Pune, March 21, 2023 (GLOBE NEWSWIRE) -- The size of the Cloud-Based Contact Center Market was valued at USD 18.79 billion in 2022, and it is anticipated to expand to USD 121.94 billion by 2030, with a compound annual growth rate (CAGR) of 26.33% during the forecast period from 2023 to 2030, as per the report by SNS Insider.
Market Overview
A cloud-based contact center can provide businesses with greater flexibility, scalability, and integration capabilities than traditional on-premise contact centers. By carefully planning and implementing a cloud-based contact center solution, businesses can provide their customers with a seamless and efficient customer service experience. Businesses must carefully evaluate cloud providers to ensure that they meet the necessary security and compliance requirements.
Market Analysis
The cloud-based contact center market has been experiencing significant growth due to a variety of factors. One of the primary drivers is the growing demand for these services by small and medium-sized enterprises (SMEs) as a means to improve their business operations. With the increasing reliance on technology in today's business environment, cloud-based contact centers provide a convenient and efficient solution for customer service and support. Another factor driving the growth of the market is the emergence of the need for cloud compliance.
Major Company Profiles Listed in this Report are:
- Cisco
- Avaya
- Serenova
- Content Guru
- Aspect Software
- RingCentral
- Enghouse Interactive
- 3CLogic
- Ameyo
- Twilio
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Impact of Russia-Ukraine Conflict
The Russia-Ukraine conflict has had a significant impact on the cloud-based contact center industry. The instability and uncertainty in the region have created infrastructure and connectivity issues, business continuity challenges, security concerns, and talent retention and recruitment issues. As the conflict continues, businesses operating in the region must implement robust measures to mitigate these challenges and maintain their operations effectively.
Cloud-Based Contact Center Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 18.79 Bn |
| Market Size by 2030 | US$ 121.94 Bn |
| CAGR | CAGR of 26.33% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Cloud-Based Contact Center Market: Key Segments | • By Component(Solutions and Services) • By Deployment(Hosted and On-premise) • By organization size(Small and Medium-sized Enterprises and Large Enterprises) • By Industries(BFSI, Telecommunications, IT and ITeS, Government and Public Sector, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Media and Entertainment, Healthcare and Life Sciences, Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
North America has emerged as a frontrunner in the rapidly expanding cloud-based contact center market. This region's dominance in the industry is due to several factors, including the high demand for enhanced customer experience and the presence of advanced technological infrastructure. With the increasing demand for flexible and cost-effective customer engagement solutions, organizations across various industries are turning towards cloud-based contact centers. These solutions offer numerous benefits, including scalability, agility, and enhanced data security, which are essential for organizations looking to enhance their customer experience.
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Key Takeaway from Cloud-Based Contact Center Market Study
- One segment that is showing promising growth in this market is hosted contact centers. Hosted contact centers are a type of cloud-based solution where the infrastructure and software are hosted and maintained by a third-party provider. This allows businesses to easily set up and manage their contact center without having to invest in costly hardware and software.
- The BFSI segment is poised to dominate the cloud-based contact center market due to its inherent customer-centric approach and the numerous benefits that cloud-based contact centers offer. As BFSI companies continue to adopt cloud-based contact centers, they can enhance their customer service offerings, improve customer satisfaction, and gain a competitive advantage.
Recent Developments Related to Cloud-Based Contact Center Market
- Exotel, a leading cloud communication platform, has recently launched a new enterprise contact center solution named Ameyo XTRM. This advanced contact center solution is designed to cater to the evolving needs of large-scale enterprises, providing them with a unified platform to manage customer interactions across multiple channels. With advanced features like intelligent call routing, real-time analytics, and automated workflows, the solution empowers agents to deliver exceptional customer experiences.
- CallTower, a leading provider of cloud-based communication solutions, has announced the expansion of its Cisco offering with the addition of the Webex Contact Center solution to its portfolio. This move will enable CallTower to provide its customers with a comprehensive set of cloud-based communication and collaboration tools that leverage the power of Cisco's industry-leading technology. Webex Contact Center is a cloud-based contact center solution that enables businesses to deliver exceptional customer experiences.
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About Us:
SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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