore, enterprises that have customer-critical data opt for private cloud. With the help of the private cloud deployment mode, enterprises can address security concerns within their corporate firewall. This deployment mode enables companies to have better control over data, reduce the risks of data loss, and eliminate issues related to regulatory compliance.
The SMEs segment is expected to have a higher CAGR during the forecast period
Based on organization size, the SMEs segment is expected to have a higher CAGR during the forecast period. The Cloud-Based Contact Center Market for SMEs is expected to expand traction as it provides flexibility and scalability, along with reduced costs. The execution of cloud storage is expected to result in increased revenue, desired outcomes, and improved business efficiency for SMEs. However, SMEs face three critical challenges: capital, skills, and scalability. To overcome these issues, SMEs adopt the pay-as-you-go mode, which offers flexibility to manage their IT infrastructure according to their requirement. This trend is expected to continue among the SMEs during the forecast period.
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Latin America is expected to hold the second highest CAGR during the forecast period
The Latin American market is a potential market with vendors offering cloud-based contact center solutions and services across industries, such as BFSI, telecommunication, government and public sector, and healthcare and life sciences. Large numbers of companies in Latin America have migrated to cloud, and many are in the process of migration to match the industry's best practices. Organizations are slowly adopting reporting and analytics solutions and are expected to implement aggressive programs in the near future. The implementation of reporting and analytics solutions would help organizations identify, manage, monitor, and analyze agents' performance and customer experience across different industries and channels through a single integrated solution. Latin America includes countries such as Brazil, Mexico, and Rest of Latin America. Rest of Latin America comprises Chile, Argentina, Colombia, and Peru, which offer good market opportunities and leverage the benefits of cloud-based contact center solutions.
Key players offering Cloud-Based Contact Center Market are NICE (Israel), Genesys (US), Five9 (US), Vonage (US), Talkdesk (US), 8x8 (US), Cisco (US), Avaya (US), Serenova (US), Content Guru (US), Alvaria (US), RingCentral (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), Twilio (US), Vocalcom (France), Evolve IP (US), Pypestream (US), TechSee (US), AirCall (US), Nubitel (Singapore), JustCall (US), Sentiment Machines (UK), Dialer360 (UK), Servetel (India), NeoDove (India), and Rulai (US).
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