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The global contact center as a service (CCaaS) market size was USD 3.53 billion in 2020. The market is projected to grow from USD 4.07 billion in 2021 to USD 11.76 billion in 2028 at a CAGR of 16.4% during the 2021 to 2028 period. The global impact of COVID-19 has been unprecedented and staggering, with the contact center as a service witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a lower growth of 15.2% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.’
The market size has slightly declined due to COVID-19, owing to a lack of demand across all regions amid the pandemic. However, in 2021, the global market has shown an increase in demand due to a surge in cloud-based software and service CCaaS market adoption for the remote working population around the globe.
In the market study, we have considered CCaaS products and services offered by market players such as Luware AG., Anywhere 365, Computer Talk Technology Inc., 8x8, Inc., Content Guru, Enghouse Interactive., Genesys, and others operating across the globe and regions. The product and services offered by these players include cloud contact center solutions, interactive voice response system (IVR), contact center management services, Voicebots, chatbots, and many other services.
The leading players are launching AI-powered contact center platform solutions to enhance customer experience, which is expected to drive market growth.
Slight Decline in Digital Technology Spending in End-User Industries amid COVID-19
During the COVID-19 pandemic, the overall economies around the globe have shown a slight decline in their GDP owing to the closure of businesses. However, in the healthcare sector, the customer service and contact centers have shown an exceptional increase in the overall volume of calls from consumers around the globe.
Most of the leading companies in this market are launching AI-powered chat tools and cloud-based contact centers. Banks and financial service providers, and government organizations have shown an increase in demand during the Covid-19 pandemic for contact center services. Various corporate companies have adopted and launched technology-based Ccaas solutions to maintain customer relationships and the workforce in remote locations. Also, several leading players are investing considerable amounts in launching advanced technology tools. For instance,
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Growing Trend of Work from Home In Various Industries for Higher Client Retention
Omnichannel contact centers providers are launching advanced analytics programs for building dashboards with statistics that affect their businesses. CCaaS trends of displaying the statistical dashboards on user interfaces to get real-time updates on customer experiences are witnessing potential market growth. For instance,
Increasing Adoption of Application Programming Interface (API) based Contact Center to Aid Market Growth
The rise in the adoption of AI-powered chatbots and cloud-based software as services has propelled the contact center as a service (CCaaS) market growth. The rising launch of application programming interface (API) based contact centers solutions by the major companies is driving the demand for market growth during the forecast period. The API-based contact center service offers online customer service by handling phone calls, live chat, emails, messages, texts, SMS, and support tickets for organizations. Several leading players are launching API-based contact centers for customer experience, which promotes market growth. For instance,
Rising Threat of Fraudulent Cases, Security Concern, and Data Breaches Activity May Hinder Market Growth
The rising adoption of digital technologies such as cloud computing and artificial intelligence has increased the risk of data breaches and cyber threats across the contact centers. With increased connections and internet adoption, there is an increased demand for security, compliance, and data protection. For instance, Statistics by NICE solutions provider shows that contact centers located worldwide handle more than 100 billion calls per month; among this, one in every 1,700 calls are detected as a fraud. The contact center platform handles a huge amount of data related to its customers, which is often subjected to the high risk of data security.
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Rising demand for Effective Interactions with Healthcare Professional Amid COVID-19 Pandemic Aid the Market Growth
Based on function, the market is segmented into multichannel, interactive voice response (IVR), computer telephony integration (CTI), automatic call distribution, reporting and analytics, customer collaboration, workforce optimization, and others (recording, dialer, etc.).
The interactive voice response (IVR) segment is expected to dominate during the forecast period. This interactive voice response (IVR) is the automated computer system for interacting with customers and business employees. During the Covid-19 pandemic, several organizations have adopted the interactive voice response technology for seeking information about the symptoms of COVID-19 and the patient’s health status. For instance,
The multichannel, computer telephony integration (CTI), customer collaboration, workforce optimization, automatic call distribution, reporting and analytics, and others (recording, dialer, etc.) are anticipated to showcase stable growth owing to the growing demand in the rising digital services sector.
