The size of the global cloud-based contact center market in 2019 was USD 11.01 billion. The effects of COVID-19 have been staggering and unprecedented on a global scale, and the pandemic has had a negative effect on demand at cloud-based contact centers worldwide. According to our analysis, the global market will grow by a lesser amount (22.1%) in 2020 than it did on an annual basis on average from 2016 to 2019. The market is anticipated to increase at a CAGR of 22.7% from 2020 to 2027, rising from USD 13.45 billion in 2020 to USD 56.37 billion. This market's demand and expansion, which will resume to pre-pandemic levels once the pandemic is over, are responsible for the increase in CAGR.
Because of the cloud's strong scalability, affordability, flexibility, and convenience features, demand for it is growing rapidly. As a result, businesses are looking more and more to switch from the conventional on-premise model to the cloud for their contact center operations.
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Which company dominates the Global Cloud Based Contact Center Market?
- Genesys Telecommunications Laboratories, Inc. (California, United States)
- Ameyo (Gurgaon, India)
- Aircall SAS (New York, United States)
- RingCentral, Inc. (Belmont, California, United States)
- Amazon Web Services, Inc. (Seattle, Washington, United States)
- Metaswitch Networks Ltd. (London Borough of Enfield, United Kingdom)
- Vocalcom Group (Paris, France)
- Cisco Systems, Inc. (San Jose, CA, United States)
- Five9, Inc. (California, United States)
What are the factors driving the growth of the Cloud Based Contact Center Market?
System reliability is one of the main reasons why businesses switch from their current on-premise contact center solution to a cloud-based one. Modern cloud contact center architecture raises the bar for security standards, which is what businesses most frequently demand. The main reasons for the rapid uptake of cloud-based solutions are their adaptability, functionality control, and enhanced performance. With the help of cloud deployment, companies can host their contact centers at other people's data centers, doing away with the need for any hardware infrastructure. The cost of the infrastructure as a whole is drastically decreased as a result. Additionally, a cloud-based contact center enables instantaneous workforce team scaling to quickly meet customer demand. As a result, small and medium-sized businesses are gradually switching from on-site contact centers to cloud-based models.
What are the geographical insights of the Cloud Based Contact Center Market?
The market is analyzed geographically for five key regions: North America, South America, Europe, the Middle East and Africa, and Asia Pacific.
With USD 3.60 billion in revenue, North America dominated the world market in 2019. The dominating growth of the market has been attributed to the presence of influential and innovative vendors throughout the area, including Oracle Corporation, Microsoft Corporation, and Cisco Systems, Inc. The growth of the international market is being accelerated by these major vendors' increasing investments in R&D activities. Another important factor contributing to North America's market dominance is the growing trend of organizations moving their business operations to the cloud. Further supporting the adoption of cloud-based contact centers is the growing trend of remote working.
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An overview of the report
- The report comprehensively analyzes recent and anticipated market trends to help investors find investment opportunities.
- Market predictions through 2027, starting from estimated market values
- Market trends that are significant across industries, regions, and countries
- Market strategies and significant developments observed
- Market dynamics like drivers, obstacles, opportunities, and other trends require
- comprehensive company profiles of significant players, both established and emerging
- Emerging economies are anticipated to grow through 2027.
Analysts have segmented the "Cloud Based Contact Center Market" into application, type, and regional segments to aid market participants in better understanding the market. Each element clearly demonstrates the variables that are most likely to have an impact on it and the variables that are anticipated to have a limit. The reader can access specific market updates thanks to the segmented explanation. The market research report on Cloud Based Contact Center Market Trends also discusses evolving environmental concerns, shifting political environments, and various government approaches to regulatory reforms.
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