Pune, India, Feb. 17, 2021 (GLOBE NEWSWIRE) -- The global cloud based contact center market size is projected to exhibit flourishing growth owing to the increasing utilization of artificial intelligence in the development of the product, observes Fortune Business Insights™ in its report, titled, “Cloud Based Contact Center Market Size, Share & COVID-19 Impact Analysis, By Component (Solutions and Services), By Deployment (Public, Private, and Hybrid), By Organization Size (Large Organizations, Small and Medium-Sized Organizations), By Vertical (Banking, Financial Services, and Insurance, ITES, IT and Telecom, Government, Healthcare, Consumer Goods and Retail, Travel and Hospitality, Media and Entertainment and Others) and Regional Forecast, 2021-2028” The market stood at USD 11.01 billion in 2021 and is projected to reach USD 56.37 billion by 2028 at a CAGR of 22.7% in the forecast period.
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List of Key Manufacturers Operating in the Global Market Report:
- Genesys Telecommunications Laboratories, Inc. (California, United States)
- Ameyo (Gurgaon, India)
- Aircall SAS (New York, United States)
- RingCentral, Inc. (Belmont, California, United States)
- Amazon Web Services, Inc. (Seattle, Washington, United States)
- Metaswitch Networks Ltd. (London Borough of Enfield, United Kingdom)
- Vocalcom Group (Paris, France)
- Cisco Systems, Inc. (San Jose, CA, United States)
- Five9, Inc. (California, United States)
- Oracle Corporation (Redwood City, California, United States)
- Exotel Techcom Pvt. Ltd. (Karnataka, India)
- TCN, Inc. (George, Utah, United States)
- Avaya Inc. (North Carolina, United States)
- NICE Ltd. (Ra'anana, Israel)
- Tata Consultancy Services Limited. (Mumbai, India)
- 3CLogic Software, Inc. (Rockville, Maryland)
- Aspect Software, Inc. (Karnataka, India)
- Talkdesk, Inc (San Francisco, CA, United States)
- Worldline (Bezons, France)
- 8x8, Inc. (Campbell, California, United States)
Rapidly Increasing Demand for Cloud-based Computing amid COVID-19 to Limit Growth
The COVID-19 pandemic has become a blessing in disguise for cloud computing. Strict regulations regarding social distancing and nationwide shutdowns have driven the companies to set up work from home infrastructure. This has propelled the demand for cloud-based solutions. However, the rapidly increasing demand amid the lockdowns has pushed the networks to their limits. This has resulted in frequent downtimes. Major players in the industries are striving to resolve such challenges. At Fortune Business Insights, we are focused on developing valuable insights to help you cope with the crisis.
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Highlights of the Report:
The report comprises insights on the revenue generated by the key market players, which we have availed through secondary sources such as company websites, corporate filings, annual reports, and investor presentations. Our next step included tracking and analyzing competitive developments of these players such as partnerships, mergers & acquisitions, new product launches, and research & development activities. We have also conducted extensive interviews with key industry experts, such as CEOs, VPs, directors, and executives. Top-down and bottom-up procedures were used to arrive at the overall size of the market.
Drivers & Restraints-
Extensive Utilization of Artificial Intelligence to Drive Growth
Increasing utilization of latest technologies, especially Artificial Intelligence (AI), is anticipated to drive the growth of the global cloud based contact center market. For instance, according to the MIT Technology Review, in April 2021, the contact centers that comprised AI-powered call assistants recorded a 40% increase in traffic. In addition, the numerous features offered by the cloud-based systems including high security and scalability are estimated to further strengthen the growth. However, concerns regarding cyberattacks may limit the growth of cloud-based contact centers.
Segment-
Based on the type of deployment, the public deployment segment is estimated to dominate the market with 42.8% share in 2021. The low cost associated with the public deployment is anticipated to help the segment gain prominence in the forecast timeframe. Based on organization size, the large organizations segment is set to capture the maximum market share as most of the large enterprises are early adopters of advent technologies.
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Regional Insights-
Presence of Prominent Enterprises to Help North America Dominate
North America is projected to lead the global cloud-based contact center market with a share of USD 3.60 billion. Presence of prominent enterprises, such as Oracle Corporation, Microsoft Corporation, and Cisco Systems, Inc., is one of the key factors driving the growth in the region. In addition, increasing research and development activities from major players in order to provide technologically advanced products is forecast to further enhance the demand.
The market in Asia-Pacific is anticipated to exhibit substantial growth in the upcoming years. The increasing prevalence of digitization across major countries including India and Australia is expected to offer strong tailwind to the market in the region.
Competitive Landscape-
Offering Cutting-edge Products to Aid Major Enterprises Gain Competitive Advantage
Key players operating in the global cloud based contact center market are focusing on the development of technology-driven, customer-centric solutions to enhance their contact center operations and efficiency. This will help them gain competitive advantage over other enterprises. For instance, In June 2021, 8X8, Inc. launched a new holistic cloud based contact center solution to increase its product portfolio.
Industry Developments-
In March 2021, Talkdesk, Inc., announced three months of free access to the ‘Talkdesk Boost’ platform for organizations to boost their business continuity during the coronavirus outbreak. The ‘Talkdesk Boost’ platform would help contact center staff by accelerating the work from home or remote working during the crisis time.
In April 2021, ZephyrTel Corporate Group signed a strategic collaboration agreement with Amazon Web Services (AWS) to migrate its solutions including OASIS Cloud Contact Centre, Volt Delta 360 Directory Assistance, Mobilogy, Vasona, and PeerApp to the AWS cloud.
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Table of Content
- Introduction
-
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
Market Dynamics-
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
-
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
Key Market Insights
Companies Profiled (Covered for key 10 players only)-
- Overview
- Key Management
- Headquarters etc
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
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- Global Cloud based Contact Center Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2028
- By Component (Value)
- Solution
- Interactive Voice Response (IVR)
- Automatic Call Distribution
- Computer Telephony Integration (CTI)
- Call Recording
- Reporting and Analytics
- Dialer
- Workforce Optimization
- Customer Collaboration
- Others
- Services
- Professional Services
- Managed Services
- By Deployment (Value)
- Public
- Private
- Hybrid
- By Organization Size (Value)
- Large Enterprises
- Small and Medium-Sized Enterprises
- By Vertical (Value)
- Banking, Financial Services, and Insurance
- ITES
- IT and Telecom
- Government
- Healthcare
- Consumer Goods and Retail
- Travel and Hospitality
- Media and Entertainment
- Others
- By Region (Value)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- Solution
- By Component (Value)
- Global Cloud based Contact Center Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2028
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Have a Look at Related Research Insights:
Contact Center Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (BFSI, ITES, IT, and Telecom, Government, Healthcare, Consumer Goods and Retail, Travel and Hospitality, Media and Entertainment, and Others), and Regional Forecast, 2020-2028
Contact Center as a Service (CCaaS) Market Size, Share & COVID-19 Impact Analysis, By Function (Interactive Voice Response (IVR), Multichannel, Automatic Call Distribution, Computer Telephony Integration (CTI), Reporting and Analytics, and Others), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (BFSI, IT and Telecommunications, Government, Healthcare, Consumer Goods & Retail ), and Regional Forecast, 2020-2028
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