Growing Number of SMEs in the IT and Telecommunication Sector to Drive Market
The global contact center as a service market is bifurcated into SMEs and large enterprises based on the enterprise size.
The small and medium enterprises are anticipated to dominate the market share during the forecast period. This is primarily attributed to the key players' increasing number of start-ups and surge in investment in cloud-based software solutions.
Increasing Investment in the IT and Telecommunications Sector with Surge in Digitalization Globally to Aid Market Growth
Based on industry, the market is categorized into BFSI, IT and telecommunications, government, healthcare, consumer goods and retail, travel and hospitality, media and entertainment, and others.
The IT and telecommunications industry is anticipated to hold a significant market share during the forecast period. The majority of CCaaS has usage in this sector, owing to the rising focus on customer needs with a digital technology approach for customer engagement. According to the IDC Report, in 2020, global revenue generated in the IT sector was valued at USD 4.8 trillion and was expected to reach USD 5 trillion in 2021. The growth in this sector has witnessed potential demand for market growth in the IT and telecommunication sector.
The BFSI, government, healthcare, consumer goods, and retail, travel, and hospitality, and media & entertainment industries are expected to showcase steady growth owing to rising demand to monetize advanced wireless networks through new products, services, and business models.
North America CCaaS Market Size, 2020 (USD Billion)
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The market has been analyzed across five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
North America is expected to dominate the global contact center as a services market during the forecast period. The growing investment in cloud-based software and several leading players based in the U.S. have fueled the market growth. For instance, according to the U.S. Federal Government, the annual federal government spending on cloud computing reached USD 6.8 Billion and is expected to reach USD 7.8 billion by 2022. In the U.S., there are several contact centers as services providers such as 8x8, Inc., Genesys Telecommunication Laboratories, Inc., Talkdesk, Inc., and many others. This surges the demand for contact center as a services in this region.
Asia Pacific is expected to grow with the highest CAGR during the forecast period. China and Japan are likely to lead the Asia Pacific and are among the fastest-growing regions in the market. The growth in this region is also owing to rising investment by the key players for automating the business processes. For instance,
Europe is expected to hold the second-largest position in the market owing to the surge in adoption of cloud technology with government support and investments in the manufacturing and healthcare sector for simplifying the business processes.
Key players in the market are investing and launching CCaaS in the developing countries in Latin America, Middle East, and Africa, such as South Africa, Brazil, GCC, Chile, the Philippines, Columbia, Mexico, and others. For instance,
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Rising Launching of AI-powered Tools by Key Market Players Aid Market Growth
The contact center as a service companies such as 8x8, Inc., NICE, Talkdesk Inc., Cisco Systems, Evolve IP, LLC, Luware AG., and among others, are focused on launching advanced technology-based AI-powered innovative cloud-based solutions. These players are expanding their investment in cloud platforms to cater to the growing demand of the customers with advanced tools. The players are adopting several strategies such as mergers, acquisitions, partnerships, and collaboration to enhance their businesses across the globe. For instance,
An Infographic Representation of Contact Center as a Service (CCaaS) Market
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The contact center as a service market research report highlights leading regions worldwide to understand the user better. Furthermore, the report provides insights into the latest industry and market trends and analyses technologies deployed rapidly globally. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.
Value (USD billion)
Function; Enterprise Size; Industry; and Geography
By Enterprise Size
The market is projected to reach USD 11.76 billion by 2028.
In 2020, the market was valued at USD 3.53 billion.
The market is projected to grow at a CAGR of 16.4%.
The interactive voice response (IVR) is likely to lead the market.
The increasing adoption of cloud computing technology in the fastest growing digital IT and telecommunication industry is escalating the market growth.
Anywhere365 Enterprise Dialogue Management, Computer Talk Technology Inc., 8x8, Inc., Content Guru, Enghouse Interactive, Genesys Telecommunication Laboratories, Inc., NICE Systems Ltd., Talkdesk, Evolve IP, LLC are the top players in the market.
North America is expected to hold the highest global share in the contact center as a service market.
BFSI industry is expected to grow with a CAGR of 17.3%.
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