Global Cloud-Based Contact Centre Market, By Component (Solutions, Services), Application (Call Routing and Queuing, Data Integration and Recording, Chat Quality and Monitoring, Real-Time Decision-Making, Workforce Optimization (WFO)), Organization Size (Small and Medium-Sized Enterprises (SMEs), Large Enterprises), Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), Vertical (Banking, Financial Services, and Insurance (BFSI), Consumer Goods and Retail, Government and Public Sector, Healthcare and Life Sciences, Manufacturing, Media and Entertainment, Telecommunication and Information Technology Enabled Services (ITES), Others) – Industry Trends and Forecast to 2029.
Cloud-based Contact Centre Market Analysis and Size
As per the State of Customer Experience 2018 reports, 39 percent of contact centres in the United Kingdom have moved to the cloud, and 57 percent of those have made plans to do so within the next three years. On-premise call centres are gradually being replaced with cloud-based call centres. Also, the modern call centres offer various services, including communication as a service, access to social media, smartphone use, video enabling, virtual contact centres, and advanced analytics. Consequently, such factors are anticipated to offer significant revenue over the forecast period.
Global Cloud-Based Contact Centre Market was valued at USD 13.90 billion in 2021 and is expected to reach USD 86.13 billion by 2029, registering a CAGR of 25.60% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Cloud-based Contact Centre Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Solutions, Services), Application (Call Routing and Queuing, Data Integration and Recording, Chat Quality and Monitoring, Real-Time Decision-Making, Workforce Optimization (WFO)), Organization Size (Small and Medium-Sized Enterprises (SMEs), Large Enterprises), Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), Vertical (Banking, Financial Services, and Insurance (BFSI), Consumer Goods and Retail, Government and Public Sector, Healthcare and Life Sciences, Manufacturing, Media and Entertainment, Telecommunication and Information Technology Enabled Services (ITES), Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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NICE (Israel), Genesys (U.S.), Five9, Inc. (U.S.), Vonage (U.S.), Talkdesk (U.S.), 8x8, Inc. (U.S.), Cisco Systems Inc., (U.S.), Avaya Inc.,(U.S.), Serenova (U.S.), Content Guru (U.S.), Alvaria (U.S.), RingCentral Inc., (U.S.), Enghouse Interactive (U.S.), 3CLogic (U.S.), Ameyo (India), Twilio Inc., (U.S.), Vocalcom (France), Evolve IP, LLC (U.S.), Pypestream Inc (U.S.), TechSee (U.S.), AirCall (France), Nubitel (Singapore), JustCall (U.S.), Sentient Machines Limited (U.K.) Dialer360 Ltd (U.K.), SERVETEL COMMUNICATIONS PVT. LTD. (India), NeoDove Technologies Pvt Ltd. (India), and Rulai (U.S.)
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Market Opportunities
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Market Definition
A cloud-based contact centre solution unifies many channels of communication into a single platform, enabling agents to communicate with clients by phone, email, or instant message while keeping a consistent record. It provides workforce management tools for agents and supervisors to properly manage their time. As a result, it has a wide range of uses in the global banking, financial services and insurance (BFSI), consumer products, retail, government, public, healthcare, manufacturing, communications, and information technology (IT) industries.
Cloud-based Contact Centre Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Numerous Beneficial Features of Cloud-based Contact Centre
System stability is the major factor driving businesses to switch from their existing on-premise contact centre solution to a cloud-based one. The primary requirement of enterprises is for increased security requirements, which are provided by advanced cloud contact centre architecture. The main elements influencing the adoption of cloud-based solutions are flexibility, functionality control, and increased performance. Businesses can host their contact centres at external data centres due to the cloud deployment, doing away with the requirement for any hardware infrastructure. As a result, the cost of infrastructure as a whole is greatly decreased. A cloud-based contact centre also allows for immediate workforce team scalability to quickly meet consumer demand. Therefore, the features such as increased security, scalability, flexibility, affordability, and reliability are largely aiding the acceleration of the market over the forecast period.
