Global Cloud-Based Contact Centre Market – Industry Trends and Forecast to 2030

Global Cloud-Based Contact Centre Market, By Component (Solutions, Services), Application (Call Routing and Queuing, Data Integration and Recording, Chat Quality and Monitoring, Real-Time Decision-Making, Workforce Optimization (WFO)), Organization Size (Small and Medium-Sized Enterprises (SMEs), Large Enterprises), Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), Vertical (Banking, Financial Services, and Insurance (BFSI), Consumer Goods and Retail, Government and Public Sector, Healthcare and Life Sciences, Manufacturing, Media and Entertainment, Telecommunication and Information Technology Enabled Services (ITES), Others) – Industry Trends and Forecast to 2030.

Cloud-Based Contact Centre Market Analysis and Size

Cloud-based call centres are gradually replacing on-premise call centres. According to the State of Customer Experience 2018, the migration of 39% of contact centres in the United Kingdom to the cloud, with 57% planning to shift to cloud-based call centres within the next three years, highlights the market's potential. Cloud contact centres have become an essential step for businesses to take in order to adopt a systematic strategy that improves performance, channel support and engagement, reporting, and analytics in order to successfully service a client base where customer preferences are always changing.

Data Bridge Market Research analyses that the cloud-based contact centre market, which was USD 17.53 billion in 2022, is expected to reach USD 112.07 billion by 2030, at a CAGR of 26.10% during the forecast period 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Cloud-Based Contact Centre Market Scope and Segmentation  

Market Definition

Cloud-based contact centres are essentially described as a network-based service in which the cloud services provider owns and operates the contact centre technology. A cloud-based contact centre solution consolidates many channels of communication into a single platform, allowing agents to connect with customers by phone, email, or instant message while maintaining a consistent record. It delivers workforce management solutions to help agents and supervisors manage their time effectively.

Cloud-Based Contact Centre Market Dynamics

Drivers

• Growing demand from BFSI industry will drive the market growth

Cloud-based contact centres are likely to grow rapidly in the BFSI sector. Many financial institutions are implementing cloud-based solutions to make their facilities more convenient. With the rising use of cloud platforms, the banking industry is becoming more digital. According to Financial News London, legacy technology maintenance accounts for 80% of a bank's IT spending, with up to USD 300 million spent each year managing and supporting these fragmented systems. This reason is compelling banks to engage in a cloud solution, whether on-premises or through private and public cloud services, in order to achieve higher scalability and seamless communication among various systems.

• Growing investment by private players to streamline the process

The increasing acceptance of cloud computing in small and medium-sized organisations (SMEs) due to its multiple benefits, such as robust scalability, affordability, flexibility, and features, is favouring market expansion. Furthermore, the incorporation of artificial intelligence (AI), natural language processing (NLP), machine learning (ML), predictive analytics, voice analytics, and the internet of things (IoT) in a cloud-based contact centre to provide a seamless and efficient customer experience is driving market growth. These cutting-edge technologies assist in the analysis of consumer data and the delivery of insights used to forecast customer behaviour, identify possible issues, improve customer service, and optimise corporate processes.

Opportunities

• Healthcare industry will act as a market opportunity

In the healthcare industry, cloud-based contact centres are used to provide telemedicine services, allow patients to get virtual consultations, and provide remote monitoring from healthcare practitioners. It also aids healthcare providers in the management of patient appointments and reminders, the reduction of missed appointments, and the improvement of patient outcomes. This, together with the rising frequency of chronic illnesses among the general population, is fueling market expansion.

Restraints/Challenges

• Rising risk of cybercrimes

Contact centres routinely hold enormous volumes of data that have attracted hackers and may change the data may be the market's biggest concern. The risk of data loss could impede market expansion. Unfortunately, contact centres, which frequently handle sensitive consumer data, are no exception. Contact centres frequently obtain and retain enormous amounts of client information, attracting attackers.

• Lack of technical and operational expertise

Another impediment to market expansion is a lack of understanding about the advantages of cloud-based contact centres in a few economically developing countries. Meeting client expectations across multiple channels is extremely challenging and costly since it necessitates a reliable infrastructure to connect the channels and transport customer data between them.    

This cloud-based contact centre market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cloud-based contact centre market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2019, ZephyrTel announced a telecom-focused strategic collaboration arrangement with Amazon Web Services (AWS) to transfer ZephyrTel offerings, including OASIS Cloud Contact Centre, to AWS.
• In 2021, Talkdesk Insurance Smart Service, a business-grade contact centre solution designed to improve the experiences of both agents and policyholders, was launched in October.. The new solution will provide a more efficient way of resolving the most critical customer experience (CX) pain points and expediting claims processing.

Global Cloud-Based Contact Centre Market Scope

The cloud-based contact centre market is segmented on the basis of component, application, organization size, deployment model, and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Solutions
• Automatic Call Distribution
• Agent Performance Optimization
• Dialers
• Interactive Voice Response
• Computer Telephony Integration
• Analytics and Reporting
• Services
• Professional Services
• Training and Consulting
• System integration and Implementations
• Support and Maintenance
• Managed Services

Application

• Call Routing and Queuing
• Data Integration and Recording
• Chat Quality and Monitoring
• Real-Time Decision-Making
• Workforce Optimization (WFO)

Organization Size

• Small and Medium-Sized Enterprises (SMEs)
• Large Enterprises

Deployment Model

• Public Cloud
• Private Cloud
• Hybrid Cloud

Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Consumer Goods and Retail
• Government and Public Sector
• Healthcare and Life Sciences
• Manufacturing, Media and Entertainment
• Telecommunication and Information Technology Enabled Services (ITES)
• Others

Cloud-Based Contact Centre Market Regional Analysis/Insights

The cloud-based contact centre market is analysed and market size insights and trends are provided by country, component, application, organization size, deployment model, and vertical as referenced above.

The countries covered in the cloud-based contact centre market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

The region of North America has the biggest market share, given the presence of large vendors and the rising popularity of connected services. The region's leading providers' availability of cloud-based contact centres at a lower cost encourages industry expansion.

The Asia-Pacific region is growing at a faster rate due to the growing acceptance of cloud-based solutions, as well as the development and deployment of helpful technologies such as the Internet of Things (IoT). Large-scale digitalization initiatives and an increasing number of startups in this region are accelerating the growth of the cloud-based contact centre business.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Cloud-Based Contact Centre Market Share Analysis

The cloud-based contact centre market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cloud-based contact centre market.

Some of the major players operating in the cloud-based contact centre market are:

• NICE (Israel)
• Genesys (U.S.)
• Five9, Inc.  (U.S.)
• Vonage (U.S.)
• Talkdesk (U.S.)
• 8x8, Inc. (U.S.)
• Cisco Systems Inc., (U.S.)
• Avaya Inc., (U.S.)
• Lifesize (U.S.)
• CONTENT GURU (U.S.)
• Alvaria, Inc. (U.S.)
• RingCentral Inc., (U.S.)
• Enghouse Interactive (U.S.)
• 3CLogic (U.S.)
• Ameyo (India)
• Twilio Inc., (U.S.)
• Vocalcom (France)
• Evolve IP, LLC (U.S.)
• Pypestream Inc. (U.S.)
• AirCall (France)