Cloud-based Contact Center Market
Cloud-based Contact Center Market (Component: Solution and Services; Deployment: Public Cloud, Private Cloud, and Hybrid; Enterprise Size: Small & Medium Enterprises and Large Enterprises; and Industry: BFSI, Retail, Government, Healthcare, Manufacturing, Media & Entertainment, Telecommunication & IT, Travel & Hospitality, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Cloud-based Contact Centers Ensuring Business Continuity during COVID-19 Outbreak
As the COVID-19 situation continues, virtual contact centers are enabling businesses to integrate home workers into the contact center environment. Stakeholders in the cloud-based contact center market are gaining awareness about this opportunity, and increasing the availability of solutions in automatic call distribution and interactive voice response, among others. Virtual contact centers are emerging as key tools to ensure business continuity and resilience in serving clients and customers.
Enterprises are solving issues pertaining to technical, regulatory, and human resource to make virtual contact centers a success. Companies in the cloud-based contact center market are helping enterprises by being the frontline of customer service, as the COVID-19 situation continues in countries such as India and now in Europe with recently reported fresh cases and possible lockdown measures. Such situations are fueling the demand for essential support and services.
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Long-term Costs, Regulatory Challenges Adding up Performance Pressures
The cloud-based contact center market is projected to expand at an astonishing CAGR of ~22% during the forecast period. However, possible challenges such as long-term cost of hosting and heavily regulated industries are adding to the performance pressure of stakeholders. It has been found that hosting cloud-based contact centers can be an expensive endeavor. Hence, stakeholders are adopting contingency planning, and assessing the risks and benefits associated with their business models to map the sustainability of running their business.
On the other hand, cloud-based contact centers are heavily regulated and subject to multiple compliance requirements. Thus, to overcome this, companies are hiring customer agents with specific qualifications and training, especially in legal and financial industries. This is evident since the BFSI industry is estimated to dominate the second-highest revenue among all industry types in the market.
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Cloud-based CCaaS Helps Reduce Ownership Cost, Minimizes Downtime
The concept of contact center as a service (CCaaS) is grabbing the attention of stakeholders in the global cloud-based contact center market. RingCentral, Inc. - the U.S. publicly traded provider of cloud-based communications and collaboration solutions for businesses, is being publicized for its CCaaS solutions that help to lower upfront investment and reduce IT staffing.
The new wave of the CCaaS technology in the cloud-based contact center market is helping to effectively manage remote teams with collaboration tools such as team messaging and video. The CCaaS technology is helping to minimize cost of ownership, reduce downtime, and ensure business continuity, especially during the ongoing coronavirus pandemic. It has been found that unified communications as a service (UCaaS) and CCaaS work hand-in-hand to enable multi-channel communication.
Cloud-based Software Empower Healthcare Call Centers with Advancements in Patient-agent Relationship
Cloud-based software are being rapidly implemented in healthcare contact centers. TCN - a provider of cloud-based call center technology for BPOs, enterprises, contact centers, and collection agencies worldwide is being known for offering its cloud-based software to empower healthcare call centers with new advancements in patient-agent relationship. This is evident since the ever-evolving healthcare industry is susceptible to changes in budget allocations, employee turnover, and creating new strategies to improve the payer-consumer relationship.
Companies in the cloud-based contact center market are realizing that healthcare not only requires the innovative technology, but also an inclusive experience between the patients and care providers in order to improve medical outcomes. Cloud-based platforms hold promising potential to achieve this by seamlessly integrating into complex and less-optimally designed communication systems. Real-time data and intelligence with these software help optimize care and was evident during the COVID-19 pandemic.
AI, ML-based Omnichannel Cloud Communication Helps Improve Customer Service
In terms of retail, Amazon Connect is emerging synonymous with respect to virtual contact centers, since it uses omnichannel cloud communication. This type of communication helps to provide superior customer service at a low cost. There is a growing demand for personalized, dynamic, and natural experience in retail contact center services. Artificial intelligence (AI) and machine learning (ML) technologies are being deployed to automate interactions, identify customer sentiment, and authenticate callers to improve customer service.
Apart from solutions and services, companies in the cloud-based contact center market extending their innovations & research in software that deliver natural interactive voice response (IVR) and facilitate interactive Chatbots that make engagement fast and easy for customers. The easy self-service management is another key focus of online retailers.
