Increasing need to improve customer experience and Reduction in operational costs post CCaaS adoption are the Key Drivers Expected to Boost Contact Center as a Service Market Growth During the Study Period: MRFR

Market Research Future has published a Half- Cooked Research Report on the Global Contact Center as a Service Market.

Overview

The global contact center as a service market is expected to register a CAGR of 15.00% during the forecast period, 2022-2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the contact center as a service market to offer a better glimpse into the coming years.

Increasing need to improve customer experience and reduction in operational costs post CCaaS adoption are the primary factors driving the growth of the contact center as a service market. However, market expansion is being hampered by increasing concerns of data security issues. Despite this, dynamic customer demands for robust self-service interactions is creating market opportunities. In the global contact center as a service market, well-established and expanding manufacturers in North America, Europe, and Asia Pacific are making rapid technological advancements and improvements.

Furthermore, the CCaaS model has been gaining popularity because it is cost-effective, versatile, and constantly ready to supply the most up-to-date communication tools. Cloud-based technologies are projected to have a big selling feature in the form of easy access to disruptive tools.

Segmental Analysis

The global contact center as a service market has been segmented into function, enterprise size, industry, and region/country.

Based on function, the contact center as a service market has been segmented into automatic call distribution, call recording, computer telephony integration, customer collaboration, dialer, interactive voice response, reporting & analytics, workforce optimization, others. In contact centers, the automatic call distribution solution is commonly used since it allows them to handle a significant volume of inbound calls. Incoming calls are successfully routed to contact center staff or agents with specific expertise using this technology. This enables companies to provide a better client experience. Simple customer phone transactions are transformed into efficient encounters that employ the web, email, video, and voice to give unique and tailored services with customer collaboration solutions. Over the forecast period, the market is expected to rise due to the growing requirement to collect and use consumer feedback to improve product or service offerings. Furthermore, contact center supervisors and managers can evaluate detailed reports and dashboards linked to agent productivity using customer collaboration tools.

Based on enterprise size, the contact center as a service market has been categorized into large enterprises, small & medium enterprises (SMEs). The large enterprises segment dominated the market. Large organizations are increasingly demanding CCaaS because of technological improvements. These services help major businesses provide a better client experience while also lowering operational costs. Large businesses that deal with significant call volumes use CCaaS systems to provide exceptional customer service. CCaaS solutions are gaining popularity among SMEs due to advantages such as quick service delivery and inexpensive investment costs. The market is also being fueled by a shortage of customer care agents and on-board IT professionals in SMEs. CCaaS solutions assist SMEs in improving the entire customer experience while also increasing agent productivity.

Based on industry, the contact center as a service market has been bifurcated into BFSI, consumer goods & retail, government, healthcare, IT & telecom, travel & hospitality, others. The increase in client interaction as a result of digitalization in the BFSI industry can be attributed to the segment's growth. Customers are increasingly using a variety of channels to communicate with financial institutions. This is further driving the adoption of cloud-based customer service systems in the BFSI industry. Customer relationship management as a service (CCaaS) solutions are assisting the industry in establishing excellent customer relationships. During the forecast period, the consumer goods and retail segment is expected to register the highest CAGR. The need for CCaaS solutions in the consumer goods and retail business is growing due to the increased usage of online channels for purchasing consumer products. Representatives can provide quick and customized services to CCaaS solutions.

Competitive Analysis

The global contact center as a service market is characterized by the presence of several regional and local providers. Some of the key players in the market are Alcatel Lucent Enterprise (France); Avaya, Inc. (US); Cisco Systems, Inc. (US); Enghouse Interactive, Inc. (US); Five9, Inc. (US); Genesys (US); Microsoft Corp. (US); Nice inContact (US); SAP SE (Germany); Unify, Inc. (Germany), 3C Logic (US), Oracle Corporation (US), Mitel Networks Corporation (Canada), Evolve IP, LLC (US).

Regional Analysis

The global contact center as a service market has been segmented into four regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The market in North America is expected to grow as a result of the large number of cloud computing businesses that are driving the development of new technologies. In addition, the country's growing number of small and midsize enterprises is expected to boost demand.