The report segments the cloud-based contact center market comprehensively and provides the closest approximations of the revenue numbers for the overall market and sub segments across different industries and regions.
The global cloud-based contact center market is expected to grow from USD 6.80 billion in 2017 to USD 20.93billion by 2022, at a Compound Annual Growth Rate (CAGR) of 25.2% during the forecast period.
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The key players in the Cloud-Based Contact Center Market include – 8x8 Inc. (US),Five9 (US), Cisco Systems (US), Genesys (US), Oracle (US), New Voice Media (UK), Connect First (US), Aspect Software (US), NICE Ltd.
(Israel), 3CLogic (US)
The market is segmented on the basis of solution that includes Automatic Call Distribution (ACD), Agent Performance Optimization (APO), dialers, Interactive Voice Response (IVR), Computer Telephony Integration (CTI), reporting and analytics, security, others (issue tracking, omnichannel, and mobile care solution).
The service segment includes professional service and managed service. The deployment model segment includes public cloud, private cloud, and hybrid cloud.
The organization size includes SMEs and large enterprises. The applications include call routing and queuing, data integration and recording, chat quality and monitoring, real-time decision-making, and workforce optimization.
The market has been segmented on the basis of vertical into Banking, Financial Services, and Insurance (BFSI), consumer goods and retail, government and public sector, healthcare and life sciences, manufacturing, media and entertainment, telecommunication and Information Technology Enabled Services (ITES), and others (transportation and logistics, and education). Furthermore, the market has been segmented on the basis of regions into North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
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The global cloud-based contact center market is expected to grow from USD 6.80 billion in 2017 to USD 20.93billion by 2022, at a Compound Annual Growth Rate (CAGR) of 25.2% during the forecast period. Business continuity is one of the major driving factors for cloud-based contact centers.
In on-premises contact centers, hardware failures emerge abruptly, which is expected to disastrously impact on the companies’ customer data resulting in downtime, busy signals, and excessive delay. Cloud-based contact centers are independent of the location they are situated that enables agents, supervisors, and administrators to access them from anywhere through a phone or by an internet connection.
This makes cloud-based contact centers a disaster recovery/business continuity solution. This is one of the major growth drivers for the cloud-based contact center market, as these solutions provide an effective control that aid in meeting compliances and uptime.
However, a concern related to information loss is expected to end-users from adopting these solutions.
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Call routing designates certain calls to different agents and locations depending on a variety of factors. Focusing on call routing enables organizations to manage thousands of calls continuously without compromising with the customer satisfaction.
Moreover, organizations could easily manage spikes in call volume by intelligently distributing calls among multiple contact centers, including remote centers and home-based agents, with the unique cloud routing technology. However, demand for call routing and queuing solution is expected to increase in various verticals.
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