Private Companies Unlock Opportunities in Government Organizations to Increase Access toward Information
Cloud-based contact centers are helping governments to improve customer experience for citizens and businesses by increasing access toward information. Due to rapid advancement of technology, governments are facing rising expectations from citizens. Private companies in the cloud-based contact center market are capitalizing on this opportunity to work closely with government organizations to increase access toward services and track request progress through self-service channels.
Companies in the cloud-based contact center market are offering personalized services in government organizations with the help of deep CRM (Customer Relationship Management) integration. Immediate access to client information on calls and fast issue resolution are being preferred by citizens and stakeholders in government organizations. Companies are increasing the availability for collaboration tools that help employees to easily reach out to experts in other departments or agencies.
Big Data, Analytics Tools Deploy Adaptive Management in Cloud-based Contact Centers
Apart from AI and ML, data and predictive analytics are revolutionizing the cloud-based contact center market. The increasing number of call center businesses is looking forward to invest in advanced analytics to provide better customer service. Data analytics in call and contact centers help in creating an effective strategy for improving business results and performance indicators. Today’s data driven world has fueled the demand for analytics to deploy adaptive management in order to provide better service to customers.
Since call centers are a bastion of business and customer interactions, companies in the cloud-based contact center market are increasing R&D in analytics tools to tap into Big Data to gain insight into agent performance and customer behavior. Indicators such as first call resolution and average processing time are becoming the epicenter of attention for contact center managers.
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Cloud-based contact centers are being preferred to deliver flexibility in managing customer service operations with the help of remote workforce during the COVID-19 outbreak. The cloud-based contact center market is expected to reach US$ 131 Trn by 2031. However, regulations and long-term cost of hosting are adding to the performance pressure of solution providers. Hence, companies should adopt contingency planning to assess the risks and benefits associated with their business model. Stakeholders are hiring customer agents with specific qualifications such as those who specialize in healthcare are HIPPA certified.
Cloud-based Contact Center Market: Overview
- The latest research report published by Transparency Market Research pertains to the global cloud-based contact center market for the historical period of 2018–2019; 2020 is the actual year, and the forecast period is 2021-2031. Increasing application in healthcare, media & entertainment, government, retail & eCommerce, and travel & hospitality segments to resolve various customer queries is expected to boost the cloud-based contact center market.
- The cloud-based contact center market is witnessing strong growth due to the growing adoption of these solutions among enterprises to provide customers with better experiences through many channels, such as video, voice, mobile, web, and social media
- In terms of revenue, the global cloud-based contact center market is expected to exceed value of US$ 131 Trn by 2031, expanding at a CAGR of ~22% during the forecast period
Rise of Remote Contact Center Workforce: Key Driver of Cloud-based Contact Center Market
- Cloud-based contact centers have ushered in the ability to maintain a remote contact center workforce, eliminating the need for offshore calls to a third-party vendor. Along with cloud-based contact centers, agents can be distributed throughout the country, driving them closer to customers. Numerous companies are framing work-from-home policies for agents in order to contain costs.
- For instance, according to the Everest Group’s research program, savings from office space and other overheads can be applied to hiring local talent that can offer localized service. Additionally, work-from-home agents are 5% to 10% less expensive than employing on-site professionals in the U.S.
- Cloud-based contact centers enable enterprises to explore options for homeshoring or escalating the remote workforce to support more employees who clock in from home. Homeshoring is the process of utilizing at-home agents to accomplish both high level of customer satisfaction and cost savings. For employees, homeshoring offers beyond just employment opportunities. Agents have flexible working schedules while they work remotely.
- For instance, according to the U.S. Bureau of Labor Statistics (BLS), there are approximately 2.8 million customer service agents in the country. That number is expected to rise by 5% by 2026, a sign that contact centers are creating more jobs. Homeshoring has played a role in boosting the U.S.-based contact center industry.
- Innovations in cloud-based contact center solutions enable businesses to remain competitive in a customer-driven world. Hence, these factors are estimated to fuel the cloud-based contact center market during the forecast period.
- COVID-19 has had a positive impact on the cloud-based contact center market. The spread of COVID-19 prompted numerous cloud-based contact center providers to embrace remote working amid stay-at-home orders due to concerns about health and safety of employees. This has propelled the demand for digital solutions or cloud-based contact centers across the globe.
