USD 3.71 billion
Global Contact Center As A Service (CCaaS) Market Size, Share, Growth Analysis, By Function(Interactive Voice Response (IVR), Automatic Call Distribution), By Enterprise Size(Small & Medium Enterprises, Large Enterprises), By Industry(BFSI, IT & Telecommunications) - Industry Forecast 2024-2031
Report ID:
SQMIG45F2039 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
97 |
Figures:
76
Global Contact Center As A Service (CCaaS) Market Insights
Global Contact Center As A Service (CCaaS) Market size was valued at USD 3.71 billion in 2019 and is poised to grow from USD 4.43 billion in 2023 to USD 17.12 billion by 2031, growing at a CAGR of 19.1% in the forecast period (2024-2031).
The increased use of cutting-edge contact centre technology to improve company continuity and expedite customer interactions and boost customer satisfaction is responsible for the market growth. Additionally, throughout the course of the forecast period, demand for the contact centre as a service (CCaaS) market is anticipated to increase due to the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies in contact centre solutions.
To improve user flexibility and operational functionality, many players are creating cloud contact centres. For instance, ServiceNow announced the introduction of the Amazon Connect Integration with Cloud Call Center in April 2020. This cloud contact centre solution provides staff members with greater IT support features. Comprehend and Transcribe, Lex, and ServiceNow's IT workflow are all natively integrated with AWS's natural language AI technology through Amazon Connect's interface with Cloud Call Center.
To improve accuracy and fulfil the evolving expectations of customers, various businesses are concentrating on offering cloud contact centre solutions powered by artificial intelligence. For instance, in October 2021, Automation Anywhere, Inc., a provider of automation technology, announced the introduction of Automation Anywhere for Contact Centers, a cloud-native, AI-driven solution that enables companies to offer quicker customer support. Agents can deliver speedier services thanks to Automation Anywhere for Contact Centers, which makes it easier for them to identify, update, and carry out client transactions rapidly.
Businesses who do not promptly reply to emails from clients risk losing those customers. Consequently, it is now crucial for businesses to provide a superior consumer experience across all channels. A superior customer experience supports the complete customer journey more effectively, from the initial point of contact through developing a devoted following. Customer experience is a crucial component of customer relationship management (CRM) and is significant since happy customers are more likely to stick around and recommend the company to others. By establishing the contact centre as a service solution, businesses can reduce maintenance service fees and hardware installation costs. Additionally, there are no costs associated with purchasing IT services and components when using cloud-based contact centre software. Cloud-based services also aid in lowering power usage and downtime. Additionally, they may be provided on a subscription basis, enabling businesses to choose the model that best suits their needs and saving money. The use of cloud-based contact centres by businesses with limited resources encourages small and medium-sized businesses to use these technologies. However, the fact that contact centres hold sensitive client data, including payment card details and health information, is projected to impede industry expansion.
US Contact Center As A Service Market is poised to grow at a sustainable CAGR for the next forcast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
BFSI
Fastest Growth
BFSI
Growth Rate
19.1% CAGR
Global Global Contact Center as a Service (CCaaS) Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Global Contact Center as a Service (CCaaS) Market Size By Industry, 2021-2028 ($ Bn)
Global Global Contact Center as a Service (CCaaS) Market Size By Industry, 2021-2028 (%)
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Global Contact Center As A Service (CCaaS) Market Segmental Analysis
The Global Contact Center as a Service (CCaaS) Market is segmented based on Function, Enterprise Size, Industry, and Region. Based on Function Contact Center As A Service Market is categorized into Interactive Voice Response (IVR), Multichannel, Automatic Call Distribution, Computer Telephony Integration (CTI), Reporting and Analytics, Workforce Optimization, Customer Collaboration, and Others, Based on Enterprise Size Contact Center As A Service Market is categorized into Small & Medium Enterprises and Large Enterprises, Based on Industry Contact Center As A Service Market is categorized into BFSI, IT & Telecommunications, Government, Healthcare, Consumer Goods & Retail, Travel & Hospitality, Media & Entertainment, and Others. Based on the region Contact Center As A Service Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Contact Center As A Service Market Analysis by Industry
In 2021, the BFSI segment dominated the market, accounting for more than 26% of global Contact Center as a Service (CCaaS) Market revenue. The increasing amount of customer interaction as a result of digitization in the BFSI industry can be attributed to the segment's growth. Customers are increasingly contacting financial institutions through a variety of channels. This is driving the adoption of cloud-based customer service systems in the BFSI industry even further.
