Contact Center as a Service Market Growing at a Phenomenal Pace Surpassing US$ 16 Bn by 2032 witnessing a growth of 13.52% CAGR – Future Market Insights, Inc.
As per the analysis, North America is expected to dominate the global market for contact center as a service, the region is expected to have secured about 35% of the global contact center as a service market share. According to the analysis, APAC is anticipated to be the fastest-growing market expected to grow at a CAGR of 12.3% during the forecast period. Europe is anticipated to exhibit decent growth during the forecast period, clocking a CAGR of 12% from 2022 to 2032
NEWARK, Del, Aug. 04, 2022 (GLOBE NEWSWIRE) — The global contact center as a service market is estimated at US$ 4.5 Billion in 2022 and is likely to reach US$ 16 Billion by 2032, displaying a CAGR of 13.52% during the forecast period. Expansion of the market can be attributed to the growing adoption of advanced contact center technologies for better functioning of the market and organizing customer interactions to offer a superior customer experience.
Players in the market are introducing novel solutions, which is likely to augment the market growth in the coming time. For instance, in April 2020, ServiceNow announced the launch of the Amazon Connect Integration with Cloud Call Center, a cloud contact center solution that provides employees with better IT support functionalities.
Cloud-based contact center software does not incur any IT services and components expenditure. Also, they can be offered in a subscription model, allowing enterprises to choose the model as per their requirement, resulting in cost savings. Organizations with limited resources adopt cloud-based contact centers, boosting the adoption of such systems in small and medium organizations. Attributed to such factors, the market is expected to flourish significantly during the forecast period.
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On the contrary, the increasing adoption of digital technologies, such as AI, ML, and cloud computing has resulted in increased data breaches and cyberattacks in contact centers. The need for security, compliance, and data protection has increased with rising internet connectivity. As per statistics provided by NICE, contact centers handle more than 100 billion calls every month, with one out of 1,700 calls being fraudulent.
Key Takeaways from the Market Study:
- Global contact center as a service market is expected to flourish 3.5x until 2032
- By industry, IT & telecommunications to be primary end user, accumulating 42% revenue
- The SMEs segment is expected to dominate the global contact center as a service market during the forecast period
- In 2022, North America is expected to accumulate 35% of the total contact center as a service market share
- Europe to be a significant contributor to market growth, registering a CAGR of 12% until 2032
- Asia Pacific to be the fastest expanding region, registering a 12.3% value CAGR from 2022-2032
“Deployment of cloud-based software as service and the AI-based chatbots are expected to augment the market size during the forecast period. Also, the growing launch of application programming interface (API)-based contact center solutions is another factor that is expanding the growth scope of the market,” comments the FMI analyst.
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Competition Analysis
Key players in the global contact center as a service market include NICE, Evolve IP, Luware AG, 8×8, Talkdesk, Cisco Systems, and others. Recent developments in the industry include:
- In January 2021, Talkdesk, Inc., boosted its machine learning capabilities by integrating Contact Center Intelligence and Amazon Web Services Products. Customers can use this solution to combine AWS machine learning functionalities with their current contact center provider to enhance efficiency and offer customized customer experiences.
- In July 2020, NICE LTD announced the launch of Real-Time Interaction Guidance, a solution powered by the company’s ENLIGHTEN AI platform. On the basis of predictive behavioral models, the solution offers in determining and scoring agent behavior to boost customer satisfaction and enhance sales opportunity identification. The solution forms an integral part of NICE’s CXone platform.
Key Segments Profiled in the Global Contact Center as a Service Market
Contact Center as a Service Market by Function:
- Interactive Voice Response (IVR) Contact Center as a Service
- Multichannel Contact Center as a Service
- Automatic Call Distribution Contact Center as a Service
- Computer Telephony Integration (CTI) Contact Center as a Service
- Reporting and Analytics Contact Center as a Service
- Workforce Optimization Contact Center as a Service
- Customer Collaboration Contact Center as a Service
- Other Contact Center as a Service Functions
Contact Center as a Service Market by Enterprise Size:
- Contact Center as a Service for SMEs
- Contact Center as a Service for Large Enterprises
Contact Center as a Service Market by Industry:
- Contact Center as a Service in BFSI
- Contact Center as a Service in IT and Telecommunications
- Contact Center as a Service in Government
- Contact Center as a Service in Healthcare
- Contact Center as a Service in Consumer Goods and Retail
- Contact Center as a Service in Travel and Hospitality
- Contact Center as a Service in Media and Entertainment
- Contact Center as a Service in Other Industries
Contact Center as a Service Market by Region:
- North America Contact Center as a Service Market
- Europe Contact Center as a Service Market
- Asia Pacific Contact Center as a Service Market
- Latin America Contact Center as a Service Market
- Middle East & Africa Contact Center as a Service Market
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global contact center as a service market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of function (interactive voice response (IVR), multichannel, automatic call distribution, computer telephony integration (CTI), reporting and analytics, workforce optimization, customer collaboration and others), by enterprise size (SMEs and large enterprises), and by industry (BFSI, IT and telecommunications, government, healthcare, consumer goods and retail, travel and hospitality, media and entertainment and others), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Table of Content
1. Executive Summary
1.1. Global Market Overview
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Introduction and Definition
3. Market Background and Foundation Data Points
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