Jul 28, 2020 (Market Insight Reports) -- The Global Cloud-based Contact Center Market Research Report 2020-2024 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
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).
Key Market Players:
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 and Other
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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 European Unions 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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The market factors explained in the report: