cloud-based contact center market By Region – Global Opportunities and Forecast, 2021-2028
Cloud-Based Contact Center Market
The cloud-based
contact center market was evaluated at USD 8,637 million in 2019.
The market is projected to witness a compound annual growth rate of 24.9% over
the analysis period, i.e., 2020-2027. The growing need for cloud compliance and
increasing demand for cloud-based contact center by SMEs to improve the
business are projected to fuel the market growth.
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Cloud-Based Contact Center Market Dynamics
The increasing need for cloud computing will bolster the
cloud-based contact center market growth over the forecast period for its flexibility,
cost-efficiency, and scalability. Thus, organizations are willing to transfer
their contact-center operations to the cloud from conventional on premise
model. The prime forces complementing the market growth are the growing demand
for better customer service with fast, customized, and error-free interactions,
remote-operations to provide a 24/7 customer care services, and flexibility to
work from home are projected to expand the market growth. Moreover, cloud-based
contact centers offer a worldwide reach, enhanced customer experience, and
reduced infrastructural cost with quick and easy access to multi-channel
services, such as interactive voice response (IVR) system and automatic call
distributor (ACD). This will provide huge opportunities for the market.
Additionally, the growing adoption of SMAC technologies,
such as mobile, analytics,, cloud technologies, and social media across wide
range of end-use industries such as media and entertainment, telecom, banking,
financial services, and insurance (BFSI), IT, and retail will propel the cloud-based
contact center market size.
The growing cases of cloud cyberattacks and increasing concerns
towards the privacy of serious information on cloud are projected to restrain
the market growth. In addition, the need for huge investment required for
bandwidth of internet connection will further hamper the cloud-based contact
center market share.
Type Segment Drivers
The automatic call distribution is projected to hold a major
share in the market owing to its several advantages such as quick response to
incoming calls; decreases call transferring time, enhance the efficiency of the
agents, and improve the customer experience. Additionally, the global
cloud-based contact center market report projects that the automatic
call distribution (ACD) can be incorporated with customer relationship
management (CRM) system, and other communication platforms which include social
media and Live Chat, this enables to offer an intuitive and smarter
conversation with the customer by acknowledging their needs and previous
interaction with the business.
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