- High Adoption of Social media, Mobility, Analytics and Cloud (SMAC) Technologies
Today's contact centres handle international inbound and outbound calls, emails, web queries, and chats. Organizations use social media, mobile, analytics and cloud (SMAC) technologies into their contact centres to improve results. These technologies let businesses respond to changing client preferences and the demand for multi-channel consistency, enabling them to increase the agility of their company operations. Modern contact centres are primarily concerned with offering capabilities such as communication as a service, social media capabilities to handle inquiries from social media, smartphone access to give contact centre agents the necessary real-time information, video enablement to participate in face-to-face video calls, virtual contact centres to reduce costs and complexity, and advanced analytics to analyses unstructured data in bulk and deliver key insights into custom applications.
Furthermore, the factors such as budding need for cloud computing due to the features such as convenience flexibility, affordability and robust scalability will accelerate the overall market expansion during the forecast period. Additionally, the large-scale digitalization initiatives is anticipated to drive the growth rate of the cloud-based contact centre market. The rise in demand for multi-channel customer contacts will further positively impact the market's growth rate during the forecast period.
Opportunities
- Adoption of Artificial Intelligence (AI)
The adoption of artificial intelligence (AI) is estimated to generate lucrative opportunities for the market over the forecast period. The artificial intelligence (AI) offers dependability to contact centre operators by automating the most repetitious operations. The actionable learnings and customer insights provided by an AI-based contact centre model can be used to increase agent productivity and efficiency as a whole. Additionally, AI-based contact centres improve predictive and prescriptive model performance to quickly answer customers' complicated concerns. The Vocalcom Group introduced a new AI-based contact centre system called "Vocalcom Hermes360" in April 2020. Contact centres may enhance both the agent and customer experiences with an omnichannel and user-friendly solution, regardless of the agent's location or preferred communication method. Both on-premises and cloud deployment options for the system are offered.
- Enhanced Customer Experience
Additionally, the customer experience is one of the most promising business prospects as the as firms concentrate on improving customer experiences, lowering churn, and boosting revenue. The companies can engage informative conversations with their customers to learn about their experiences with certain goods and services thanks to customer experience. In order to sustain customer relationships and improve goods and services based on consumer input, improved customer experience is crucial. Utilizing cutting-edge technology such as AI, ML, and analytics helps businesses interact with their clients for more effective, insightful, and better customer experiences. Organizations are concentrating on developing strong customer experience strategies to attract new, devoted customers and keep existing customers because no business can operate without customers.
Restraints/Challenges
- Technical, Organizational and operational Issues
Although moving contact centres to the cloud has numerous advantages, it may also be challenging and come with hazards. The client experience can be made transparent through contact centre migration to the cloud, which is more visible than other cloud migration projects. This carries the potential risk of being portrayed as a "customer experience fail" on social media. Meeting client expectations over various channels is incredibly difficult and expensive since it requires a solid infrastructure to link the channels together and transfer customer data between them. Moreover, conventional software testing methods fall short in these intricate cloud environments. These factors create hindrances for the growth of the market over the forecast period.
- Concerns Associated with Cyber-attacks
The access of essential information has created a number of difficulties in today's digital environment. One of these issues is that businesses that store sensitive data have grown to be important targets for cybercriminals. The fraudsters target the massive amounts of sensitive customer data that contact centres routinely collect and retain. A new cloud security report, based on a survey of several hundred businesses across the US, Asia, Europe, and Canada, was just published by SANS Institute. The study found that 19% of participants had experienced cloud hacks and were apprehensive about doing so. This further creates concerns related to privacy and security, which largely creates challenges for the cloud-based contact centre market over the forecast period.
This cloud-based contact centre market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cloud-based contact centre market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Cloud-based Contact Centre Market
The market for cloud-based contact centres was benefited by the outbreak of COVID-19. Numerous cloud-based contact centre providers adopted remote working amid requests for staff to stay at home as a result of the COVID-19 outbreak due to worries for their health and safety. Globally, this has increased demand for digital solutions and cloud-based contact centres. Contact centres are now a dependable, distinctive, and practical choice for businesses to continue their operations in the wake of the abrupt COVID-19 epidemic. These contact centres have grown over time as the epidemic has raised demand for remote working strategies. The move of contact centres to the cloud is further aided by beneficial aspects including flexibility, affordability, scalability, and ease of integration provided by the cloud-based system. While many businesses had business continuity plans in place before the pandemic, most of them did not take into account a situation where every employee would have to work from home (WFH). Business continuity during the pandemic was easily maintained by organizations that had already moved their contact centre activities to the cloud. Enterprises are increasingly choosing cloud-based contact centres because they can successfully handle both inbound and outbound client conversations and provide the flexibility to manage customer support operations using remote workforces.
