Report ID: SQMIG45F2039 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 100 | Figures: 66
Contact Center as a Service (CCaaS) Market size was valued at USD 3.89 billion in 2021 and is expected to reach USD 11.74 billion by 2028, growing at a CAGR of 17.10% during the forecast period (2022-2028).
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.
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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.
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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.
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Contact Center As A Service Market Driver
Contact Center As A Service Market Restraint
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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
Contact Center As A Service Market Recent Developments
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.
|Growth Rate||ong>US Contact Center As A Service Market is poised to grow at a sustainable CAGR for the next forcast year.|
|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)|
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Parent Market Analysis
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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.
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