Pune, India, June 06, 2022 (GLOBE NEWSWIRE) -- The global Contact Center as a Service Market Size hit USD 4.18 billion in 2021. The market value is slated to rise from USD 4.87 billion in 2022 to USD 15.07 billion by 2029, exhibiting a CAGR of 17.5% during the forecast period. The market has declined significantly as a result of COVID-19, owing to lack of demand in all areas throughout the pandemic. However, the global market witnessed increased demand in 2021 due to an increase in cloud-based service and software CCaaS adoption for the global remote working population, says, Fortune Business InsightsTM in its report titled, “Contact Center as a Service (CCaaS) Market Report, 2022-2029”.
Key Industry Development-
June 2021: Talkdesk, Inc. launched an engagement platform called "Talkdesk community" for contact center specialists to share best practices and improve customer experience. This chat room community may allow consumers, employees, and members to interact and gain exclusive advice and ideas from users across the world.
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|Forecast Period 2022 to 2029 CAGR||17.5%|
|2029 Value Projection||USD 15.07 billion|
|Contact Center as a Service Market Size in 2021||USD 4.18 billion|
|Historical Data for||2018-2020|
|No. of Pages||160|
|Segments covered||By Function, Enterprise Size, Industry, and Region|
|Growth Drivers||Rising Popularity of Cloud-Based Software as a Service and AI-Powered Chatbots to Augment Market Growth|
|Rising Threat of Fraudulent Cases, Security Concerns, and Data Breaches Activity May Hinder Market Growth|
Drivers & Restraints-
Rising Popularity of Cloud-Based Software as a Service and AI-Powered Chatbots to Augment Market Growth
The rising popularity of cloud-based software as a service and AI-powered chatbots has fueled the growth of the Contact Center as a Service (CCaaS) industry. Throughout the forecast period, the growing number of prominent organizations launching application programming interface (API)-based contact center solutions will drive the market expansion. The increased use of digital technologies such as artificial intelligence and cloud computing has increased the risk of data breaches and cyber-attacks in contact centers. However, with increased internet connectivity and use, there is a greater need for compliance, security, and data protection. These factors may hamper the Contact Center as a Service (CCaaS) market growth.
North America to Lead the Global Market Share
North America is expected to dominate the global contact center services market. During the forecast period, increased investment in cloud-based software and numerous key firms in the U.S. fueled the market expansion.
Asia Pacific is expected to grow at the fastest rate. China and Japan are expected to dominate the Asia Pacific region and are among the fastest-growing regions in the market. Growth in this region is also being driven by increased investment in business operations automation by major corporations.
Europe is expected to have the second-largest Contact Center as a Service (CCaaS) market share, due to an increase in cloud technology use, government assistance, and investments in the industrial and healthcare sectors to streamline corporate operations.
To get to know more about the short-term and long-term impact of COVID-19 on this Contact Center as a Service Market,
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COVID-19 Impact -
Market Witnessed Slight Decline in Digital Technology Spending Amidst COVID-19
The global economy experienced a slight decrease in GDP as a result of company shutdowns during the COVID-19 pandemic. However, in the healthcare industry, customer service and contact centers have seen significant growth in the overall number of calls from customers worldwide. The majority of the market's largest CCaaS providers provide AI-powered chat solutions as well as cloud-based contact centers. During the COVID-19 outbreak, banks, financial institutions, and government agencies increased their demand for contact center services. Several corporate firms have embraced and implemented technology-based CCaaS solutions to keep client contacts and the workforce in remote areas. Furthermore, numerous major players are investing in the development of innovative technological tools.
By Function, Interactive Voice Response is likely to Dominate
The Contact Center as a Service Market is divided into functions such as multichannel, Interactive Voice Response (IVR), Computer Telephony Integration (CTI), automatic call distribution, reporting and analytics, customer collaboration, workforce optimization, and others (recording, dialer).
Interactive voice response is likely to take the lead. The automated computer system that communicates with customers and company employees is known as IVR. During the COVID-19 pandemic, several organizations used interactive voice response technology to obtain information about COVID-19 symptoms and the patient's health.
By Enterprise Size, there is Growing Number of SMEs in the IT and Telecommunication Sector
Based on enterprise size, the global market is divided into SMEs and large enterprises.
The market will be dominated by small and medium-sized businesses. This is due to an increase in the number of start-ups and increased investment in cloud-based software solutions by leading corporations.
By Industry, there is Growing Number of SMEs in the IT and Telecommunication Sector
The market is divided into several industries, including BFSI, IT and telecommunications, government, healthcare, consumer goods and retail, travel and hospitality, media and entertainment, and others.
Information technology and telecommunications industries are expected to have a sizable market share. Due to the growing emphasis on customer demands and a digital technology approach to customer interaction, the majority of CCaaS is used in this industry.
Geographically, the Contact Center as a Service Market is classified into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa.
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The research report highlights leading regions globally to better understand the user. Furthermore, the report provides insights into the most recent industry and market trends as well as analyses technologies that are being deployed rapidly around the world. It also highlights some of the growth-stimulating factors and restraints, allowing the reader to gain in-depth knowledge of the market.
Westcon Group, Inc. and 8x8, Inc. announced a Distribution Partnership
In April 2021, Westcon Group, Inc. and 8x8, Inc. formed a distribution alliance. The agreement provides Westcon's partners with updated cloud communication and contact center solutions, retail CCaaS public cloud services, and Unified Communications (UCaaS).
Companies Covered Contact Center as a Service Market Report:
- Anywhere365 Enterprise Dialogue Management (Netherlands)
- Computer Talk Technology Inc. (Canada)
- 8x8, Inc. (U.S.)
- Content Guru Limited (U.K.)
- Enghouse Interactive (U.S.)
- Genesys Telecommunication Laboratories, Inc. (U.S.)
- NICE Systems Ltd. (Israel)
- Talkdesk Inc. (U.S.)
- Luware AG. (Switzerland)
- Evolve IP, LLC (U.S.)
Quick Buy - Contact Center as a Service Market Report:
Major Points in TOC:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Contact Center as a Service (CCaaS) Key Players Market Share Insights and Analysis, 2021
- Global Contact Center as a Service (CCaaS) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Function (USD)
- Interactive Voice Response (IVR)
- Automatic Call Distribution
- Computer Telephony Integration (CTI)
- Reporting and Analytics
- Workforce Optimization
- Customer Collaboration
- Others (Recording, Dialer, etc.)
- By Enterprise Size (USD)
- Large Enterprises
- By Industry (USD)
- IT and Telecommunications
- Consumer Goods and Retail
- Travel and Hospitality
- Media and Entertainment
- By Region (USD)
- North America
- Latin America
- Middle East & Africa
- Asia Pacific
- North America Contact Center as a Service (CCaaS) Market Size Estimates and Forecasts, By Segments, 2018-2029
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