Recent Developments
- In October 2021, Talkdesk unveiled Talkdesk Insurance Smart Service, a business-grade contact centre solution created to improve the experiences of both agents and policyholders. The new solution will offer a more effective means of addressing the most pressing customer experience (CX) pain points and accelerating claims processing. Insurance Smart Service modernizes the policyholder and agent experience to enable more convenient, personalized interactions and quicker claim resolution by fusing self-service and agent help capabilities with artificial intelligence (AI) and out-of-the-box CRM interfaces.
- In October 2021, Customer Experience Interactions (CXi), a new framework supplied through a unified suite of applications on the CXone platform, was announced by Nice as the next advancement in customer experience (CX). In addition to enabling resolution through AI and data-driven self-service, CXi also equips agents with the knowledge necessary to handle any customer requirements event properly. CXi empowers enterprises to meet their customers wherever their journey begins intelligently.
Global Cloud-based Contact Centre Market Scope
The cloud-based contact centre market is segmented on the basis of component, application, organization size, deployment model, and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Solutions
- Omni channel Routing
- Workforce Engagement Management
- Reporting and Analytics
- Customer Engagement Management
- Other Solutions
- Services
- Professional Services
- Training and Consulting
- System integration and Implementations
- Support and Maintenance
- Managed Services
Application
- Call Routing and Queuing
- Data Integration and Recording
- Chat Quality and Monitoring
- Real-Time Decision-Making
- Workforce Optimization (WFO)
Organization Size
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
Deployment Model
- Public Cloud
- Private Cloud
- Hybrid Cloud
Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Consumer Goods and Retail
- Government and Public Sector
- Healthcare and Life Sciences
- Manufacturing, Media and Entertainment
- Telecommunication and Information Technology Enabled Services (ITES)
- Others
Cloud-based Contact Centre Market Regional Analysis/Insights
The cloud-based contact centre market is analyzed and market size insights and trends are provided by country, component, application, organization size, deployment model, and vertical as referenced above.
The countries covered in the cloud-based contact centre market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the cloud-based contact centre market because of the rising internet penetration within the region from 2022 to 2029. Moreover, the shift to cloud-based services from remote infrastructure is further estimated to accelerate the expansion over the forecast period.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increased adoption of internet of things in the area within the region. The factors such as the expanding recognition of cloud-based services and increasing expenditure for the development of IT infrastructure are the two major contributors to the expansion of the regional market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Cloud-based Contact Centre Market Share Analysis
The cloud-based contact centre market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cloud-based contact centre market.
Some of the major players operating in the cloud-based contact centre market are
- NICE (Israel)
- Genesys (U.S.)
- Five9, Inc. (U.S.)
- Vonage (U.S.)
- Talkdesk (U.S.)
- 8x8, Inc. (U.S.)
- Cisco Systems Inc., (U.S.)
- Avaya Inc., (U.S.)
- Serenova (U.S.)
- Content Guru (U.S.)
- Alvaria (U.S.)
- RingCentral Inc., (U.S.)
- Enghouse Interactive (U.S.)
- 3CLogic (U.S.)
- Ameyo (India)
- Twilio Inc., (U.S.)
- Vocalcom (France)
- Evolve IP, LLC (U.S.)
- Pypestream Inc (U.S.)
- TechSee (U.S.)
- AirCall (France)
- Nubitel (Singapore)
- JustCall (U.S.)
- Sentient Machines Limited (U.K.)
- Dialer360 Ltd (U.K.)
- SERVETEL COMMUNICATIONS PVT. LTD. (India)
- NeoDove Technologies Pvt Ltd. (India)
- Rulai (U.S.)
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