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Contact centers are the facilities that manage client’s contacts through various mediums such as letter, e-mail, fax, telephone and online live chat. Contact center is defined as a synchronized system of people, strategies, technologies and processes that provides access to resources, data and expertise, through suitable channels of communication. These communication channels enable interaction among various business departments that creates value for the customers and organizations. Companies worldwide are continuously searching for cost-effective approaches with cloud based partners to optimize the effectiveness of their contact center systems and applications. The introduction of cloud computing in the contact center market is playing a vital role in renovating the mature contact center technology sector. Most of the categories of contact centers and customer service applications have been cloud enabled. 
 
Increasing rate of innovation in this market is accelerating the rate of adoption of cloud based contact centers globally Vendors of cloud based contact center infrastructure are considerably investing  in its research and development (R&D) activities to get a competitive edge. The cloud model has witnessed exceptional growth and demand in the contact center market over the past few years. This market is anticipated to experience significant growth owing to increasing areas of applications, which in turn will necessitate all contact centers to shift some of their functionalities to the cloud in the coming future.
 
Customer requests, strategic partnerships, trends such as application of cloud based contact centers in industry verticals such as corporate and enterprise, and necessity to deliver new capabilities to the existing market plays a critical role in the innovation of cloud based contact centers. Cost reduction is one of the key factors driving the growth for cloud based contact centre. Moreover, reduced and simplified maintenance process, fast implementation of business value, simplicity in managing distributed sites, business agility and flexibility along with financial benefits are propelling the market growth. Adoption of cloud solutions is not dependent on a single or fewer industry sectors; but, it is evenly distributed across various industry verticals. High adoption of cloud based solution in industries such as financial services; retail, healthcare and technology are fueling the growth of market. 
 
The eradication of cloud linked traditional beliefs related to functionality, control; reliability and security are also leading to an increased adoption of cloud based contact centers globally. Key application areas of cloud based contact centers include customer relationship management (CRM), multimedia contact, quality monitoring, automated call distributor (ACD), interactive voice response (IVR), outbound contact, workforce management (WFM), and analytics, among others.
 
Expanded application program interface (API) capabilities, speech and text analytics, enhanced workforce management (WFM) capabilities, enhanced sales and marketing offering and enhancement of customer relationship management (CRM) integration that enables customers to string together their workflows within different CRM systems are the expected to be  potential future opportunities for this market. With implementation of cloud based contact centers, business enterprises can evade the surplus investment in the infrastructure (that are not based on cloud computing).
 
Small and medium enterprises (SMEs) are anticipated to deploy cloud based contact centers to their entire business activities, whereas large enterprises will tend to implement cloud based contact centers for selected functionalities or departments. Some of the major players in the cloud based contact centers market are Liveops, Inc., Aspect Software, Inc., inContact, Inc. and Five9, Inc. among others.
 
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include 
  • North America 
  • Asia Pacific 
  • Europe
  • Rest of the World  
This report provides comprehensive analysis of 
  • Market growth drivers 
  • Factors limiting market growth
  • Current market trends 
  • Market structure
  • Market projections for upcoming years 
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis. 
 
Reasons for Buying this Report
  • This report provides pin-point analysis for changing competitive dynamics
  • It provides a forward looking perspective on different factors driving or restraining market growth 
  • It provides a six-year forecast assessed on the basis of how the market is predicted to grow 
  • It helps in understanding the key product segments and their future
  • It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
  • It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments 
  • It provides distinctive graphics and exemplified SWOT analysis of major market segments

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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