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 News

  • 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.
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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

Product ID: SQMIG45F2039