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by on March 17, 2022
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Cloud-Based Contact Center Market

The cloud-based contact center market was evaluated at USD 8,637 million in 2019. The market is projected to witness a compound annual growth rate of 24.9% over the analysis period, i.e., 2020-2027. The growing need for cloud compliance and increasing demand for cloud-based contact center by SMEs to improve the business are projected to fuel the market growth.

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Cloud-Based Contact Center Market Dynamics

The increasing need for cloud computing will bolster the cloud-based contact center market growth over the forecast period for its flexibility, cost-efficiency, and scalability. Thus, organizations are willing to transfer their contact-center operations to the cloud from conventional on premise model. The prime forces complementing the market growth are the growing demand for better customer service with fast, customized, and error-free interactions, remote-operations to provide a 24/7 customer care services, and flexibility to work from home are projected to expand the market growth. Moreover, cloud-based contact centers offer a worldwide reach, enhanced customer experience, and reduced infrastructural cost with quick and easy access to multi-channel services, such as interactive voice response (IVR) system and automatic call distributor (ACD). This will provide huge opportunities for the market.

Additionally, the growing adoption of SMAC technologies, such as mobile, analytics,, cloud technologies, and social media across wide range of end-use industries such as media and entertainment, telecom, banking, financial services, and insurance (BFSI), IT, and retail will propel the cloud-based contact center market size.

The growing cases of cloud cyberattacks and increasing concerns towards the privacy of serious information on cloud are projected to restrain the market growth. In addition, the need for huge investment required for bandwidth of internet connection will further hamper the cloud-based contact center market share.

Type Segment Drivers

The automatic call distribution is projected to hold a major share in the market owing to its several advantages such as quick response to incoming calls; decreases call transferring time, enhance the efficiency of the agents, and improve the customer experience. Additionally, the global cloud-based contact center market report projects that the automatic call distribution (ACD) can be incorporated with customer relationship management (CRM) system, and other communication platforms which include social media and Live Chat, this enables to offer an intuitive and smarter conversation with the customer by acknowledging their needs and previous interaction with the business.

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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