Cloud-based Contact Center Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.

The global cloud-based contact center market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period, to reach USD 36.1 billion by 2025 from USD 11.5 billion in 2020. Digital business transformation has entered a more challenging and urgency-driven phase due to the COVID-19 pandemic. Global giants provide customers with cost-effective and productive digital solutions as every industry is economically hard-hit by the pandemic. The sudden shutdowns of organizations and institutions increased the demand for cloud solutions and other online services.

The cloud-based contact center market in industries such as IT and ITeS, telecommunications, BFSI, and media and entertainment, has impacted positively due to the work from the home initiative. Cloud-based contact centers are independent of the location they are situated, enabling agents, supervisors, and administrators to access them from anywhere through a phone or by an internet connection. Enterprises across the globe are recovering gradually and are expected to get back on gradually by mid of 2021.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Cloud-based Contact Center Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis – Global Forecast to 2025

The omnichannel segment is expected to have the largest market size during the forecast period
The omnichannel routing solutions comprise digital channels, Interactive Voice Response (IVR), ACD, dialer, and virtual agent. COmnichannel solutions empower to designates certain calls to different agents and locations depending on a variety of factors. Focusing on call routing enables organizations to manage thousands of calls continuously without compromising with customer satisfaction. Moreover, organizations could easily manage spikes in call volume by intelligently distributing calls among multiple contact centers, including remote centers and home-based agents, with the unique omnichannel technology.

The large enterprise segment is expected to have a larger market share during the forecast period
The cloud-based contact center market has been segmented based on organization size into Small and Medium-sized Enterprises (SMEs) and large enterprises. The major benefit large enterprises receive with the implementation of cloud transformation is that the cloud services are maintained and supported by the vendors themselves. Moreover, firms could thereby engage their employees in more strategic business tasks. The demand for flexible, scalable, and convenient solutions for large enterprises pushes service providers to come up with new technologies and offer innovative solutions. Hence, the cloud-based contact center market for large enterprises is expected to grow at a significant rate.

The BFSI industry is expected to hold the largest market share in 2020.
The BFSI industry is adopting cloud services as it helps save operational costs and offers high business continuity. Banks’ customer information is stored across a variety of systems. Having this information readily available for customer service channels is crucial to meet stated objectives and provide seamless customer experiences. With the help of cloud-based solutions, contact center agents can enhance customer experiences through increased speed and better quality of call resolution. Moreover, a cloud-based contact center ensures business continuity by focusing on issues such as manageability, scalability, and higher efficiency.

North America to hold the largest market size, and Asia Pacific (APAC) to grow at a higher rate during the forecast period
North America is estimated to capture the largest market share in 2020, and the trend is expected to continue during the forecast period. Growth in the adoption of cloud-based services in SMEs and large enterprises is expected to drive revenue growth in this region. On the other hand, the cloud-based contact center market in Asia Pacific (APAC) is expected to witness exponential growth and is projected to be one of the fastest-growing regions in the global cloud-based contact center market. This is attributed to the large-scale adoption of cost-effective cloud-based solutions in these regions.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The breakup of the profiles of the primary participants as follows:
• By Company Type: Tier I: 33%, Tier II: 25%, and Tier III: 42%
• By Designation: C-Level: 31%, D-Level: 34%, and Others: 35%
• By Region: North America: 42%, Europe: 28%, APAC: 22%, and RoW: 8%

Research Coverage
The report segments the global cloud-based contact center market by component, incuding solutions and services. By the deployment model, the cloud-based contact center market has been segmented into public cloud and private cloud. Based on organization size, the market has been classified into Small and Medium-sized Enterprises (SMEs) and large enterprises. By industry, the cloud-based contact center market has been classified into Banking, Financial Services and Insurance (BFSI); telecommunications; IT and Information Technology-enabled Services (ITeS); government and public sector; retail and consumer goods; manufacturing; energy and utilities; media and entertainment; healthcare and life sciences; and others (travel and hospitality,transportation and logistics, and education). By region, the market has been segmented into North America, Europe, APAC, MEA, and Latin America.

Key Benefits of Buying the Report
The report will help the market leaders/new entrants in the cloud-based contact center market with information on the closest approximations of the revenue numbers for the overall cloud-based contact center market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

TABLE OF CONTENT

1 INTRODUCTION 26
1.1 INTRODUCTION TO COVID-19 26
1.2 COVID-19 HEALTH ASSESSMENT 26
FIGURE 1 COVID-19: GLOBAL PROPAGATION 26
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES 27
1.3 COVID-19 ECONOMIC ASSESSMENT 28
FIGURE 3 REVISED GROSS DOMESTIC PRODUCT FORECASTS
FOR SELECT G20 COUNTRIES IN 2020 28
1.3.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT 29
FIGURE 4 FACTORS IMPACTING GLOBAL ECONOMY 29
FIGURE 5 SCENARIOS IN TERMS OF RECOVERY OF GLOBAL ECONOMY 30
1.4 OBJECTIVES OF THE STUDY 31
1.5 MARKET DEFINITION 31
1.5.1 INCLUSIONS AND EXCLUSIONS 32
1.6 MARKET SCOPE 33
1.6.1 MARKET SEGMENTATION 33
1.6.2 REGIONS COVERED 34
1.6.3 YEARS CONSIDERED FOR THE STUDY 34
1.7 CURRENCY CONSIDERED 35
TABLE 1 UNITED STATES DOLLAR EXCHANGE RATE, 2017–2019 35
1.8 STAKEHOLDERS 35
1.9 SUMMARY OF CHANGES 35

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