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Cloud-based Contact Center Market Growing at a CAGR 25.8% | Key Player NICE, GENESYS, FIVE9, VONAGE, TALKDESK

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Cloud-based Contact Center Market Growing at a CAGR 25.8% | Key Player NICE, GENESYS, FIVE9, VONAGE, TALKDESK

November 10
22:13 2020
Cloud-based Contact Center Market Growing at a CAGR 25.8% | Key Player NICE, GENESYS, FIVE9, VONAGE, TALKDESK

NICE (Israel), Genesys (US), Five9 (US), Vonage (US), Talkdesk (US), 8×8 (US), Cisco (US), Avaya (US), Serenova (US), Content Guru (UK), Aspect Software (US), RingCentral (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), Twilio (US), Vocalcom (France), Evolve IP (US), Pypestream (US), TechSee (US), Sentiment Machines (UK), AirCall (US), Nubitel
Cloud-based Contact Center Market by Component (Solutions and Services), Deployment Model (Public Cloud and Private Cloud), Organization Size, Industry (BFSI, Telecommunications, and Retail and Consumer Goods), and Region – Global Forecast to 2025

The global Cloud-Based Contact Center Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period, to reach USD 36.1 billion by 2025 from USD 11.5 billion in 2020. Major factors that are expected to drive the growth of the cloud-based contact center market include the rising adoption Social, Media, Analytics, and Cloud (SMAC) technologies, exponential need for improved business continuity, and cloud compliance requirements are expected to positively impact the growing demand for cloud-based contact center offerings across the globe. The cloud-based contact center market is expected to witness significant growth, owing to the rise in the adoption of cloud-based services by the Small and Medium-sized Enterprises (SMEs).

The reporting and analytics solution is expected to grow at the highest CAGR during the forecast period

Based on solutions, the cloud-based contact center market has been segmented into omnichannel routing, workforce engagement management, reporting and analytics, customer engagement management, and others [including Computer Telephony Integration (CTI), messaging, compliance, and data integration). The reporting and analytics segment is expected to have the highest growth rate during the forecast period. The cloud-based contact center reporting and analytics solution keep track of contact center operations and agent performance. These solutions are flexible and easy to use. They enable organizations to track real-time management metrics via customizable dashboards to help companies make smart business decisions. The need to bake data-driven business decisions is expected to find increased adoption across all industries.

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The SMEs segment is expected to grow at a higher CAGR during the forecast period

Based on organization size, the market has been segmented into large enterprises and Small and Medium-sized Enterprises (SMEs). The SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs have been rapidly adopting cloud-based contact center solutions, as these solutions provide increased scalability and cost-effective contact center solutions. Moreover, several vendors provide solutions based on the pay-per-use or subscription model targeted at SMEs to improve their position in the cloud-based contact center market. This subscription model provided by the cloud-based contact center is expected to positively impact the growth of the cloud-based contact center market.

The cloud-based contact center market includes major vendors, such as NICE (Israel), Genesys (US), Five9 (US), Vonage (US), Talkdesk (US), 8×8 (US), Cisco (US), Avaya (US), Serenova (US), Content Guru (UK), Aspect Software (US), RingCentral (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), Twilio (US), Vocalcom (France), Evolve IP (US), Pypestream (US), TechSee (US), Sentiment Machines (UK), AirCall (US), Nubitel (Singapore), JustCall (US), Dialer360 (UK), Servetel (India), NeoDove (India), and Rulai (US). The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as NICE, Genesys, Five9, Vonage, 8×8, and Avaya have majorly adopted many growth strategies, such as new product launches, and partnerships, to expand their product portfolios and grow further in the cloud-based contact center market.

NICE has a strong presence in the cloud-based contact center market, with a large number of deployments. The company’s hosted cloud-based contact center solution enables commercial clientele to manage customer service and workforce optimization. In the cloud-based contact center solution market space, NICE caters to its client requirements through the Customer CXone portfolio. The CXone portfolio includes the digital-first omnichannel customer service comprising unified voice and digital channels, seamless omnichannel routing, and unified omnichannel CX suite; customer experience management consisting of comprehensive customer insights, hyper-personalized experiences, and customer journey analytics; adaptive workforce engagement comprising flexible mobile enablement, personalized SMART goals and gamification, and AI-enabled Work Force Optimization and forecasting; and AI-driven smarter processes consisting of attended and unattended automation platforms, smart self-help chatbots, and AI-driven action and smart CX Automation.The strong presence across the globe is one of the key factors leading to large market shares in the cloud-based contact center market.

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Five9 offers a comprehensive, end-to-end cloud software solution to contact centers. The solution enables simultaneous management and the optimization of customer interactions across voice, chat, email, web, social media, and mobile channels. The company’s cloud contact center software solution consists of the highly scalable Virtual Contact Center (VCC) cloud platform delivering a comprehensive suite of easy-to-use, secure applications to cover the breadth of contact center-related customer service, sales, and marketing functions. The capabilities of the cloud contact center solution include Computer Telephony Integration (CTI), Interactive Voice Response (IVR), visual IVR, and Automatic Call Distributor (ACD), along with skill-based routing, reporting, dashboards, agent and supervisor desktops, dialers, mobile applications for contact centers and customers, pre-built Customer Relationship Management (CRM) integrations, quality management, speech and desktop analytics, customer surveys, and workforce management. Its solution facilitates in-bound, customer-initiated interactions and outbound agent-initiated interactions. The company aims to deliver innovative solutions, improved business performance, and productivity for increasing its profits and satisfying its customers. The key factors responsible for major shares in the market are wide geographic reach, strong distribution channels, and enhanced cloud-based contact center offerings. The growing popularity of cloud-based contact center is expected to provide a boost to the company’s revenue.

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