Rapid adoption for new technology and need for reduction in data saving & handling cost are proving cloud-based solutions as vital need for business enterprises. Cloud-based contact centers are synchronized systems designed for organizations that enables communication among resources through secured and appropriate channel. Growing adoption of cloud-based services by network service providers (NSPs) is prominent factor for escalating cloud-based contact centers market. With globalization of businesses, organizations are demanding for interconnected cloud based unified communication service for their employees. With such high demand by organizations NSPs are realizing the potential of cloud-based contact center service to expand their offerings on global basis.

Due to cost effective nature, small & mid-sized organizations are early adopters of cloud-based contact center services, thereby appearing a prominent consumer base. This is also due to the fact that small & mid-sized organizations have relatively higher adoption of cloud services, especially in North America and Europe. On the other hand, features such as global accessibility have attracted larger enterprises for simplified and flexible communication process among resources. Growing trend of outsourcing services is another supporting factor for cloud-based contact center market growth. As organizations are looking to stay focused on their core business, outsourcing of supportive processes has emerged as an important trend to minimize costs and enhance productivity. For instance, in April 2018, TCN, Inc., a cloud-based call center service provider, announced to sign a contract with CallMiner, Inc., a customer engagement analytics provider. With this partnership, TCN, Inc. will offer its cloud-based contact center service to CallMiner, Inc. This partnership allows CallMiner, Inc. to transcribe, record and obtain important insights from customer calls. As this is very sensitive data to handle, TCN, Inc. will offer very secured and flexible way of cloud-based contact center to CallMiner, Inc.

With strong penetration of cloud-based services, adoption for cloud-based contact center services continues to grow in North America. Presence of large number of market players is another important factor supporting the strong penetration of these solutions in the region. Further, factors such as cost effectiveness and global accessibility are expected to encourage the adoption of cloud-based contact center at high rate in Asia Pacific. With strong growth in retail and IT & telecommunication sectors, the region is set to emerge highly promising in the following years. Similarly, growing number of BPOs in the region, organizations continue to focus on improving their customer service to stand out strongly in the competitive market.

Market Dynamics

Drivers:

• Rising adoption of SMAC technologies
• Role of social media in cloud-based contact center operations
• Benefits of SMAC technologies in contact centers
• Increasing adoption of cloud-based contact centers due to COVID-19
• Rising number of channels to reach end-customers
• Growing need for personalized and streamlined customer interactions
• Faster deployment, scalability, and flexibility of cloud-based contact centers
   
  Better business continuity with cloud-based contact centers

Restraints:

• Inadequate network bandwidth in emerging economies
• Cyber-attacks impacting business operations

Opportunities:

• Enhanced customer experience to increase cloud-based contact center adoption
• Need to analyze audio conversations in real-time
• Shifting focus of enterprises on work from home culture
• Implementation of AI, analytics, and NLP capabilities to add value to existing cloud-based contact centers

Challenges:

• Privacy and data security aspects
• Organizational, technical, and operational difficulties while moving contact centers in cloud
• Integration of mobility with existing capabilities

Key players identified in cloud-based contact centers market include but are not limited to: 

International Business Machines (IBM) Corporation, Accenture Plc., SAP SE, Enghouse Systems Ltd., Cisco Systems, Inc., inContact, Inc., Genesys Telecommunications Laboratories, Inc., Connect First, Inc., Verizon Communications, Inc., Oracle Corporation, 8x8, Inc., Five9, Inc., 3CLogic. Inc., Interactive Intelligence Group, Inc., Atheer, Inc., Barco N.V., Blippar.com Ltd., Curiscope, 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., Semcon, Sony Interactive Entertainment LLC,Vuzix Corporation, NICE (Israel), Genesys (US), Vonage (US), Talkdesk (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), ialer360 (UK), Servetel (India), NeoDove (India), Rulai (US) And Others.

Recent Developments:

• In March 2023, 8x8 launched a new 8x8 Contact Center composed experience transforming the contact center agent role. 
• In March 2023, 8X8 launched the continued global growth and customer adoption of the 8x8 XCaaS solution. 8x8 XCaaS includes an integrated cloud contact center, voice, team chat, video meetings, and CPaaS embeddable APIs capabilities in a single-vendor solution.
• In December 2021, storm SCIM improves administration efficiency for large contact centers, by automating agent provisioning and removing the need to manually add, remove or update users. SCIM gives back valuable work time to administrators by automatically provisioning users, freeing up time to spend on more complex matters. With SCIM, an organization’s provisioning process is completed quickly and securely, creating accounts for new agents right away and removing them for leavers.
• In October 2021, Nice announced the next leap in customer experience (CX) with the introduction of Customer Experience Interactions (CXi), a new framework delivered through a unified suite of applications on the CXone platform. CXi empowers organizations to intelligently meet their customers wherever their journey begins, enables resolution through AI and data-driven self-service, and prepares agents to successfully resolve any customer needs event.
• In October 2021, Talkdesk introduced Talkdesk Insurance Smart Service, an enterprise-grade contact center solution tailor-made to elevate the policyholder and agent experiences. The new solution will provide a better way to alleviate the industries’ most critical customer experience (CX) pain points and expedite claims processing. Combining self-service and agent assist capabilities with artificial intelligence (AI) and out-of-the-box CRM integrations, Insurance Smart Service modernizes the policyholder and agent experience to deliver more convenient, personalized engagements, and faster claims resolution.
• 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

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Cloud-Based Contact Centers market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Cloud-Based Contact Centers market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Cloud-Based Contact Centers market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Cloud-Based Contact Centers market?
• Which is the largest regional market for Cloud-Based Contact Centers market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Cloud-Based Contact Centers market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Cloud-Based Contact Centers market worldwide?