Advancement in Technologies, New Commerce Platforms
- Well-informed Chatbot and intelligent assistants are gaining importance, leading to increased competition among organizations for the development of virtual personal assistants with multilingual capability. The online commerce market is booming due to the integration of virtual assistant technology with smartphones, and commerce applications such as eBay and Facebook, and other social media platforms. Google Now provides virtual assistance for Android phones and offers information and recommendations for everything within the app. Facebook M is a virtual assistant with artificial intelligence that supports text analysis and natural language processing. Advanced assistants such as the voice-command-based Siri, or text messenger Facebook M, are viewed as reliable services that may replace search engines. These services have been embedded in devices customers interact with. Predictive analytics merges data mining with artificial intelligence, machine learning, and various statistical techniques to analyze current and historic data, and draw inferences and make predictions about future events. For instance, Cleveland Burke Lakefront Airport and Cleveland Hopkins International Airport are already using data mining and predictive analytics to optimize their collection and forecast landing fees. Intelligent virtual assistants such as Google Now, Microsoft’s Cortana, or Apple’s Siri are based on software algorithms and are used by several organizations for bookkeeping, online research, database entries, data presentations, email management, social tasks, travel research, scheduling, and industry database management.
Cloud-based Contact Center Market: Competition Landscape
- Detailed profiles of providers of cloud-based contact center have been given in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global cloud-based contact center market are
- Atheer, Inc.
- Barco N.V.
- Blippar.com Ltd.
- Dell Technologies Inc.
- EON Reality, Inc.
- Google, LLC
- Honeywell International, Inc.
- HP Development Company, L.P.
- HTC Corporation
- Magic Leap, Inc.
- Manus Machinae B.V.
- Microsoft Corporation
- Nokia Corporation
- Oculus VR LLC
- Qualcomm Incorporated
- Samsung Electronics Co., Ltd.
- Sony Interactive Entertainment LLC
- Vuzix Corporation
Cloud-based Contact Center Market: Key Developments
- Key providers of cloud-based contact centers, such as NICE Ltd., Five9, Inc., Genesys Telecommunications Laboratories, Inc., Avaya, Inc., and Cisco Systems, Inc. are focusing on the development of cost-effective and compact cloud-based contact centers to attract more customers. Additionally, players active in providing cloud-based contact centers are focusing on inorganic growth strategies such as strategic collaborations and merger & acquisition activities with technology partners to improve their offerings and market reach.
- Some other key developments in the global cloud-based contact center market are highlighted below:
- In March 2021, Five9 entered into strategic partnership with CANCOM SE, to develop the contact center aspect of its business by utilizing the scalability of the Five9 intelligent cloud-based contact center
- In February 2021, Orange Business Service partnered with Kone Corporation, an international engineering and service company to migrate its cloud-based contact center infrastructure to the cloud
- In May 2020, Genesys Telecommunication Laboratories, Inc. partnered with Maximus, Inc., to develop a cloud-based contact center platform for government agencies
- In the global cloud-based contact center market report, we have discussed individual strategies, followed by company profiles of providers of cloud-based contact center. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global cloud-based contact center market.
Cloud-based Contact Center Market – Scope of Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global cloud-based contact center market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the cloud-based contact center market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the cloud-based contact center market is expected to progress during the forecast period of 2021-2031.
The report offers intricate dynamics about the different aspects of the cloud-based contact center market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the cloud-based contact center market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the cloud-based contact center market, and estimates statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the cloud-based contact center market, along with country analysis, key information, and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the cloud-based contact center market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Cloud-based Contact Center Market
The report provides detailed information about the cloud-based contact center market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the cloud-based contact center market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable regional markets for cloud-based contact center market players?
- Which factors will induce a change in demand for cloud-based contact centers during the assessment period?
- How will changing trends impact the cloud-based contact center market?
- How will COVID-19 impact the cloud-based contact center market?
- How can market players capture low-hanging opportunities in the cloud-based contact center market in developed regions?
- Which companies are leading the cloud-based contact center market?
- What are the winning strategies of stakeholders in the cloud-based contact center market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the cloud-based contact center market between 2021 and 2031?
- What are the winning imperatives of market frontrunners in the cloud-based contact center market?
Research Methodology – Cloud-based Contact Center Market
The research methodology adopted by analysts to compile the cloud-based contact center market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the cloud-based contact center market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the cloud-based contact center market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the cloud-based contact center market.
Cloud-based Contact Center Market – Segmentation
TMR’s research study assesses the cloud-based contact center market on the basis of component, deployment, enterprise size, industry, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the cloud-based contact center market.