Global Cloud-Based Contact Center Market is expected to grow from USD 6.47 billion in 2017 to USD 24.11 billion by 2023, at a CAGR of 25% during the forecast period and Cloud-Based Contact Center Market Research Report, By Solution (Automatic Call Distribution)
— Cloud-Based Contact Center Market Synopsis:
The cloud-based model has a high demand in contact center market for making connections with the help of social media, email, voice and the Web accessible virtually from any location. Pay-per-use subscription pricing model for end-users, improved business continuity, cloud compliance, and improved integration, and usability drives the cloud-based contact center market. However, this market faces some challenges associated with the adoption such as maintaining integration levels and poor IT infrastructure for cloud-based contact centers. Cloud-based contact center market operates in various verticals such as BFSI, retail, government and public sector, healthcare and life sciences, manufacturing, media and entertainment, and IT & telecommunication. IT & telecommunication is expected to hold largest market share during forecast period.
Resultantly, the adoption of cloud contact centers is increasing across the industries, and its market is witnessing a considerable rise in the gains. According to Market Research Future (MRFR), the global Cloud-Based Contact Center Market would reach a valuation of USD 24.11 BN by 2023, registering a whopping, double-digit CAGR of 25% throughout the forecast period (2018 – 2023). In 2017, the market had valued merely at USD 6.47 BN.
Additional factors bolstering the market include cloud compliance requirements and the option of pay-per-use subscription pricing model for end-users. IT & telecommunication industry, among other verticals, would hold the largest share in the market. To way to achieve digital transformation is to enhance the customer experience. Since contact centers are the sources to improve customer experience, it is critical to upgrade them.
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Players leading the cloud-based contact center market are 8x8 Inc. (US), NICE Ltd. (Israel), Five9 (US), Genesys (US), Cisco Systems (US), Oracle Corporation (US), Connect First (US), NewVoiceMedia (UK), Extreme Networks, and Aspect Software (US), inContact, Inc. (US), Liveops, Inc. (US), 3CLogic (US), Interlink Network Systems (US), Accurate Always, Inc. (US), KM2 Solutions (US), CCT Solutions (US), and Servion Global Solutions (India), among others.
Cloud-Based Contact Center Market Segmentations:
For a better understanding, the report has been segmented into six key dynamics:
• By Solution: Automatic Call Distribution, Agent Performance Optimization, Diallers, Interactive Voice Response, Computer Telephony Integration, Reporting & Analytics, and Security, among others.
• By Application: Workforce Optimization and Data Integration & Recording, among others.
• By Vertical: BFSI, IT &Telecomm, Retail, Government & Public Sector, Healthcare & Life Sciences, Media & Entertainment, Manufacturing, among others.
• By Services: Professional Service and Managed Service.
• By Organization Size: Large Enterprise and SME.
• By Deployment Model: Public Cloud, Private Cloud, and Hybrid Cloud.
Cloud-Based Contact Center Market Geographical Analysis:
North America would retain its dominance over the global cloud-based contact center market. Vast advances in technologies led by the well-established infrastructures in the region that encourages development and early uptake of advanced technologies drive the regional market.
Also, factors such as advancements in the customer experience management, the presence of large operation bases & customer contact centers, and augmenting uptake of cloud-based analytics solutions across various industries foster the growth in the regional market.
The Asia Pacific cloud-based contact center market has been emerging as a lucrative market globally. Factors attributing to the growth in the regional market include massive demand for the deployment of cloud-based contact center technologies that can provide comprehensive support and specialty in real-time.
Various government programs initiated across the APAC countries to encourage technological advancements are expected to support the market to grow at a significant CAGR in the next six years. For instance; a government-led program in India called ‘Digital India Program’ a vision to transform India into a digitally empowered society.
The cloud-based contact center markets in India and China are growing aggressively due to government efforts to increase the uptake of cloud-based contact centers. Furthermore, rising recognition of cloud-based solutions, growth, and adoption of promising technologies like the Internet of Things (IoT) are expected to propel the increase in the regional market.
Cloud-Based Contact Center Market Competitive Analysis:
Highly competitive cloud-based contact center market appears to be fragmented owing to the presence of many matured players accounting for a substantial market share. Through strategic initiatives such as acquisition, expansion, and product/technology launch, these players try to gain a competitive advantage in this market. They invest substantially in R&D to develop an entirely different technology compared to their competition.
Current trends in the market are usages of chatbots & artificial intelligence and increasing dependence on interactive voice response (IVR). Following these trends, many players incorporated chat bots & artificial intelligence to their solutions to increase their enterprise value in the market.
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June 16, 2019 ---- Talkdesk (the US), a cloud-based contact center, and artificial intelligence software provider launched Talkdesk Boost, a new way to accelerate corporate digital transformation. Unveiled at Customer Contact Week in Las Vegas, the ‘Talkdesk Boost’ enhances agent productivity, operational agility, and customer experience by augmenting existing voice systems with AI-infused, cloud-based contact center applications. Talkdesk Boost enables agents to do more with minimal disruption, while also being able to yield business results.
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