CCaaS solutions are assisting the industry in developing strong customer relationships. The consumer goods and retail segment is expected to grow at the fastest rate during the forecast period. The growing use of online channels for purchasing consumer goods is driving up demand for CCaaS solutions in the consumer goods and retail industries. CCaaS solutions enable representatives to provide customers with quick and personalized services. These solutions also streamline omnichannel and cross-channel communications while improving agent and customer experiences.
Contact Center As A Service Market Analysis by Enterprises
In 2021, the large enterprise segment dominated the market, accounting for more than 56% of global Contact Center as a Service (CCaaS) Market revenue. Large enterprises' demand for CCaaS is being driven by technological advancements. These services help large businesses provide a better customer experience while also lowering operational costs. Large enterprises use CCaaS solutions to provide an excellent customer experience because they deal with high call volumes.
Over the forecast period, the Small and Medium Enterprises (SMEs) segment is expected to grow at the fastest rate. Benefits such as convenient service delivery and low investment costs are driving CCaaS solution adoption among SMEs. In SMEs, a lack of customer service representatives and on-board IT personnel is also fueling the Contact Center as a Service (CCaaS) Market growth. CCaaS solutions help SMEs enhance the overall customer experience and maximize agent productivity.
Global Global Contact Center as a Service (CCaaS) Market By Industry, 2021 (%), 2023 (%)
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Global Contact Center As A Service (CCaaS) Market Regional Insights
During the forecast period, North America is expected to dominate the global contact center as a services market. The growing investment in cloud-based software, as well as several key players based in the United States, have fueled the Contact Center as a Service (CCaaS) Market growth. Several contact centers provide services in the United States, including 8x8, Inc., Genesys Telecommunication Laboratories, Inc., Talkdesk, Inc., and many others. This increases the demand in this region for contact centers as a service.
Over the forecast period, Asia Pacific is expected to be the fastest-growing regional market. The region's e-commerce industry is significantly contributing to the rising demand for CCaaS solutions in contact centers. The region's promising pace of industrial expansion and development is also expected to create growth opportunities for regional Contact Center as a Service (CCaaS) Market growth. Furthermore, several SMEs in the region are adopting CCaaS solutions due to the numerous benefits provided, such as reduced operational costs, increased ROI, and improved customer experience.
Global Global Contact Center as a Service (CCaaS) Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Contact Center As A Service (CCaaS) Market Dynamics
Contact Center As A Service Market Driver
- The increased adoption of AI-powered chatbots and cloud-based software as services has fueled the growth of the contact center as a service (CCaaS) market. The rising number of major companies launching application programming interface (API)-based contact center solutions are driving the market growth during the forecast period. Organizations can use the API-based contact center service to provide online customer service by handling phone calls, live chat, emails, messages, texts, SMS, and support tickets. Several major players are launching API-based customer experience contact centers, which is driving the Contact Center as a Service (CCaaS) Market growth.
- Due to the rapid pace of digitalization across industries, businesses must focus on continuous transformation and upgrade of their IT infrastructure. This trend is creating promising growth opportunities for the contact center industry's integration and deployment segment. Furthermore, contact center companies manage a diverse user base across multiple channels. This is expected to drive the adoption of integration and deployment services for the deployment of various contact center solutions in their IT infrastructure.
Contact Center As A Service Market Restraint
- Rising fraudulent cases, security concerns, and data breach activity may restrain the Contact Center as a Service (CCaaS) Market growth. The growing use of digital technologies like cloud computing and artificial intelligence has increased the risk of data breaches and cyber threats in contact centers. With increased internet connectivity and adoption, there is a greater need for security, compliance, and data protection. As per Skyquest analysis, contact centers around the world handle more than 100 billion calls per month, with one out of every 1,700 calls being identified as fraudulent. The contact center platform handles a massive amount of customer data, which is frequently exposed to a high level of data security risk.
