Pune, India, May 30, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global contact center as a service market size was valued at USD 4.42 billion in 2022 and is projected to grow from USD 5.15 billion in 2023 to USD 16.43 billion by 2030, exhibiting a CAGR of 18% during the forecast period. High Preference for API-based Contact Centers to Boost Market Expansion. Fortune Business Insights, provide this information in its report titled, Global Contact Center as a Service Market Forecast, 2023-2030.
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Key Industry Development:
March 2023: Verint partnered with Google Cloud to improve contact center performance by combining Google Cloud’s Contact Center AI platform with the Verint Customer Engagement Platform to offer high-quality customer experience.
Key Takeaways
- Contact center as a service market size in North America was USD 4.42 Billion in 2022
- Rising Presence of SMEs in IT and Telecommunication Sector to Boost Market Growth
- Adoption of Innovative Technologies to Improve Customer Interactions will Boost CCaaS Usage in the IT & Telecommunications Sector
- The IT & telecommunications segment is anticipated to hold maximum market share
Discover the Leading Players Featured in the Report:
“Companies leading the global contact center as a service market are Anywhere365 Enterprise Dialogue Management (Netherlands), Computer Talk Technology Inc. (Canada), 8x8, Inc. (U.S.), Content Guru Limited (U.K.), Enghouse Interactive (U.S.), Genesys Telecommunication Laboratories, Inc. (U.S.), NICE Systems Ltd. (Israel), Talkdesk Inc. (U.S.), Luware AG. (Switzerland), Evolve IP, LLC (U.S.)”
A severe lack of demand for Contact Center as a Service (CCaaS) solutions and services during the COVID-19 pandemic period caused a significant slowdown of the Contact Center as a Service (CCaaS) market growth. However, this market showed notable growth in 2021 due to increased usage of CCaaS solutions and cloud-based services & software to help the remote working population work efficiently. Leading companies in this market are offering cloud-based contact center solutions, voicebot & chatbot services, Interactive Voice Response (IVR) systems, and many other solutions.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 18% |
| 2030 Value Projection | USD 16.43 Billion |
| Base Year | 2022 |
| Contact Center as a Service Market Size in 2022 | USD 4.42 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Function, Enterprise Type, Industry and Geography |
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Drivers and Restraints:
API-based Contact Centers to be Widely Adopted by Companies, Aiding Market Growth
Cloud-based software services and AI-enabled chatbots are being extensively used by reputed companies to enhance their business operations. They are also introducing Application Programming Interface (API)-based contact center solutions as they provide virtual customer care by managing texts, messages, and support requests of customers. This will fuel the market expansion.
However, growing incidence of frauds and data breaches might hinder the market progress.
Segmentation:
By Function
- Interactive Voice Response (IVR)
- Multichannel
- Automatic Call Distribution
- Computer Telephony Integration (CTI)
- Reporting and Analytics
- Workforce Optimization
- Customer Collaboration
- Others (Recording, Dialer)
By Enterprise Type
- SMEs
- Large Enterprises
By Industry
- BFSI
- IT and Telecommunications
- Government
- Healthcare
- Consumer Goods and Retail
- Travel and Hospitality
- Media and Entertainment
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate due to Rising Investments in Cloud-based Software
North America is expected to capture the largest market share as the region is increasingly investing in cloud-based software and has a vast presence of reputed Contact Center as a Service (CCaaS) providers.
Asia Pacific is set to record the highest CAGR during the forecast timeframe due to the growing investments in business process automation by leading companies.
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Competitive Landscape:
Launch of AI-Powered Tools by Top Market Players to Boost Market Growth
Contact Center as a Service (CCaaS) solution providers, such as NICE, Cisco Systems, Evolve IP, LLC, Luware AG., 8x8, Inc., Talkdesk Inc., and others, are launching AI-powered cloud-based solutions. They are expanding their operations across the world through mergers, acquisitions, and partnerships.
FAQs
How big is the contact center as a service market?
Contact center as a service market size was USD 4.42 billion in 2022. It is expected to reach USD 16.43 billion by 2030.
How fast is the contact center as a service market growing?
The contact center as a service market will exhibit a CAGR of 18% during the forecast period, 2023-2030.
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