New York, March 15, 2022 (GLOBE NEWSWIRE) -- COVID-19, whose registered confirmed cases as of February 24, 2022 (5:23 pm CET) was 428511601 cases, including 5911081 deaths, was declared a pandemic by the World Health Organization (WHO) on March 11, 2020. Upon the declaration, numerous companies, which included both small & medium enterprises (SMEs) and large enterprises, across different industry domains, adopted remote working processes so as to keep their employees safe and also lower the spread of the virus. According to the statistics by the Organisation for Economic Co-operation and Development (OECD), during lockdowns in 2020, 47% of employees teleworked in Australia, France, and the United Kingdom. Moreover, between December 2019 and May 2020, Japan, which did not institute a nationwide lockdown, witnessed a surge in teleworking rate of 28%, up from 10%. In addition to this, the statistics also stated that over 50% of employees on average had teleworked during the pandemic globally across highly digitalized industries, such as information & communication services, financial services, as well as professional, scientific, and technical services.
Kenneth Research has recently released a report on “Global Contact Center-as-a-Service (C-CaaS) Market” which includes a detailed analysis of the key market players along with their product portfolio analysis. The report further includes an in-depth analysis of the factors that are associated with the market growth along with other market dynamics. Furthermore, the market research report also includes the impact analysis of COVID-19 on the market growth, along with the study of the regulatory and standards landscape.
With organizations worldwide shifting to remote working conditions, the demand for cloud-based solutions among businesses worldwide has also registered significant growth. It has been observed that in the year 2020, close to 30% of business organizations globally, irrespective of their organization size, witnessed significantly higher usage of cloud solutions due to COVID-19 than the planned usage, while around 60% of the organizations registered a slight increase in the use of such solutions than the planned usage. On the other hand, during the COVID-19 pandemic, online purchases and transactions have also witnessed massive growth, largely supported by movement restrictions and nationwide lockdowns. For instance, according to the statistics by the United Nations Conference on Trade and Development (UNCTAD), the share of online retail sales out of total retail sales in the year 2020 increased from 16% to 19%. The statistics also stated that the Republic of Korea reported the highest share of 25.9% in the year 2020 as compared to 20.8% the year before. The surge in online purchases and transactions, along with the increasing adoption of teleworking, is therefore expected to drive the need amongst businesses for implementing cloud-based customer service solutions, and in turn, contribute to the growth of the global contact center-as-a-service (C-CaaS) market during the forecast period.
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The global contact center-as-a service (C-CaaS) market generated a revenue of USD 3962.4 Million in the year 2020 and is further expected to grow with a CAGR of 18.5% during the forecast period, i.e., 2021-2030. The market is further anticipated to generate a revenue of USD 21560.1 Million by the end of 2030. The growth of the market can further be attributed to the rising number of companies worldwide, which grew from around 120 Million in the year 2000 to about 220 Million in the year 2020. In addition to this, growing B2B e-commerce sales, which represented 82% of all e-commerce sales in the year 2019, according to the statistics by the UNCTAD, is also anticipated to contribute to the growth of the market during the forecast period. Furthermore, the growing economy worldwide, along with the surge in the adoption of the internet globally, are some of the major opportunities anticipated to boost market growth in the coming years. According to the statistics by the World Bank, the gross domestic product worldwide increased from USD 66.488 Trillion in the year 2010 to USD 84.747 Trillion in the year 2020. Moreover, according to the statistics by the International Telecommunication Union (ITU), the number of internet users globally touched 4.9 Billion in the year 2021, up from 1.0 Billion in the year 2005.
The global contact center-as-a service (C-CaaS) market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among the market in these regions, the market in North America generated the largest revenue of USD 2314.4 Million in the year 2020 and is further expected to touch a revenue of USD 13606.5 Million by the end of 2030. The market in the region is also anticipated to grow with the highest CAGR of 19.4% during the forecast period.
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One of the major factors anticipated to drive the growth of the market in the region is the presence of several businesses that are shifting to cloud-based services. Additionally, the presence of numerous cloud computing enterprises in the region is also anticipated to promote market growth. The market in the region is further segmented by country into the United States and Canada. Out of the market in these countries, the market in the United States is anticipated to garner the largest revenue of USD 2773.3 Million by the end of 2022 and further grow with the highest CAGR during the forecast period.
On the other hand, the contact center-as-a service (C-CaaS) market in Europe generated the second-largest revenue of USD 779.8 Million in the year 2020 and is further expected to reach a revenue of USD 3683.2 Million by the end of 2030. The market in the region is further segmented by country into Germany, United Kingdom, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe. Among the market in these countries, the market in the United Kingdom is anticipated to garner the second-largest revenue of USD 168.7 Million in the year 2020 and is further expected to touch USD 809.4 Million by the end of 2030. Moreover, the market in Germany is anticipated to grow with the highest CAGR of 17.7% during the forecast period.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global contact center-as-a service (C-CaaS) market is segmented on the basis of solution into automatic call distribution, interactive voice response, call recording, computer telephony integration, workforce optimization, reporting & analytics, and others. Among these segments, the interactive voice response segment generated the largest revenue of USD 933.3 Million in the year 2020 and is further projected to garner the largest revenue of USD 5865.3 Million by the end of 2030. In North America, the segment generated the largest revenue of USD 546.4 Million in the year 2020 and is further anticipated to grow with the highest CAGR of 21.2% during the forecast period and further touch revenue of USD 3706.4 Million by the end of 2030. On the other hand, in Europe, the segment is projected to touch the largest revenue of USD 962.1 Million by the end of 2030, up from a revenue of USD 176.5 Million in the year 2020.
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The global contact center-as-a service (C-CaaS) market is further segmented on the basis of end-use industry into IT & telecommunication, healthcare, government, BFSI, consumer goods & retail, media & entertainment, and others. Among these segments, the BFSI segment generated the largest revenue of USD 866.5 Million in the year 2020 and is further projected to touch USD 5596.3 Million by the end of 2030. The segment is also anticipated to grow with the highest CAGR of 20.6% during the forecast period. In North America, the segment generated the largest revenue of USD 494.8 Million and is further projected to grow with the highest CAGR of 21.5% during the forecast period. The segment is also anticipated to garner the largest revenue of USD 3461.9 Million by the end of 2030. Further, in the Asia Pacific, the segment is anticipated to garner the largest revenue of USD 646.4 Million by the end of 2030, up from a revenue of USD 101.8 Million in the year 2020.
The global contact center-as-a service (C-CaaS) market is also segmented by service and by organization size.
Global Contact Center-as-a-Service (C-CaaS) Market Segmentation by Service
- Professional Services
- Integration & Deployment
- Support & Maintenance
- Training & Consulting
- Managed Services
Global Contact Center-as-a-Service (C-CaaS) Market Segmentation by Organization Size
- Large Enterprises
- Small & Medium Enterprises
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Some of the prominent industry leaders in the global contact center-as-a-service (C-CaaS) market that are included in our report are Cisco Systems, Inc., Microsoft Corporation, SAP SE, Oracle Corporation, NEC Enterprise Solutions, Genesys Cloud Services, Inc., Unify (Atos Group), NICE Ltd., Avaya Inc., Five9, Inc., Talkdesk, Inc., Liveops, Inc., Evolve IP, LLC, and others.
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