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Global Contact Center As A Service (CCaaS) Market Competitive Landscape
The market's competitive landscape is highly fragmented and marked by the presence of a large number of players. Vendors are focusing on providing fully scalable, flexible CCaaS offerings via monthly subscription to enable quick deployment of new functions, channels, and features while effectively delivering a lower Total Cost of Ownership (TCO). Furthermore, Contact Center as a Service (CCaaS) Market participants are focusing on providing better agent assistance solutions and services.
Contact Center As A Service MarketTop Players Company Profiles
- Genesys (US)
- Avaya (US)
- Five9 (US)
- Talkdesk (US)
- NICE inContact
- Cisco Systems
- Amazon Web Services (AWS)
- Twilio
- Vonage
- RingCentral
- 8x8
- Zendesk
- Mitel Networks Corporation
- Alcatel-Lucent Enterprise
- Serenova
- Aspect Software
- Unify
- Connect First
- Sharpen Technologies
- LivePerson
Contact Center As A Service Market Recent Developments
- In March 2022, NICE Launched Spring 2022 release of its CXone cloud contact center suite with additional self-service capabilities.
- In March 2022, AWS launched the 2022 season of the award-winning AWS DeepRacer League Virtual Circuit. Developers of all-skill levels advance their machine learning (ML) skills and compete in the world’s first global autonomous racing league.
- In December 2021, Genesys Launched Nationwide Digital Twin Platform for India. The creation of this very accurate 3D data will open up a host of new high-definition mapping applications, including for smart cars, e-commerce, logistics, gaming, utilities planning and disaster management & emergency response. Moreover, with all the smart city components, the digital twin will bring Indian cities on a par with other cities around the world that are now using this advanced geospatial technology.
- In November 2020, The CCaaS was developed in partnership between Atos SE and Colt Technology Services Group Limited. Colt provides CCaaS solutions via voice and cloud solutions that are integrated with Atos' cloud contact center solution. This collaboration has enabled seamless customer interactions via a variety of omnichannel channels, including social media, phone, chat, and other innovative AI-based solutions.
Global Contact Center As A Service (CCaaS) Key Market Trends
- Telecom companies are thriving to be innovative and maximize their revenues by implementing the right tools at the right time to improve customer service uptime and harness massive customer data for actionable insights. These companies also must manage terabytes of data about customer interests, requests, and complaints, which are stored in silos and dispersed throughout the organization. Thus, telecom companies are looking for a data-driven advanced automated solution to achieve accurate real-time insights through data mining and analytics for faster and easier processing of user data as well as interactions with agents.
- The COVID-19 pandemic is expected to have a positive Contact Center as a Service (CCaaS) Market impact. The CCaaS model enables working from a remote location. To effectively maintain the customer experience, businesses are increasingly adopting cloud-based solutions and encouraging work-from-home policies. Furthermore, the rise in online transactions and purchases during the COVID-19 crisis has increased the need for cloud-based solutions to be implemented.
Global Contact Center As A Service (CCaaS) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. SQ identified the key dominating segments of the Contact Center as a Service (CCaaS) Market by offerings and verticals.
According to our analysis, customers expect live interactions with contact center agents to get solutions to their queries, the growing contact center turnover rate, as well as the time spent waiting and holding for an agent, results in a negative customer experience. Even though customer experience is important in maintaining customer relationships and improving products and services based on customer feedback, organizations must focus on increasing customer satisfaction levels. The incorporation of robust self-service bots and cutting-edge technologies such as AI, ML, and analytics enables organizations to connect with their customers to deliver enhanced customer experiences, particularly following the influx of calls during and after the COVID-19 crisis.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.71 billion |
| Market size value in 2031 | USD 17.12 billion |
| Growth Rate | 19.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Contact Center As A Service (CCaaS) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Contact Center As A Service (CCaaS) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Contact Center As A Service (CCaaS) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Contact Center As A Service (CCaaS) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Contact Center As A Service (CCaaS) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Contact Center As A Service (CCaaS) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Contact Center As A Service (CCaaS) Market Report Snapshots
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