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, showing a CAGR of 13.52% during the forecast period . The market expansion can be attributed to the growing use of advanced contact center technologies for better market functioning and streamlining of customer interactions to offer superior customer experience.
Market players are introducing novel solutions, which are likely to increase market growth in the coming period. For example, in April 2020, ServiceNow announced the launch of 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 costs in IT services and components. Also, they can be offered in a subscription model, allowing businesses to choose a model according to their requirement, resulting in cost savings. Organizations with limited resources use cloud-based contact centers, which boosts the use of such systems in small and medium organizations. Due to such factors, the market is expected to grow significantly during the forecast period.
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Conversely, the increasing use 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 increasing internet connectivity. According to statistics provided by NICE, contact centers handle more than 100 billion calls per month, of which one in 1,700 calls is fraudulent.
Key Takeaways from the Market Study:
- The global contact center as a service market is expected to grow 3.5x through 2032
- By industry, IT and telecommunications will be the main end users, accumulating 42% revenue
- The SMEs segment is expected to dominate the global contact center as a service market during the forecast period
- By 2022, North America is expected to account for 35% of the total contact center as a service market share.
- Europe will be a significant contributor to market growth, registering a CAGR of 12% through 2032
- Asia Pacific is the fastest expanding region, registering a 12.3% CAGR value from 2022-2032
“Deploying cloud-based software as a service and AI-based chatbots is expected to increase the market size during the forecast period. Also, the growing rollout of application programming interface (API)-based contact center solutions is another factor expanding the market’s growth scope,” commented the FMI analyst.
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Major 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., strengthened its machine learning capabilities by integrating Contact Center Intelligence and Amazon Web Services Products. Customers can use this solution to integrate AWS machine learning functionalities with their existing contact center provider to improve 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. Based on predictive behavioral models, the solution offers the identification and scoring of 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 Global Contact Middle as a Service Market
Please contact Middle 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
- Contact Center Reporting and Analytics as a Service
- Workforce Optimization Contact Center as a Service
- Customer Collaboration Contact Center as a Service
- Other Contact Center as a Service Functions
Please contact Middle as a Service Market by Enterprise Size:
- Contact Center as a Service for SMEs
- Contact Center as a Service for Large Businesses
Please contact Middle as a Service Market by Industry:
- Contact Center as a Service at BFSI
- Contact Center as a Service in IT and Telecommunications
- Contact Center as a Government Service
- Contact Center as a Healthcare Service
- Contact Center as a Service in Consumer Goods and Retail
- Contact Center as a Travel and Hospitality Service
- Contact Center as a Media and Entertainment Service
- Contact Center as a Service to Other Industries
Please contact Middle 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 and Africa Contact Center as a Service Market
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More Important 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 2022-2032 .
The study reveals key insights based on function (interactive voice response (IVR), multichannel, automatic call distribution, computer telephony integration (CTI), reporting and analytics, workforce optimization, customer collaboration and others), according to by enterprise size (SME and large enterprises), and by industry (BFSI, IT and telecommunications, government, healthcare, consumer goods and retail, travel and hospitality, media and entertainment and others), in five main region (North America, Latin America, Europe, Asia Pacific and Middle East and Africa).
Table of contents
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 Scope / Taxonomy
2.2. Introduction and Definition of Market
3. Market Background and Foundation Data Points
To be continued…!
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