Contact Center As A Service Industry Overview
The global contact center as a service market size was valued at USD 3.91 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 18.4% from 2022 to 2030.
The market growth can be attributed to the rising adoption of advanced contact center technologies to maintain better business continuity and streamline customer interactions to provide higher customer satisfaction. Moreover, the incorporation of Artificial Intelligence (AI) and Machine Learning (ML) technologies in contact center solutions is expected to create more demand for the contact center as a service (CCaaS) market over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Contact Center As A Service Market
Numerous players are developing cloud contact centers to enhance operational functionality and flexibility for users. For instance, in April 2020, ServiceNow announced the launch of the Amazon Connect Integration with Cloud Call Center, a cloud contact center solution that offers employees better IT support functionalities. Amazon Connect Integration with Cloud Call Center provides native integration with AWS’s natural language AI technology, Comprehend and Transcribe, Lex with ServiceNow.’s IT workflow, and the service capabilities.
Various companies are also focusing on providing artificial intelligence-based cloud contact center solutions to increase accuracy and meet the changing customer needs. For instance, in October 2021, Automation Anywhere, Inc., an automation technology provider, announced the launch of the Automation Anywhere for Contact Centers, an AI-driven, cloud-native solution that facilitates businesses to provide faster customer services. Automation Anywhere for Contact Centers enables agents to be more efficient in finding, and updating the information as well as executing the client transactions quickly to deliver faster services.
Organizations that do not provide timely responses to customer emails experience potential loss of customers. Hence, it has become essential for organizations to deliver a better customer experience across all channels. Improved customer experience provides better support to the entire customer journey, from the first point of contact to becoming a loyal customer. Customer experience is an integral part of Customer Relationship Management (CRM) and is important because the customer who has a positive experience with the business is more likely to become a loyal customer.
Organizations can save maintenance service charges and hardware installation expenses by implementing the contact center as a service solution. Additionally, cloud-based contact center software does not incur any IT services and components expenditure. Cloud-based services also help decrease downtime and reduce power consumption. Furthermore, they can be offered in a subscription model, allowing companies to select the model according to their requirements, leading to cost savings. Companies with limited funds adopt cloud-based contact centers, thus boosting the adoption of these systems in small and medium enterprises. However, as contact centers store critical customer information such as payment card numbers and health information, increasing data security concerns are expected to hinder the market growth.
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Contact Center As A Service Market Segmentation
Grand View Research has segmented the global contact center as a service market based on solution, service, enterprise size, end-use, and region:
- CCaaS Solution Outlook (Revenue, USD Million, 2017 - 2030)
- Automatic Call Distribution
- Call Recording
- Computer Telephony Integration
- Customer Collaboration
- Dialer
- Interactive Voice Response
- Reporting & Analytics
- Workforce Optimization
- Others
- CCaaS Service Outlook (Revenue, USD Million, 2017 - 2030)
- Integration & Deployment
- Support & Maintenance
- Training & Consulting
- Managed Services
- CCaaS Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)
- Large Enterprises
- Small & Medium Enterprises
- CCaaS End-Use Outlook (Revenue, USD Million, 2017 - 2030)
- BFSI
- Consumer Goods & Retail
- Government
- Healthcare
- IT & Telecom
- Travel & Hospitality
- Others
- Contact Center As A Service Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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The global contact center-as-a-service (CCaaS) market is projected to grow with a high CAGR during the forecast period, i.e., 2021-2029 on account of the technological developments for enhancing customer experience.
As per the 2019 AI Index Report released by the Stanford Institute of Human-Centered Artificial Intelligence, the total private investment in artificial intelligence in 2019 was more than US$70 billion worldwide.The market is segmented by enterprise size into small & medium enterprises and large enterprises.
Among these segments, the large enterprises’ segment is anticipated to hold the largest share by the end of 2021 in the global contact center-as-a-service (CCaaS) market as a result of the acquisition of advanced technologies at a quicker pace.
On the basis of end-user, the market is segmented into BFSI, telecom & IT, healthcare, government, retail & consumer goods, and others.On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the global contact center-as-a-service (CCaaS) market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period.
This can be attributed to the presence of leading technology providers in the region, especially in the United States, who are extensively involved in the improving customer experiences through faster technology upgradation.Technological developments for enhancing customer experience and Decrease in Operating Costs Post-CCaaS Adoption to Drive Market GrowthAs estimated in a research, around 4.93 billion people have internet access worldwide which constitute 63.2% of global population.Access to internet is one of the most predominant factor for customers’ willingness to adopt new technologies.
It has been observed that the number of e-mails sent per day globally are increasing enormously.
Contact Center as a Service Market provide short term- and long-term growth, based on an in-depth study of the numerous growth variables that are influencing and will continue to shape the market's performance.
To provide a fact-based assessment, the study focuses on both direct and indirect causes, as well as positive and negative factors.The Contact Center as a Service Market Report is well-known for its accuracy and factual numbers, as it includes a succinct graphical representation, tables, and figures that show a clear picture of the product's development and market performance over the previous several years.COVID-19 impact:Millions of people have been infected with the new Coronavirus, and all major industries have been seriously hit, with the exception of medical supplies and life support products.
Get a Sample PDF of the Report at : Request Free Sample Report The Contact Center as a Service Market analysis covers key dynamic sectors that are driving growing US dollar demand, such as end-user markets, corporate dimensions, and consumer dynamics.
The market research report on Contact Center as a Service Market gives a thorough description of the industry, including execution, definitions, ratings, and the appropriate structure of the industry chain.
An international business evaluation that incorporates emerging market perspectives, ongoing developments, competitive landscape analyses, and development in important areas.
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