Contact Center as a Service (CCaaS) Market

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

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 size was valued at USD 4.4 Billion in 2022 and is poised to grow from USD 5.14 Billion in 2023 to USD 17.80 billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).

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. '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'

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.

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.

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.

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Contact Center as a Service (CCaaS) Market

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