Cloud Based Contact Center Market: The Opportunities for Innovation and Value Creation in Different Industries

The size of the global cloud-based contact center market in 2019 was USD 11.01 billion. The effects of COVID-19 have been staggering and unprecedented on a global scale, and the pandemic has had a negative effect on demand at cloud-based contact centers worldwide. According to our analysis, the global market will grow by a lesser amount—22.1%—in 2020 than it did on average between 2016 and 2019. According to projections, the market will expand at a CAGR of 22.7% between 2020 and 2027, rising from USD 13.45 billion in 2020 to USD 56.37 billion in 2027. This market's demand and expansion, which will resume to pre-pandemic levels once the pandemic is over, are responsible for the increase in CAGR.

Because of the cloud's strong scalability, affordability, flexibility, and convenience features, demand for it is growing rapidly. As a result, businesses are looking more and more to move their contact center operations from the conventional on-premise model to the cloud. For instance, Five9, Inc. purchased SpiderMonkey, d/b/a Whendu's iPaaS platform, in November 2019 to support the company's move of its contact center to the cloud. Contact center employees can work remotely thanks to the cloud-based contact center's independence from a specific location. The productivity of contact center agents has increased thanks to this remote working strategy, which also increases overall operational effectiveness. e cloud infrastructure offers excellent security, reliability, and convenience at affordable prices, which are key factors driving the adoption of these contact centers.    

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DEMANDING INDUSTRY PLAYERS

Leading global market players are persistently concentrating on expanding their current product and service portfolios. An additional tactic used by organizations to maintain their commercial acumen is the introduction of new products and solutions. To improve contact center operations and efficiency, vendors are creating technology-driven, customer-centric solutions that are distinctive. For instance, 8X8, Inc. introduced a new comprehensive cloud-based contact center solution in June 2019. In addition, strategic alliances and cooperation assist major players in diversifying their product and commercial lines. The needs of contact center agents and consumers are taken into consideration as several major vendors work together to introduce individualized, omnichannel, and simple cloud-based solutions. To increase the effectiveness and personalization of contact centers, for instance, NICE Ltd. announced in May 2020 the integration of its NICE inContact CXone solution with Microsoft Corporation's patented Microsoft Teams platform. Similarly to this, NICE Ltd. and Zendesk, Inc. partnered in May 2020 to support the operations of remote contact centers.

The companies that follow are a few of the major businesses profiled: 

• Genesys Telecommunications Laboratories, Inc. (California, United States)
• Ameyo (Gurgaon, India)
• Aircall SAS (New York, United States)
• RingCentral, Inc. (Belmont, California, United States)
• Amazon Web Services, Inc. (Seattle, Washington, United States)
• Metaswitch Networks Ltd. (London Borough of Enfield, United Kingdom)
• Vocalcom Group (Paris, France)
• Cisco Systems, Inc. (San Jose, CA, United States)
• Five9, Inc. (California, United States)
• Oracle Corporation (Redwood City, California, United States)
• Exotel Techcom Pvt. Ltd. (Karnataka, India)
• TCN, Inc. (George, Utah, United States)
• Avaya Inc. (North Carolina, United States)
• NICE Ltd. (Ra'anana, Israel)
• Tata Consultancy Services Limited. (Mumbai, India)
• 3CLogic Software, Inc. (Rockville, Maryland)
• Aspect Software, Inc. (Karnataka, India)
• Talkdesk, Inc (San Francisco, CA, United States)
• Worldline (Bezons, France)
• 8x8, Inc. (Campbell, California, United States)

The "Cloud Based Contact Center Market Report 2030" from Fortune Business Insights is an in-depth overview of the market that covers over 60 geographies and provides high-level market segmentation for each one. The market in each geography is examined, along with market size by region and country, in the section on regional and national breakdowns. Additionally, it assesses the market's past and anticipated growth and highlights important trends and corporate expansion tactics.

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SCOPE AND SEGMENTATION ASSOCIATED WITH THE REPORT

By Component: 

• Solutions
• Interactive Voice Response (IVR)
• Automatic Call Distribution
• Computer Telephony Integration (CTI)
• Call Recording
• Reporting and Analytics
• Dialer
• Workforce Optimization
• Customer Collaboration
• Others
• Services
• Professional Services
• Managed Services

By Deployment: 

• Public
• Private
• Hybrid

By Region

• (The United States and Canada)
• Europe (the United Kingdom, Germany, France, Italy, and the rest of the continent)
• Asia-Pacific (including Southeast Asia, China, India, Japan, and the rest of the region)
• Latin America (including Brazil, Mexico, and the remainder of the region)
• South Africa, the Gulf Cooperation Council, and the rest of the Middle East and Africa

The study examines several crucial elements to comprehend the market, such as the most recent market dynamics, growth potential, and development trends, as well as market challenges, development threats, and risk factors. The information is easy to understand thanks to this comprehensive market overview. In addition to offering both short- and long-term market forecasts, the study also provides an analytical stance on the pertinent global market sector.

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What insights does the Cloud-Based Contact Center Market report provide to readers?

• Cloud-Based Contact Center Market Fragmentation Based on Product Type, End User, and Region
• Comprehensive assessment of upstream starting materials, downstream demand, and the present market landscape.
• Collaborations, R&D projects, acquisitions, and product launches of each Cloud Based Contact Center Market player
• The various rules governments have placed on using the Cloud Based Contact Center Market are described in detail. 

The inspirations for investing in this report

• The research provides a detailed market overview by defining, describing, and classifying it.
• The study includes the SWOT analysis and business plans of each vendor in the industry.
• The report provides in-depth analyses of current market trends, trend forecasts, and growth drivers.
• The study thoroughly analyzes the business's competitive landscape and significant market strategies.

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