Global Cloud-Based Contact Center Market worth $86.4billion by 2029, growing at a CAGR of 26.9%%: Report by MarketsandMarkets

Chicago, May 16, 2024 (GLOBE NEWSWIRE) — The global Cloud-Based Contact Center Market size is anticipated to grow at a CAGR of 26.9% during the forecast period, from USD 26.2 billion in 2024 to USD 86.4 billion by 2029, according to a new report by MarketsandMarkets™.

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Cloud-Based Contact Center Market Dynamics:

Drivers:

  • Increasing need for tailored and efficient engagements
  • Growing impact of social media on contact center operations
  • Continuous transition to cloud-based contact centers
  • Rising adoption of advanced contact center technologies

Restraints:

  • Impact of IVR fraud and cyberattacks on business operations
  • Inadequate network bandwidth to minimize adoption of VoIP and cloud-based telephony

Opportunities:

  • Implementation of generative AI, analytics, and NLP capabilities to add value to existing cloud-based contact centers
  • Dynamic customer demand for robust self-service interactions
  • Growing demand for analyzing audio and video conversations in real-time

Top Companies in Cloud-Based Contact Center Market

  • NICE (Israel)
  • AWS (US)
  • Genesys (US)
  • Vonage (US)
  • Five9 (US)
  • Pypestream (US)
  • TechSee (Israel)
  • Aircall (France)
  • Sentient Machines (UK)
  • Nubitel (Singapore)

Due to various business drivers, the cloud-based contact center market is expected to grow significantly during the forecast period. The market is experiencing significant growth due to continuous transition to cloud-based contact centers, and rising adoption of advanced contact center technologies. The increasing need for tailored and efficient engagements, growing impact of social media on contact center operations is also responsible for driving the market’s growth.

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A cloud-based contact center is a comprehensive suite of tools and applications that works as a centralized hub, operates over the internet, and allows the virtual or remote contact center agents to handle all the inbound and outbound customer interactions across various channels such as call, web, email, chat, Facebook, WhatsApp and more.

Based on the offering, the cloud-based contact center market is segmented into software and services. The software segment is further segmented into software by type and software by engagement type. The software segment is expected to garner a higher revenue during the forecast period. The growing demand for scalable and flexible solutions is propelling organizations to adopt cloud-based contact center software, enabling them to efficiently manage fluctuating call volumes and adapt to changing customer needs. Concurrently, services such as consulting & advisory, training & education, support & maintenance, and integration & deployment services play a crucial role in helping businesses maximize the effectiveness of their cloud-based contact center investments.

Based on software by deployment mode, the segment has been bifurcated in public, private, and hybrid. The public segment is expected to garner a higher revenue during the forecast period. The public deployment mode segment in the cloud-based contact center market is primarily driven by several factors. Cost-effectiveness is a significant driver as public cloud solutions offer pay-as-you-go pricing models, eliminating the need for hefty upfront investments in infrastructure. Additionally, scalability and flexibility are key factors as public cloud solutions allow contact centers to easily scale up or down based on demand, ensuring optimal resource utilization and agility in adapting to changing business needs.

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Based on application, the segment has been bifurcated into marketing automation, social media management, helpdesk management, business intelligence, collaboration & productivity, customer relationship management (CRM), and other applications. The adoption of marketing automation within cloud-based contact centers is expected to garner a higher revenue during the forecast period. The need for personalized customer experiences has intensified, pushing companies to leverage automation tools to tailor interactions at scale. The integration of AI and machine learning capabilities empowers marketers to glean actionable insights and optimize strategies in real-time, further fueling the adoption of marketing automation in the cloud-based contact center market.

The cloud-based contact center market has been segmented into five regions: North America, Europe, the Middle East & Africa, the Asia Pacific, and Latin America. The North American market for cloud-based contact center is driven by the need for flexibility and scalability as businesses strive to adapt to changing customer demands and market dynamics. The increasing adoption of digital channels for customer engagement, such as chat, email, and social media, is fueling the demand for cloud-based contact center solutions that can seamlessly integrate omnichannel communication capabilities.

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