Cloud Based Contact Center Market to Expand at 22.7% CAGR till 2027; Increasing Adoption of AI Solutions to Augment Growth

The global cloud based contact center market size is anticipated to reach USD 56.37 billion by 2027 owing to the advanced features offered by the cloud technology, shares Fortune Business Insights™ in its report, titled, “Cloud Based Contact Center Market Size, Share & COVID-19 Impact Analysis, By Component (Solutions and Services), By Deployment (Public, Private, and Hybrid), By Organization Size (Large Organizations, Small and Medium-Sized Organizations), By Vertical (Banking, Financial Services, and Insurance, ITES, IT and Telecom, Government, Healthcare, Consumer Goods and Retail, Travel and Hospitality, Media and Entertainment and Others) and Regional Forecast, 2020-2027”. As per the report findings, the market value stood at USD 11.01 billion in 2019 and it is expected to register a CAGR of 22.7% from 2020 to 2027.

ZephyrTel Corporate Group Signs Collaboration Agreement with Amazon Web Services

In April 2019, ZephyrTel Corporate Group, a subsidiary of ESW Capital that serves global telecommunications operators, signed a strategic collaboration agreement with Amazon Web Services (AWS). Through this collaboration, ZephyrTel migrated its solutions, such as OASIS Cloud Contact Centre, Volt Delta 360 Directory Assistance, Mobilogy, Vasona, and PeerApp, to the AWS cloud. The agreement was focused on a joint go-to approach, which was based on ResponseTek for Telco platform, the company’s industry-leading customer experience software. This platform was the first solution to be migrated to AWS.

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High Security and Flexibility Offered by Cloud based Contact Centers to Drive Growth

High level of security along with affordability and flexibility is anticipated to drive the demand for cloud based contact centers. As per DMG Consulting, a total of 62% of enterprises have admitted to switching to cloud based contact centers while nearly 46% have stated that they are planning to adopt the same. In addition, the increasing demand for these systems in Small and Medium Enterprises (SMEs) is anticipated to strengthen the growth. However, the vulnerability of cloud-based centers against cyber-attacks is projected to restrain the growth.

Collaboration with Expert Vendors to Aid Key Players Offer Comprehensive Products

Key players operating in the global cloud-based contact center market are focusing on collaborating with major enterprises in order to offer a comprehensive product line to their clients. For instance, in May 2020, NICE Ltd. announced the integration of its NICE inContact CXone solution with the Microsoft Teams platform patented by Microsoft Corporation to enhance contact center efficiency and personalization.

Industry Development

• In March 2020, NICE Ltd. launched CXone home, a cloud-native solution, in response to the COVID-19 outbreak. The solution enables the organization’s contact center operations transition to work from home within 48 hours.
• In October 2019, 8X8, Inc. announced its partnership with Pax8, Inc. to join the 8x8 Open Channel Program. The partnership allows Pax8, Inc. to open its communication platform that uniquely combines team chat, voice, contact centers, and meetings in a single solution to partners across the U.S.

A List of Key Manufacturers Operating in the Global Market Report:

• Genesys Telecommunications Laboratories, Inc. (California, United States)
• Ameyo (Gurgaon, India)
• Aircall SAS (New York, United States)
• RingCentral, Inc. (Belmont, California, United States)
• Amazon Web Services, Inc. (Seattle, Washington, United States)
• Metaswitch Networks Ltd. (London Borough of Enfield, United Kingdom)
• Vocalcom Group (Paris, France)
• Cisco Systems, Inc. (San Jose, CA, United States)
• Five9, Inc. (California, United States)
• Oracle Corporation (Redwood City, California, United States)
• Exotel Techcom Pvt. Ltd. (Karnataka, India)
• TCN, Inc. (George, Utah, United States)
• Avaya Inc. (North Carolina, United States)
• NICE Ltd. (Ra'anana, Israel)
• Tata Consultancy Services Limited. (Mumbai, India)
• 3CLogic Software, Inc. (Rockville, Maryland)
• Aspect Software, Inc. (Karnataka, India)
• Talkdesk, Inc (San Francisco, CA, United States)
• Worldline (Bezons, France)
• 8x8, Inc. (Campbell, California, United States)

Further Report Findings:

• Based on the type of deployment, the public deployment segment leads the market with 42.8% share. The low cost associated with the public deployment is anticipated to help the segment gain prominence in the forecast timeframe.
• Based on region, North America is projected to dominate the global cloud based contact center market with a market value of USD 3.60 billion. Presence of prominent enterprises is one of the key factors driving the growth in the region.

Table of Segmentation