Global Cloud-based Contact Center Market Size Likely to Grow at a CAGR of 26.48% By 2033

According to Custom Market Insights (CMI), The Global Cloud-based Contact Center Market size was estimated at USD 13.45 million in 2021 and is expected to hit around USD 60.77 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 26.48% from 2022 to 2030.

In recent years, cloud computing has been in great demand, expected to lead to market growth. Affordability, scalability, and flexibility are some factors that will help develop market growth. In addition, social media, mobile apps, voice, web chat, and video are the different types of channels used for customer communication, and transparent communication is enhanced due to the increased adoption of contact centers that use cloud-based systems.

Browse the full “Cloud Based Contact Center Market Size, Trends and Insights By Component (Services, Solutions), By Deployment (Private, Public, Hybrid), By Organization (Large enterprises, Small and medium enterprises), By End User (BFSI, Government, Telecommunication and information technology, Travel and hospitality, Retail and consumer goods, Entertainment and media, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/cloud-based-contact-center-market/

Market Dynamics

Drivers

To handle customer relationships, there is an evolution in contact centers. Increased use of multi-function units for managing customer relationships will help grow the market. The outbound calls, as well as the inbound calls, are collected in the contact centers through modern technologies. There has been an increased use of emails, chats, and web inquiries. Organizations’ increased adoption of cloud technologies, social media, and analytics will help them achieve great results.

Business operations of various organizations are enhanced due to this technology, which shall promote market growth in the coming year. Increased use of the contact centers of virtual type or video calls will lead to the market’s growth.

Restraints

Much critical information is available online in the digital world. Much sensitive data is also stored, and cybercriminals target all this information. When it comes to the handling of all of this valuable information about the customers, organizations take great precautions. Even though organizations make great efforts, cyber-attacks are very common. Cloud cyber-attacks have increased in recent years, which shall be a major restraint in the Cloud-based Contact Center market’s growth. Organizations have adopted robust solutions to enhance their security.

Opportunities

One of the best opportunities provided in the market is that of customer service. Most organizations have increased their focus on delivering great customer service. It helps in increasing the revenue for the organizations. When it comes to specific services or products, a good experience is provided to the consumers, which will play an extremely important role in the market’s growth. Improved customer feedback also offers great opportunities for the development of the market. Increased use of various technologies like artificial intelligence will also help the market’s growth.

Challenges

Increased use of cloud technologies in recent years for most modern businesses has made it a little difficult the operate the industry. Many organizations have adopted cloud-based platforms to have flawless and innovative customer experiences. Even though it provides many benefits like constant innovation, reduction in cost, flexibility, and integrated reporting, it still happens to be a risky and complex job.

Meeting the demands of consumers through various channels becomes extremely difficult and complicated. If an organization fails to give good service to a consumer, there has also been an increased risk of this failure being amplified. All these reasons will be the major challenges to the market’s growth.

Report Highlights

Based on the component, the solution segment is expected to have a larger market share in the coming years. The increased use of managed and professional services has increased, and the market is expected to grow well. In addition, increased IVR, CTI, and ACD will provide good opportunities for market growth.

Based on Deployment, the public segment is expected to have a larger market share in the coming year. As the cloud-based system is lower in cost, many vendors have adopted this model. In addition, maintenance services are also provided free of charge, which is a driving factor.

Based on Organization, large enterprises will have the maximum share in the coming years due to the increased use of advanced technologies. In addition, banking and financial institutions shall adopt cloud-based contact centers on a large scale due to the various benefits associated with their incorporation.

Regional Snapshots

The North American region is expected to grow well in the coming years. In terms of revenue, it had a market share of U.S. dollars 3.60 billion in the past, and it will continue to grow well in the coming years. Many vendors in the North American market provide innovative solutions, so the market is expected to grow.

The presence of companies like Cisco, Microsoft, and Oracle will help grow the market. Investments have also increased to have better developmental and research activities in this region, which shall help the market’s growth in the coming years. In addition, increased use of cloud-based systems by various organizations will help enhance the business’s operations. Remote working has increased in recent years, and the market for cloud-based systems is expected to grow in the coming years due to this trend. The European market is also expected to grow in the coming years. 

The Cloud-based Contact Center market is expected to grow well as there has been an increase in the use of cloud-based services. Adopting the advanced features in the contact centers will drive market growth in the European region. Increased use of cloud-based solutions in the Asia Pacific region will lead to the development of the market, especially for countries like India and China. There shall be increased adoption of these systems in Japan and South Korea. Digitization has played an extremely significant role in the growth of the Cloud Based Contact Center market.

Report Scope

Key Players 

• NICE (Israel)
• Talkdesk (U.S.)
• 8×8 (U.S.)
• Cisco (U.S.)
• Genesys (U.S.)
• Five9 (U.S.)
• Vonage (U.S.)
• Avaya (U.S.)

Recent Developments

• During the outbreak of the COVID-19 pandemic, free access for three months was provided by Talkdesk for the organizations to continue their business. Free access would help the employees working from home accelerate their work with the help of Talkdesk Boost.

Segments covered in the report

By Component 

• Services
• Solutions

By Deployment

• Private
• Public
• Hybrid

By Organization

• Large enterprises
• Small and medium enterprises

By End User

• BFSI
• Government
• Telecommunication and information technology
• Travel and hospitality
• Retail and consumer goods
• Entertainment and media
• Others

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America