Cloud-based Call Center Software Market - Introduction
- A tradition call center software solution helps enterprises to handle outbound and inbound telephony operations of businesses. Managers, agents, and call center supervisors can use it to handle outgoing calls, incoming calls, perform workforce management, track key call center metrics, and also load automated solutions for all commercial calls.
- A cloud contact center software is an advanced software tool that enables enterprises to manage customer communications (SMS & calls) over the internet platform, without investing in traditional business telephony setups in call centers.
- Cloud contact center software is cost efficient and helps businesses to gain more visibility and control over business operations.
- Cloud-based solution providers offer a universal virtual number for cloud-based call center systems that helps customers easily contact any customer care center of the company.
- It helps to personalize the business call flow to enhance the customer experience. Cloud- based call center software is also used to add a voicemail option and create personalized IVR greeting for callers. Smart call routing call center features diverts calls to the right agents based on the team’s availability and the customer’s input. Increasing demand for cloud-based solutions in call centers is expected provide business opportunities in the cloud-based call center software market.
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Key Drivers of the Cloud-based Call Center Software Market
- Growing demand for more scalability, flexibility, and faster deployment of services in call centers is expected to drive the growth of the cloud-based call center software market. This software enables companies to take faster decisions on traffic volumes during call center operations, which is expected to boost the growth of the market.
- Increasing adoption of advanced cloud-based call center software in different industry verticals is expected to generate revenue and advanced technological solution opportunities for software providers during the forecast period.
Increasing security threats related to sensitive and highly confidential data expected to hinder the market
- Increasing security threats and privacy concerns by adoption of cloud-based software in some industry verticals such as banking and in financial institutes may restrain the growth of the market.
- Companies are investing and monitoring data traffic and movement of data files on servers to avoid any kind of confidential information loss. This is also expected to hamper growth of the market.
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Impact of COVID-19 on the Global Cloud-based Call Center Software Market
- Contact centers are adopting the work from home business module to provide call center services to companies and customers. Companies are shifted their business process on to a cloud platform during the lockdown period to provide access and availability of the software tools to employees for voice support.
- Many companies now operate their businesses on online platforms due to the lockdown conditions; companies are adopting cloud-based call center software to secure the online platform for their customer database. Demand for cloud-based call center software solutions is increasing during COVID-19 and is also set to increase during the forecast period.
North America to Hold Major Share of the Global Cloud-based Call Center Software Market
- North America holds prominent share of the cloud-based call center software market due to increasing adoption of cloud-based services among small and medium size enterprises to reduce the investment in IT infrastructure.
- The cloud-based call center software market in Asia Pacific and Europe is expected to expand the fastest during the forecast period due to increasing adoption of cost effective advanced telephony solutions in the service industry to provide support to customers.
Key Players Operating in the Global Cloud-based Call Center Software Market
- Cisco Systems, Inc.
Cisco Systems, Inc. is a global provider of Internet Protocol (IP)-based networking technologies. The company offers routing and switching solutions, IP telephony, optical networking, security, storage, and networking and wireless technology. Cisco Systems, Inc. provides complete solutions for networking and enterprise voice and video communication and offers a broad range of services which include technical support and other advanced services. The company provides next generation firewalls, advanced malware protection, access points, optical networking, data center switches and security, virtual networking, and storage networking.
- 8x8, Inc.
8x8, Inc. is a leading global company engaged in the development and marketing of telecommunication services for web-based conferencing, UC, Internet Protocol, video applications, and telephony. It also offers cloud-based computing solutions and 8x8 virtual contact center services. The company’s unified solution provides key benefits such as a comprehensive UC SaaS suite and rapid cloud provisioning. 8x8, Inc. offers diverse business solutions including cloud contact centers, business phones, and virtual office apps.
Other key players operating in the global cloud-based call center software market include Genesys Telecommunications Laboratories, Inc., Oracle Corporation, Five9, Inc., Vonage Holdings Corp., Ameyo, and AVOXI, Inc.
Global Cloud-based Call Center Software Market: Research Scope
Global Cloud-based Call Center Software Market, by Component
- Agent Performance Optimization (APO)
- Automatic Call Distribution (ACD)
- Interactive Voice Response (IVR)
- Reporting and analytics
- Professional Services
- Managed Services
Global Cloud-based Call Center Software Market, by Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
Global Cloud-based Call Center Software Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Cloud-based Call Center Software Market, by Industry
- IT & ITES
- Media and entertainment
- Healthcare and Life Sciences
- Retail & E-commerce
- Others (Education and Transportation & logistics)
Global Cloud-based Call Center Software Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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
- 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.