Industry market research firm MarketsandMarkets expects the global cloud-based contact center market to expand from its current level of $4.68 billion to $14.71 billion by 2020, growing annually at a compounded rate of 25.7 percent
The market growth is being driven by the low initial cost, faster deployment, growing demand for enhanced customer experience, and enhanced business agility, according to the firm’s "Cloud-Based Contact Center Market“ report.
Cloud-based contact center solutions allow companies to communicate effectively with their customers via various channels, including inbound/outbound/voice, email, and Web. At the same time, cloud-based solutions streamline the process of providing modern, up-to-date service to customers and personalizing service to meet their preferences and demands, while also providing the advantages of cost, reliability, and flexibility, MarketsandMarkets analysts concluded in the report.
The cloud-based deployment model enables organizations to set their contact centers in remote, third-party data centers, providing greater flexibility, scalability, and business agility, while saving significant costs over the long term, it added further.
The technologies involves include dialers, interactive voice response software, computer-telephony integration for intelligent screen pops, digital recording, workforce optimization, real-time reporting, and analytics tools. Key vendors identified in the report include Five9, Cisco Systems, Interactive Intelligence, Genesys, 8x8, 3CLogic, InContact, Connect first, Aspect Software, and Oracle. Mitel and LiveOps were listed as the top innovators in this space.
MarketsandMarkets further expects the global cloud-based contact center market to witness a great revolution in technological advancements and increased presence in different parts of the world. Latin America, it said, is one of the fastest-growing markets, driven by an investment-friendly atmosphere, favorable labor scenarios, and rapid development in some countries, such as Chile, Mexico, and Argentina.
The Middle East, Africa, Asia, and the Pacific also hold great potential due to growing numbers of small and midsized businesses and highly skilled workforces in these areas.
Verticals rapidly adopting cloud-based contact center technology include financial services, insurance, IT, telecommunications, and retail, which contributed more than half of the cloud-based contact center revenue in 2015. IT and telecom is expected to have the highest market share by 2020, while travel and hospitality, healthcare, and transportation and logistics are the emerging verticals.