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Cloud-Based Contact Center Market Growing at a CAGR 26.1% | Key Player NICE, Genesys, Five9, Vonage, Talkdesk

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Cloud-Based Contact Center Market Growing at a CAGR 26.1% | Key Player NICE, Genesys, Five9, Vonage, Talkdesk

July 07
10:05 2022
Cloud-Based Contact Center Market Growing at a CAGR 26.1% | Key Player NICE, Genesys, Five9, Vonage, Talkdesk
NICE (Israel), Genesys (US), Five9 (US), Vonage (US), Talkdesk (US), 8×8 (US), Cisco (US), Avaya (US), Serenova (US), Content Guru (US), Alvaria (US), RingCentral (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), Twilio (US), Vocalcom (France), Evolve IP (US), Pypestream (US), TechSee (US), AirCall (US), Nubitel (Singapore), JustCall (US).
Cloud-Based Contact Center Market by Component (Solutions and Services), Deployment Mode (Public and Private Cloud), Organization Size, Industry (BFSI, Telecommunications, and Retail and Consumer Goods) and Region – Global Forecast to 2027

The Cloud-Based Contact Center Market comprises three broad technologies: digital transformation with advanced techniques and surging demand for AI, ML, advanced analytics technologies for enhanced business operations, and rising demand for automated solutions for business continuity and planning is driving the growth of Cloud-Based Contact Center Market.

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Contact center is a customer service function that handles customer contacts using more than one channel and can include phone, email, chat, text messaging, and social media. A cloud contact center has its core contact center technology hosted by a third party, utilizing cloud computing. Commonly hosted applications include Automatic Call Distributors (ACDs) that are responsible for routing contacts, and Interactive Voice Response (IVR) systems that greet callers and facilitate self-service. Cloud contact centers can also use hosted solutions for workforce management, analytics, Customer Relationship Management (CRM), training management, and more.

The services segment to hold a higher CAGR during the forecast period

Based on components, the services segment holds a higher CAGR during the forecast period. Services play a crucial role in efficiently managing the contact center of an organization. Service providers offer consulting services to help clients understand which cloud-based contact center solution suits their business needs. Service providers ensure the proper implementation of contact center software to provide enhanced customer experience to strengthen and sustain their relationship with customers. Consulting services help organizations adopt the best vertical practices to remain competitive in the global market. Furthermore, the services facilitate organizations to optimize global operations related to the contact center.

The global cloud-based contact center market size is to grow from USD 17.1 billion in 2022 to USD 54.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 26.1% during the forecast period.

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A cloud-based contact center is a deployment model that enables businesses to host their contact center at a remote, third-party location rather than at an on-premises location. The cloud model has witnessed high demand and growth in the contact center market over the past few years. In the past, enterprises used to host their call centers on physical systems or servers at their premises. However, this approach was limited to a particular location and involved high infrastructure costs. Cloud-based contact centers are being widely adopted among enterprises due to their advantages, such as high scalability, better flexibility, rapid deployment, and lower capital expenses.

Some of the major vendors in the cloud-based contact center market, such as NICE (Israel), Genesys (US), Five9 (US), Vonage (US), Talkdesk (US), 8×8 (US), Cisco (US), Avaya (US), Serenova (US), Content Guru (US), Alvaria (US), RingCentral (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), Twilio (US), Vocalcom (France), Evolve IP (US), Pypestream (US), TechSee (US), AirCall (US), Nubitel (Singapore), JustCall (US), Sentiment Machines (UK) Dialer360 (UK), Servetel (India), NeoDove (India), and Rulai (US).

NICE provides software solutions that enable enterprises to improve their performance, increase operational efficiency, prevent financial crimes, and enhance safety and security. NICE operates its business through three segments: product, service, and cloud. The company has its presence in more than 150 countries and caters to 25,000 organizations across the globe. It also caters to a variety of industries, including financial services, telecommunications, healthcare, retail, media and entertainment, travel, education, and energy and utilities. NICE inContact, a wholly owned subsidiary of the company, offers the cloud-based contact center solution with features such as ACD, IVR, interaction channel, proactive outbound, my agent eXperience-MAX, workforce intelligence, partner AI chatbots, workforce management, quality management, customer satisfaction surveys, performance management, omnichannel analytics, security and reliability, CRM integrations, UCaaS integrations, developer ecosystems, RESTful APIs, voice as a service, and reporting. The company has a strong presence in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. NICE is one of the major players in cloud-based contact center market.

Genesys is a privately owned enterprise and market leader in offering customer service and contact center solutions in cloud and on-premises. It is recognized for its Intelligent Voice Response System and Call Center Modernization software. It offers Genesys Customer Experience Platform that enables optimal customer journeys across touchpoints, channels, and interactions. The company has a strong presence in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Genesys is one of the major players in the cloud-based contact center market. In the cloud contact center market, the company offers Genesys Cloud, Genesys Engage, and Genesys PureContact. Genesys Cloud is an all-in-one contact center solution that helps manage and understand omnichannel interactions in a seamless customer journey. Genesys Engage is an omnichannel and multi-cloud customer engagement for large-scale businesses. It helps companies establish a personalized, customer-centric approach across channels, thus assisting in differentiating brands and building locality.

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