Contact Center As A Service (CCaaS) Market Research, 2031
The global contact center as a service market was valued at $4.3 billion in 2021, and is projected to reach $19.8 billion by 2031, growing at a CAGR of 16.8% from 2022 to 2031.
Cloud-based software applications called Contact Center as a Service (CCaaS) are utilized by incoming and outgoing departments to deliver an improved client interaction overall while maintaining everything online instead of on premises infrastructure. Contact routing, sales force assistance, and engagement tracking are the main priorities of CCaaS.. Businesses may start a contact center without any hardware by using CCaaS software solutions. Every client touch point is streamlined into a single platform via a CCaaS solution. These exchanges can take place via text messaging, live chat, email, and phone conversations.
It is a cloud-based customer communication strategy appropriate for companies of all sizes. It combines a number of consumer interaction technologies. Users may completely tailor the client experience with cloud-based contact centers. In addition, Interactive Voice Response (IVR) for call routing, Call Queuing to boost agent productivity and customer satisfaction, Call Recording to listen to calls between agents and customers, and Call Analytics to identify trends and help with workforce planning are some notable features found in CCaaS offerings.
There are a few factors at play when businesses go from call centers to contact centers as a service. Customer support teams gain Omni channel capabilities via a contact center. Regardless of the customer's mode of contact, agents may see the whole context about them. Inbound phone calls, text messages, emails, and social media are some of these communication options. Most organizations find it very appealing to be able to deploy an Omni channel contact center in a matter of days rather than months.
By solutions, the market is further classified into automatic call distribution, call recording, computer telephony integration, customer collaboration, interactive voice response, reporting and analytics and others. In terms of services offered the global CCaaS Market is sub-segmented into integration and deployment, support and maintenance and training and consulting. By organization size, the market is bifurcated into large enterprise and small and medium enterprise (SMEs). In terms of end-use verticals contact center as a service (CCaaS) is categorized into BFSI, IT & telecommunications, government, media & entertainment, healthcare, and others.
The advantages of contact center as a service to end users and organizations, such as enhanced feedback management, functionality, scalability, and decreased maintenance, combined with the reduced cost for computer infrastructure or in-house workers, are the major factors driving the growth of the solutions market. Additionally, contact center as a service give organizations the ability to concentrate more on activities that generate income rather than time-consuming, non-core company duties.
By providing enhanced consumer feedback services that is offered as a service, CCaaS has completely changed the game for small- to medium-sized businesses (SMEs). The most important benefits driving demand for cloud services in SMEs throughout the world are consumer trust, data protection, flexible storage, CRM administration, current technology, resource optimization, and ubiquitous resource mapping. In addition, small- and medium-sized business owners are always seeking for ways to boost their revenue without sacrificing the calibre, cost, or effectiveness of the services they offer. Therefore, using cloud services such as CCaaS is a completely compatible platform to achieve these goals.
The IT sector comprises businesses that offer IT and IT-enabled services. These businesses create, and provide consumers software, related semiconductor hardware, and services. However, the telecom sector also includes businesses like cable and satellite operators, wireless and wired phone service providers, and Internet service providers (ISPs). Public and private clouds are mostly used in the telecommunications business. For the telecommunications sector, the billing process is a significant business procedure.
Region-wise, the Contact Center as a Service Market Trends are analyzed across North America (the U.S. and Canada), Europe (Germany, Italy, France, Spain, U.K., Russia, and the rest of the Europe), Asia-Pacific (China, India, Japan, South Korea, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global Contact Center as a Service (CCaaS) industry. Major organizations and government institutions in the country are intensely putting resources into the providing sophisticated Contact Contact Center as a Service Market.
TOP IMPACTING FACTORS
Some factors, including the rise in need for an enhanced and seamless end-to-end customer experience and a drop in operating costs as a result of the adoption of Contact Center as a Service Market, propel the expansion of the market. Nevertheless, the possibility of fraud cases, security issues, and activity with the contact centre as a service are anticipated to restrain the market's expansion (CCaaS). However, the industry is anticipated to offer lucrative growth opportunities attributed to increased need for application programming interface (API) based contact centres.
Competitive analysis and profiles of the major CCaaS Market players, such as Accenture LLP, Alibaba Group Holding Limited, Alphabet Inc. (Google Corporation), Amazon.com Inc. (AWS), AT&T Inc., Cisco Systems, IBM Corporation, Microsoft Corporation, Orcale Corporation and SAP SE. are provided in this report.
KEY BENEFITS FOR STAKEHOLDERS
- This study comprises analytical depiction of the Contact Center as a Service market size along with the current trends and future Contact Center as a Service Market Growth.
- The overall Contact Center as a Service Market Analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunity
- The current CCaaS Industry forecast is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency along with key player Contact Center as a Service Market Share analysis.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the Contact Center as a Service Market Forecast period.
- The report includes the market share of key vendors and Contact Center as a Service Industry trends.
Contact Center as a Service (CCaaS) Market Report Highlights
By Organization Size
By End Use Verticals
Key Market Players
Alphabet Inc. (Google Corporation), Amazon.com Inc. (AWS), Unify Inc., IBM Corporation, Microsoft Corporation, Five9, Inc., AT&T Inc., Avaya, Inc., Cisco Systems, Accenture LLP
The term "Contact Center as a Service" (CCaaS) refers to the software distribution technique that allows businesses to only invest in the technology they really require. CCaaS is frequently managed by a vendor to lower IT, integration, and maintenance expenses. Although contact centers most frequently use CCaaS solutions as cloud-based CX solutions, there are particular situations when an on-premise CCaaS software solution is preferable.
The demand for an enhanced and seamless end-to-end customer experience and a decline in operating expenses as a result of the adoption of contact center as a service (CCaaS) are a few of the factors that fuel the expansion of the market. The possibility of fraud cases, security issues, and activity with the contact center as a service is anticipated to restrain the growth of the market. However, the market is anticipated to offer profitable growth opportunities due to the increased need for improved adoption of application programming interface (API) based contact centers.
The global Contact Center as a Service (CCaaS) market is highly competitive, owing to the strong presence of existing vendors. Contact Center as a Service (CCaaS) vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.
Among the analyzed regions, North America exhibits the highest adoption rate of Contact Center as a Service (CCaaS) and has been experiencing massive expansion of the market. On the other hand, Asia-Pacific is expected to grow at a faster pace, predicting lucrative growth due to emerging countries, such as China, Japan, and India, investing in these technologies. Regions, such as the UK, Germany Spain, Russia in Europe, are also expected to offer new opportunities in the Contact Center as a Service (CCaaS) market in future.
Globally, various key players and government agencies are investing in Contact Center as a Service (CCaaS) to make them compatible with various industrial platforms. For instance, acquired Neudesic, a renowned US cloud service advisory business with multi-cloud capabilities and a primary focus on the Microsoft Azure platform. The hybrid cloud and AI initiatives of IBM will be further advanced owing to this purchase, which will greatly broaden its range of hybrid multi-cloud services, which is anticipated to provide lucrative opportunities for market growth.
The key players profiled in the report include Accenture LLP, Alibaba Group Holding Limited, Alphabet Inc. (Google Corporation), Amazon.com Inc. (AWS), AT&T Inc., Cisco Systems, IBM Corporation, Microsoft Corporation, Orcale Corporation and SAP SE.