SAN FRANCISCO, July 8, 2021 /PRNewswire/ -- The global contact center as a service market size is expected to reach USD 10.80 billion by 2028, registering a CAGR of 15.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. The promising future growth prospects of the market can be attributed to the increasing need of businesses to enhance customer experience. To rise above the competition, businesses across the globe place high importance on maintaining a quality customer experience by offering timely and accurate feedback to their consumers.
Key Insights & Fndings:
The customer collaboration solution segment is expected to witness the fastest CAGR over the forecast period due to the rising focus of businesses on offering enhanced customer satisfaction by solving their issues and promptly attending their calls
The managed services segment is likely to register the fastest CAGR from 2021 to 2028
The increasing need for monitoring IT operations, data backup & recovery, help desk support, and security is expected to drive the demand for managed services
The consumer goods & retail end-use segment is expected to provide promising growth opportunities to the market
The increasing usage of online channels for purchasing consumer goods amidst the COVID-19 pandemic is expected to drive the demand for CCaaS in the consumer goods & retail industry
Businesses have started realizing the value of having a cloud-based customer contact center solution. The Contact Center as a Service (CCaaS) industry is expected to witness significant growth from opportunities created by the migration of the global workforce to the cloud. According to a Microsoft study, around 66% of businesses globally are using at least three communication channels to effectively connect with brands.
The increasing competition in the contact center industry to retain customers is expected to fuel the adoption of CCaaS. These cloud-based services offer solutions and tools that would support representatives while dealing with their customers. Moreover, these services help representatives in offering real-time assistance and eventually boost their customer handling skills.
The COVID-19 pandemic is expected to have a positive impact on the market. The use of CCaaS has allowed organizations to embrace remote working models and continue business operations despite the varying degrees of movement restrictions put in place by regional and national governing bodies. However, the increasing concerns of data security are expected to hamper the market growth over the forecast period. Moreover, CCaaS solutions handle huge data volumes and critical financial data of consumers, which could be at risk of malicious attacks.
North America accounted for the highest revenue share in 2020 and is likely to retain the leading position throughout the forecast period. On the other hand, Asia Pacific is expected to be the fastest-growing regional market during the forecast years owing to the rapid industrial expansion and development in emerging economies of the region, such as China and India.
Grand View Research has segmented the global contact center as a service market on the basis of solution, service, enterprise size, end use, and region:
CCaaS Solution Outlook (Revenue, USD Million, 2016 - 2028)
Automatic Call Distribution
Computer Telephony Integration
Interactive Voice Response
Reporting & Analytics
CCaaS Service Outlook (Revenue, USD Million, 2016 - 2028)
Integration & Deployment
Support & Maintenance
Training & Consulting
CCaaS Enterprise Size Outlook (Revenue, USD Million, 2016 - 2028)
Small & Medium Enterprises (SMEs)
CCaaS End-use Outlook (Revenue, USD Million, 2016 - 2028)
Consumer Goods & Retail
IT & Telecom
Travel & Hospitality
CCaaS Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Key Players of Contact Center As A Service (CCaaS) Market
Cloud Managed Services Market – The global cloud managed services market size was valued at USD 23.19 billion in 2016 and is expected to increase at an expected CAGR of 15.4% over the forecast period.
Managed Services Market – The global managed services market size was valued at USD 215.14 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.7% from 2021 to 2028.
Contact Center Intelligence Market – The global contact center intelligence market size was valued at USD 1.07 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 23.5% from 2020 to 2027.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.