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Global Cloud-based Contact Center Market 2021 Size, Share, Growth, Trends and Forecast, Business Opportunities and Future Investments

Cloud-based Contact Center

The report focuses on the favorable Global “Cloud-based Contact Center market” and its expanding nature. The Cloud-based Contact Center market report provides a comprehensive study of the market segmentation, service providers, stockholders, sponsors, and important market players, size, and share, market dynamics such as the growth drivers, restraints, challenges, and opportunities.

Market Overview:

  • The cloud-based contact center market was valued at USD 8.926 billion in 2018, and is expected to reach USD 33.296 billion by 2024, at a CAGR of 24.57% over the forecast period (2019-2024). Legacy contact centers operate on older technologies that cannot support newer channels, such as social media, mobile app chats, or videos. Cloud-based contact centers can help companies meet these demands.
  • – A report from the State of Customer Experience 2017, validates the way cloud call centers are substituting the on-premise call centers. Migration of 39% contact centers in the United Kingdom to cloud-based, with 57% chalking out an action plan to move to cloud-based call center within the next three years, indicates the potential for the overall market.
  • – Furthermore, cloud-based infrastructure makes contact centers extremely scalable and by adopting enterprise cloud solutions for contact centers, organizations can save millions of dollars in operating costs, while also monitoring revenue leakage.
  • – Cloud contact centers have become a necessary step for companies to adopt a systematic approach that enhances performance, channels support and engagement, reporting and analytics to successfully support a customer base where customer preferences keep changing. The challenge for enterprises lies in choosing the right cloud contact center solution and strategic partner to achieve these goals.

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    Key Manufacturers

  • Amazon Web Services, Inc.
  • Oracle Corporation
  • Cisco Systems Inc.
  • Genesys Telecommunications Laboratories Inc.
  • 3CLogic Inc.
  • Connect First Inc.
  • Five9 Inc.
  • Mitel Networks Corporation
  • Aspect Software Parent Inc.
  • 8X8 Inc.
  • Avaya Holdings Corp.
  • NICE inContact

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

    Cloud-based Contact Center market report focuses on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition. Moreover, the old data and present development of the Cloud-based Contact Center market have been given in the scope of the report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Cloud-based Contact Center market have also been involved in the study.

    Scope of the Report:

  • The cloud-based contact center market is segmented by Type (Automatic Call Distribution, Agent Performance Optimization, Dialers, Interactive Voice Response, Computer Telephony Integration, Analytics and Reporting), Services (Managed, Professional), End-user Industry (BFSI, IT and Telecom, Media and Entertainment, Retail, and Consumer, Logistics and Transport, Healthcare), and Geography.

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    TOC of Cloud-based Contact Center Market Report Covered:

    Introduction, Research Methodology, Executive Summary, Key Inferences, Market Overview, Cloud-based Contact Center market Dynamics, Market Segmentation, Competitive Landscape, Key Players, Future of the Market, and continued…

    Reasons to Purchase Cloud-based Contact Center Market Report Covered:

    • The report analyses how Cloud-based Contact Center market will grow in the future.
    • Analyzing various perspectives of the Cloud-based Contact Center market with the help of Porter’s five forces analysis.
    • Study on the product type that is expected to dominate the market and regions that are expected to witness the fastest growth during the forecast period
    • Recognize the new developments, Cloud-based Contact Center market shares and policies employed by the major market players.
    • Competitive landscape including the Cloud-based Contact Center market share of major players along with the key policies accepted for development in the past five years
    • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major Cloud-based Contact Center market players

    Key Market Trends:

    Retail Sector to Witness the Highest Growth Rate in the Forecast Period

    The intensifying competition in the retail marketplace and the emerging trends in customer services, expectations, behaviors, and e-commerce operations are driving the growth for the cloud-based contact centers market.
    The e-commerce industry is contributing to the growth of cloud contact centers tremendously. With retailers and e-tailers operating globally, compliance management becomes even more challenging. In May 2018, the advent of the an Union’s General Data Protection Regulation (GDPR) empowered EU customers and prospects to request that businesses delete their personal information. From live call monitoring and call recordings, supervisors of cloud-based contact centers can monitor key aspects of customer engagement to ensure adherence to regulations and identify issues.
    Most of the retailers, offline as well as online consider cloud contact centers as revenue generating stream with customer experience as a strategic focus. Therefore, many companies are entering this space. In 2019, Google announced its Contact Center AI, a beta version yet, to help retailers with intuitive customer service by scaling phone support without compromising the customer experience.

