New York, USA, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Contact Center as a Service Market information by Function, by Enterprise Size, by Industry and Region – forecast to 2030” market size to grow at a compound annual growth rate of 17.9% by 2030.
CCaaS Market Scope:
The emergence of various technologies like AI and ML and the penetration of such technologies subsequently in the contact center business will offer robust opportunities for the market over the forecast period. The artificial intelligence technology aids businesses in determining services that aptly fit the profile of the customer as per their communication history and route their calls appropriately to an agent. The growing need for remote working has forced contact center businesses in shifting focus towards cloud-based services. Cloud-based models are widely used by businesses for reducing support, integration, and IT costs.
Dominant Key Players on Contact Center as a Service Market Covered are:
- Alcatel Lucent Enterprise (France)
- Avaya Inc. (US)
- Cisco Systems Inc. (US)
- Enghouse Interactive Inc. (US)
- Five9 Inc. (US)
- Genesys (US)
- Microsoft Corp. (US)
- Nice inContact (US)
- SAP SE (Germany)
- Unify Inc. (Germany)
- 3C Logic (US)
- Oracle Corporation (US)
- Mitel Networks Corporation (Canada)
- Evolve IP LLC (US)
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Market USP Exclusively Encompassed:
CCaaS Market Drivers
Need to Augment Customer Experience to Boost Market Growth
The surging need to augment customer experience will boost market growth over the forecast period. Enterprises require upholding customer experience via offering timely and accurate feedback. The enterprises’ future business rests largely on customer satisfaction. The CCaaS offers solutions which aid to offer suitable customer service. This service supports the agents in effectively handling customers via offering real-time customer-query related data. This offers pop-up information regarding customers as well as the history of their purchase. It aids in saving the time of the agent and resolve the issues of the customers quickly. Customers today can connect to service providers via different channels like social media platforms, SMS, emails, and others. It indeed has turned vital for enterprises to offer their customer services across every channel. This service offers multichannel capabilities to provide solutions on the preferred communication channel of the customer. Hence, the need to offer better customer satisfaction across every channel is predicted to boost the contact center as a service market growth.
Rising Concerns for Data Security Issues to act as Market Restraint
The increasing data security concerns may act as a market restraint over the forecast period. Customer information like health information and payment card numbers are stored at the contact center that is prone to internal and external breaches and hacking. Besides, owing to the integration of virtualization, transaction management, operating systems, and data bases, cloud computing faces several external security concerns, amid others.
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Segmentation of Market Covered in the Research:
The (CCaaS) contact center as a service market is bifurcated based on function, enterprise size, and industry.
By function, workforce optimization will lead the market over the forecast period for its ability of offering a better customer experience via offering support agents. The increasing agent population in contact center as a service is also fuelling the need for workforce optimization functions.
By enterprise size, SMEs will dominate the market over the forecast period. The CCaaS was made to suffice to small enterprises. The low price of investment as well as convenient service delivery is fuelling its adoption across such enterprises. Besides, the shortage of on-board IT staff & customer service representatives in the small business is bolstering its need. Likewise the option of pay per use service is convenient for SMEs.
By industry, IT and Telecom will spearhead the market over the forecast period for the maximum remote client & customer base.
Regional Analysis
North America to Lead Contact Center as a Service Market
North America will lead the contact center as a service market over the forecast period. The region’s fast paced digital transformation, growing need for omni-channel service delivery, the adoption of emerging technologies such as AI, companies moving to cloud-based services, the significant presence of cloud computing enterprises that is driving the development of different technologies, huge population inclining toward multichannel communication in the US, increasing number of SMEs in the country, and several businesses shifting to cloud-based services are adding to the global contact center as a service market growth in the region.
APAC to Have Admirable Growth in Contact Center as a Service Market
The APAC region will have admirable growth in the contact center as a service market over the forecast period. Increasing adoption of CCaaS for its high scalability, the emerging economies focusing to retain and gain new customers, the rising industrial development and expansion, growing adoption in China for the increasing adoption of e-commerce and financial services, high potential in the adoption of CCaaS in Japan, the e-commerce sector making a significant contribution to the growing need for CCaaS solutions in the contact center, and several SMEs in the region adopting CCaaS solutions for the various perks offered including the enhanced customer experience, increase in ROI, and the reduction of operational costs are adding to the contact center as a service (CCaaS) market growth in the region.
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COVID-19 Impact on the Global Contact Center as a Service Market
The COVID-19 outbreak possessed a positive effect on the contact center as a service market. This model allows remote working from just any location. Businesses with an aim to effectively maintain customer experience are adopting cloud-based solutions and also encouraging work from home policies. Besides, during the crisis, the number of purchases and online transactions surged thus necessitating the usage of cloud-based solutions. Also most countries will cut down their dependency on China and get support from other countries. CCaaS’s design allows it in working from distant locales. For effectively maintaining the client experience, company houses are rapidly adopting the cloud-based solutions and also promote work from home strategies.
Competitive Landscape
The contact center as a service market is both competitive along with being fragmented on account of the presence of several international and also domestic industry players. Such industry players have utilized an assorted innovative strategies for being at the top along with sufficing to the burgeoning requirement of the esteemed clients including geographic expansions, collaborations, joint ventures, new product launches, partnerships, contracts, and much more. Besides, the players are also investing in different research & development activities.
Industry Updates
Sprinklr has entered the contact center as a service market for unifying customer care with a new voice offering.
Related Reports:
Contact Center Analytics Market, By Component (Software, Services), By Deployment (On-premises, on-demand), By Organization size, By Application (Real-time Monitoring, Workforce Optimization, Customer Experience Management), By End-users (BFSI, Healthcare, Manufacturing, Retail) - Forecast 2027
Cloud-Based Contact Center Market Research Report, By Solution (Automatic Call Distribution, Agent Performance Optimization), Application (Workforce Optimization, Data Integration & Recording), Vertical (BFSI, IT &Telecomm.) — Global Forecast till 2027
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