PUBLISHER: The Business Research Company | PRODUCT CODE: 1436161
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436161
Contact Center as a Service (CCaaS) empowers customer service organizations to manage multichannel interactions through cloud-based contact center infrastructure.
Contact Center as a Service (CCaaS) offers various functions integral to its operation, including automatic call distribution, call recording, computer telephony integration, customer collaboration, dialer, interactive voice response, reporting and analytics, and workforce optimization, among others. Automatic call distribution efficiently routes incoming calls to available staff members, aiding contact centers in managing high call volumes without overwhelming the staff. CCaaS is applicable across different enterprise sizes, catering to both large enterprises and small to medium-sized enterprises (SMEs). Its user industries span BFSI (Banking, Financial Services, and Insurance), IT and telecommunications, government, healthcare, consumer goods and retail, travel and hospitality, media and entertainment, and several other industries.
The contact center as a service (CCaaS) market research report is one of a series of new reports from The Business Research Company that provides contact center as a service (CCaaS) market statistics, including contact center as a service (CCaaS) industry global market size, regional shares, competitors with a contact center as a service (CCaaS) market share, detailed contact center as a service (CCaaS) market segments, market trends and opportunities, and any further data you may need to thrive in the contact center as a service (CCaaS) industry. This contact center as a service (CCaaS) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The contact center as a service (ccaas) market size has grown rapidly in recent years. It will grow from $5.65 billion in 2023 to $6.7 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The expansion observed in the historical period can be attributed to the early adoption of cloud technology, varying adoption rates across industries, the evolution of regulatory compliance, efforts to integrate with legacy systems, market consolidation within the sector, and the facilitation of remote work enabled by cloud solutions.
The contact center as a service (ccaas) market size is expected to see rapid growth in the next few years. It will grow to $13.46 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. Anticipated growth in the upcoming period is expected due to the increasing prevalence of subscription-based models, the evolution of customer expectations, a focus on customization and personalization, the growing trend of remote work, and enhanced integration with CRM systems. Key trends projected for this period encompass AI-powered customer engagement solutions, increased adoption of cloud technology, providing an omnichannel customer experience, leveraging analytics and insights, and enabling remote workforce capabilities to meet evolving demands.
The expanding global population of internet users is anticipated to be a significant driving force behind the growth of the contact center as a service (CCaaS) market. Internet users actively engage in online communities and utilize the vast network of interconnected computers to access diverse information resources across private, public, commercial, academic, and governmental networks. CCaaS plays a pivotal role in facilitating seamless information exchange between companies and consumers over the internet. For example, according to a report by the International Telecommunication Union (ITU), a specialized agency of the United Nations focused on information and communication technologies, the number of internet users surged during the COVID-19 pandemic, rising from 4.1 billion in 2019 to 4.9 billion in 2021. This exponential growth in internet users worldwide stands as a driving catalyst propelling the expansion of the contact center as a service (CCaaS) market.
The escalating utilization of cloud computing services is poised to be a significant driver propelling the growth of the contact center as a service (CCaaS) market. Cloud computing services involve provisioning computing resources such as storage, processing power, and applications over the internet. In the realm of Contact Center as a Service (CCaaS), cloud computing plays a pivotal role by eliminating the necessity for costly on-premises infrastructure, offering scalability to manage fluctuations in call volumes during peak periods or unforeseen changes. For instance, data from the European Commission in December 2023 revealed that 45.2% of EU enterprises invested in cloud computing services. Notably, email services emerged as the most popular (82.7%), closely followed by file storage (68.0%) and office software. This burgeoning adoption of cloud computing services across various sectors underpins the driving force behind the growth trajectory of the contact center as a service (CCaaS) market.
The rising trend of AI-powered Voice of the Customer (VoC) solutions is gaining traction within the Contact Center as a Service (CCaaS) landscape. These solutions leverage artificial intelligence to efficiently gather customer and citizen insights across various communication channels. By employing AI, VoC solutions offer a comprehensive and nuanced perspective on public opinions and emotions, empowering enterprises to gain a competitive advantage in their respective markets. For instance, in July 2021, NICE Systems, an Israel-based contact center software company, launched its latest AI-driven Voice of the Customer solution. This innovative technology combines artificial intelligence with NICE Satmetrix Voice of the Customer, enabling businesses to significantly reduce costly follow-up calls and mitigate client turnover. The integration of AI into VoC solutions marks a pivotal advancement in enhancing customer understanding and retention while streamlining operational efficiency within contact centers.
Major players within the contact center as a service (CCaaS) market are spearheading innovative product developments, notably the introduction of cloud contact centers. These solutions involve outsourcing the management of essential software, hardware, and infrastructure to a third-party vendor, hosted in the cloud. For instance, in February 2022, Zoom Video Communications, Inc. unveiled the Zoom Contact Centre, marking the inaugural omnichannel cloud contact center platform. This platform revolutionizes customer service experiences by integrating various communication channels such as video, SMS, voice, and web chat. Since its inception, the Zoom Contact Centre has rapidly evolved into a comprehensive customer experience suite, incorporating over 600 new features within 18 months. Notably, it introduced the Workforce Engagement Management solution, catering to agent coaching and forecasting, thereby enhancing operational efficiency and customer satisfaction within contact centers. This demonstrates a significant leap in advancing customer service capabilities through cloud-based contact center solutions in the CCaaS market.
In July 2021, the US-based communication technology company, Zoom, successfully acquired Five9 for $14.7 billion. This strategic union brings together Zoom's powerful communications platform with Five9's intelligent cloud-based contact center solutions. The integration aims to significantly enhance customer engagement capabilities for businesses. Five9, Inc., the acquired company, specializes in cloud call and contact center solutions, and this acquisition represents a concerted effort by Zoom to augment its offerings by incorporating advanced cloud-based customer engagement tools from Five9.
Major companies operating in the contact center as a service (ccaas) market report are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, AT&T Inc., Accenture LLP, IBM Corporation, Cisco Systems Inc., Content Guru Limited, SAP SE, Capgemini, CenturyLink Inc., NICE Systems Ltd., Genesys, Alcatel Lucent Enterprise, Vonage Holdings Corp., Mitel Networks Corporation, Unify Inc., 8x8 Inc., NICE inContact, Zendesk Inc., Oracle Corporation, Talkdesk Inc., Anywhere365 Enterprise Dialogue Management, Liveops Inc., Evolve IP LLC, Enghouse Interactive Inc., 3CLogic, Computer Talk Technology Inc., Luware AG, Serenova, Intrado Corporation, Elevio, Vocalcom, Sharpen
North America was the largest region in the contact center as a service (CCaaS) market in 2023. The regions covered in the contact center as a service (ccaas) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the contact center as a service (ccaas) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The contact center as a service market includes revenues earned by entities by offering digital platforms which enable customer service agents to communicate with buyers for more personalized customer experiences. Establishments that provide cloud-based contact center solutions are included in this market. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Contact Center As A Service (CCaaS) Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on contact center as a service (ccaas) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for contact center as a service (ccaas) ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The contact center as a service (ccaas) market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.