    North America to Hold the Largest Market Share

    In North America, the utilization of premise-based call centers dominated in mid-2017. However, the exceptional benefits offered by the cloud-based software is likely to boost the software demand.
    The organizations are shifting their focus toward cloud-based solutions to enhance efficiencies and scalabilities. For instance, in October 2018, one of the largest sub-servicers of residential mortgages in the United States, PHH Mortgage moved its contact center to cloud-based architecture in alliance with Serenova.
    The rising omnichannel approach to sales, coupled with the expanding e-commerce industry in the North American region, is driving the demand for contact centers. Companies are trying to expand their business portfolio in the region, due to the huge potential it offers. For instance, the omnichannel, cloud-based contact center software provider, ZaiLab, announced its plans to expand its product offerings in the North American region.

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    Study objectives of Cloud-based Contact Center Market Report:

    • To provide a detailed analysis of the market structure along with the Cloud-based Contact Center market forecast of various segments and sub-segments of the Cloud-based Contact Center market
    • To provide insights into factors influencing and affecting market growth
    • To provide historical, current, and forecast revenue of market segments based on material, type, design, and end user
    • To provide historical, current, and forecast revenue of market segments and sub-segments with respect to regional markets and key countries
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market shares, core competencies, and drawing a competitive landscape for the market
    • To provide economic factors, technology and Cloud-based Contact Center market trends that influence the global Cloud-based Contact Center market

    Detailed TOC of Cloud-based Contact Center Market Report 2019-2024:

    1 INTRODUCTION

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Industry Attractiveness – Porter’s Five Forces Analysis
    4.2.1 Threat of New Entrants
    4.2.2 Bargaining Power of Buyers/Consumers
    4.2.3 Bargaining Power of Suppliers
    4.2.4 Threat of Substitute Products
    4.2.5 Intensity of Competitive Rivalry
    4.3 Introduction to Market Drivers and Restraints
    4.4 Market Drivers
    4.4.1 Increasing Demand for Cloud-based Solutions
    4.4.2 Reduced Capital Expenses and Faster Deployment of Cloud Contact Center
    4.5 Market Restraints
    4.5.1 Security Concerns Regarding Cloud Based Solutions

    5 MARKET SEGMENTATION
    5.1 By Type
    5.1.1 Automatic Call Distribution
    5.1.2 Agent Performance Optimization
    5.1.3 Dialers
    5.1.4 Interactive Voice Response
    5.1.5 Computer Telephony Integration
    5.1.6 Analytics and Reporting
    5.2 By Service
    5.2.1 Professional
    5.2.2 Managed
    5.3 By End-user Industry
    5.3.1 Banking, Financial Services and Insurance (BFSI)
    5.3.2 IT and Telecom
    5.3.3 Media and Entertainment
    5.3.4 Retail
    5.3.5 Logistics and Transport
    5.3.6 Healthcare
    5.3.7 Other End-user Industries
    5.4 Geography
    5.4.1 North America
    5.4.2
    5.4.3 Asia-Pacific
    5.4.4 Latin America
    5.4.5 Middle East & Africa

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 Amazon Web Services, Inc.
    6.1.2 Oracle Corporation
    6.1.3 Cisco Systems Inc.
    6.1.4 Genesys Telecommunications Laboratories Inc.
    6.1.5 3CLogic Inc.
    6.1.6 Connect First Inc.
    6.1.7 Five9 Inc.
    6.1.8 Mitel Networks Corporation
    6.1.9 Aspect Software Parent Inc.
    6.1.10 8X8 Inc.
    6.1.11 Avaya Holdings Corp.
    6.1.12 NICE inContact

    7 INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

     

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