The global contact center as a service market is estimated at US$ 4.5 Billion out of 2022 and is probably going to reach US$ 16 Billion by 2032, displaying a CAGR of 13.52% during the forecast time frame. Expansion of the market can be attributed to the developing adoption of advanced contact center innovations for better working of the market and organizing client interactions to offer an unrivaled client experience.
Players in the market are presenting novel arrangements, which is probably going to augment the market development in the approaching time. For instance, in April 2020, Service Presently announced the launch of the Amazon Interface Integration with Cloud Call Center, a cloud contact center arrangement that furnishes workers with better IT support functionalities.
Cloud-based contact center software brings about no IT services and parts consumption. Also, they can be presented in a membership model, allowing undertakings to pick the model according to their prerequisite, bringing about cost savings.
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Organizations with limited resources adopt cloud-based contact centers, boosting the adoption of such systems in small and medium organizations. Attributed to such factors, the market is expected to flourish significantly during the forecast period.
On the contrary, the increasing adoption of digital technologies, such as AI, ML, and cloud computing has resulted in increased data breaches and cyberattacks in contact centers. The need for security, compliance, and data protection has increased with rising internet connectivity. As per statistics provided by NICE, contact centers handle more than 100 billion calls every month, with one out of 1,700 calls being fraudulent.
Key Takeaways from the Market Study:
- Global contact center as a service market is expected to flourish 3.5x until 2032
- By industry, IT & telecommunications to be primary end user, accumulating 42% revenue
- The SMEs segment is expected to dominate the global contact center as a service market during the forecast period
- In 2022, North America is expected to accumulate 35% of the total contact center as a service market share
- Europe to be a significant contributor to market growth, registering a CAGR of 12% until 2032
- Asia Pacific to be the fastest expanding region, registering a 12.3% value CAGR from 2022-2032
“Deployment of cloud-based software as service and the AI-based chatbots are expected to augment the market size during the forecast period. Also, the growing launch of application programming interface (API)-based contact center solutions is another factor that is expanding the growth scope of the market,” comments the FMI analyst.
Competition Analysis
Key players in the global contact center as a service market include NICE, Evolve IP, Luware AG, 8×8, Talkdesk, Cisco Systems, and others. Recent developments in the industry include:
- In January 2021, Talkdesk, Inc., boosted its machine learning capabilities by integrating Contact Center Intelligence and Amazon Web Services Products. Customers can use this solution to combine AWS machine learning functionalities with their current contact center provider to enhance efficiency and offer customized customer experiences.
- In July 2020, NICE LTD announced the launch of Real-Time Interaction Guidance, a solution powered by the company’s ENLIGHTEN AI platform. On the basis of predictive behavioral models, the solution offers in determining and scoring agent behavior to boost customer satisfaction and enhance sales opportunity identification. The solution forms an integral part of NICE’s CXone platform.
- In July 2022, 8×8 partnered with National Express, U.K’s largest scheduled coach operator, to help employees stay engaged, productive and efficient, regardless of work location, and deliver enhanced and secure customer experience. The operation aims to leverage 8×8’s xCaasTMintegrated cloud communications solution. The platform integrates cloud contact centre, voice, team chat, video meetings, and CPaaS embeddable APIs capabilities in a single-vendor solution.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global contact center as a service market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of function (interactive voice response (IVR), multichannel, automatic call distribution, computer telephony integration (CTI), reporting and analytics, workforce optimization, customer collaboration and others), by enterprise size (SMEs and large enterprises), and by industry (BFSI, IT and telecommunications, government, healthcare, consumer goods and retail, travel and hospitality, media and entertainment and others), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Segments Profiled in the Global Contact Center as a Service Market
Contact Center as a Service Market by Function:
- Interactive Voice Response (IVR) Contact Center as a Service
- Multichannel Contact Center as a Service
- Automatic Call Distribution Contact Center as a Service
- Computer Telephony Integration (CTI) Contact Center as a Service
- Reporting and Analytics Contact Center as a Service
- Workforce Optimization Contact Center as a Service
- Customer Collaboration Contact Center as a Service
- Other Contact Center as a Service Functions
Contact Center as a Service Market by Enterprise Size:
- Contact Center as a Service for SMEs
- Contact Center as a Service for Large Enterprises
Contact Center as a Service Market by Industry:
- Contact Center as a Service in BFSI
- Contact Center as a Service in IT and Telecommunications
- Contact Center as a Service in Government
- Contact Center as a Service in Healthcare
- Contact Center as a Service in Consumer Goods and Retail
- Contact Center as a Service in Travel and Hospitality
- Contact Center as a Service in Media and Entertainment
- Contact Center as a Service in Other Industries
Contact Center as a Service Market by Region:
- North America Contact Center as a Service Market
- Europe Contact Center as a Service Market
- Asia Pacific Contact Center as a Service Market
- Latin America Contact Center as a Service Market
- Middle East & Africa Contact Center as a Service Market
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