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Contact Center as a Service (CCaaS) Market to Reach USD 16.43 Billion by 2030; Rising Preference for Work from Home Solutions in End-use Industries to Boost Market Growth

May 26, 2023 | Information & Technology

The Contact Center as a Service (CCaaS) market size touched USD 4.42 billion in 2022 and is predicted to be valued at USD 5.15 billion in 2023. The market size is anticipated to reach USD 16.43 billion by 2030, recording a CAGR of 18% over 2023-2030.


Fortune Business Insights™ presents this information in its latest report titled “Contact Center as a Service (CCaaS) Market Size, Share, and COVID-19 Impact Analysis, By Function (Interactive Voice Response (IVR), Multichannel, Automatic Call Distribution, Computer Telephony Integration (CTI), Reporting and Analytics, Workforce Optimization, Customer Collaboration, and Others), By Enterprise Type (SMEs and Large Enterprises), By Industry (BFSI, IT & Telecommunications, Government, Healthcare, Consumer Goods & Retail, Travel & Hospitality, Media & Entertainment, and Others), and Regional Forecast, 2023-2030”.


Rise in Spending on Digital Technologies Boosted Market Growth during COVID-19 Pandemic


Customer service centers and contact centers witnessed notable spike in their demand during the COVID-19 pandemic as there was a considerable rise in the volume of phone calls from the healthcare sector. This prompted the CCaaS solution providers to increase their investments in digital technologies to develop advanced contact center solutions. This factor played a vital role in increasing the demand for contact centers among banks and financial institutions to enhance customer service and experience. Many reputed companies as well adopted CCaaS services that are integrated with innovative technologies, further spurring the Contact Center as a Service market growth.


Rising Preference for Work from Home Solutions in End-use Industries


A growing number of contact center as a service solution providers are using advanced analytics systems to offer dashboards that contain statistics, which can affect their daily operations. CCaaS can show a variety of statistics on user interfaces to help customers gain valuable and real-time insights on customer experiences. For example, in August 2021, NICE Systems Ltd. had announced that GWA Group Limited was using the NICE CXone for digital transformation and technological innovation. This solution enabled GWA to switch to a contact center platform that improved client satisfaction and managed remote operations effectively. These developments will help the Contact Center as a Service market share grow.


Competitive Landscape


Leading Companies Introduce AI-powered Tools to Cement their Market Position


Some of the key organizations providing CCaaS software and solutions, such as NICE, Luware AG., Evolve IP, LLC, Cisco Systems, Talkdesk Inc., 8x8, Inc., and many others, are increasing their efforts to launch AI-powered cloud-based solutions. These organizations are also raising their investments in a wide range of cloud platforms to cater to the strong demand for improved tools from clients. They are also adopting a variety of inorganic growth strategies, such as acquisitions, partnerships, mergers, and collaborations, to expand their operations across all regions. For example, in May 2021, Wavenet announced that it teamed up with Content Guru Limited. The aim of this collaboration was to help Wavenet partner with high-value companies in the industry and create a Contact Center as a Service software that can be accessed across the world.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/contact-center-as-a-service-ccaas-market-104160


Notable Industry Development:



  • June 2022: SuccessKPI, Inc. signed a partnership deal with LiveVox Holdings, Inc., a cloud-based customer service provider. This partnership helped SuccessKPI offer its all-in-one insights and action platform to obtain a 360-degree view of contact centers for LiveVox’s clients.


List of the Companies Profiled in the Report:



  • Anywhere365 Enterprise Dialogue Management (Netherlands)

  • Computer Talk Technology Inc. (Canada)

  • 8x8, Inc. (U.S.)

  • Content Guru Limited (U.K.)

  • Enghouse Interactive (U.S.)

  • Genesys Telecommunication Laboratories, Inc. (U.S.)

  • NICE Systems Ltd. (Israel)

  • Talkdesk Inc. (U.S.)

  • Luware AG. (Switzerland)

  • Evolve IP, LLC (U.S.)


Further Report Findings



  • North America is set to hold a major market share during the forecast period as the region has a vast presence of reputed companies that offer CCaaS solutions. Some of these firms include 8x8, Inc., Genesys Inc., Talkdesk, Inc., and many others. Moreover, these organizations are increasing their investments in cloud-based software to improve the experience of their customers. These factors will drive the regional market progress.

  • Europe is projected to account for the second-largest share in the market as the region is noticing a robust hike in the adoption of cloud technologies. Governments across the region are also offering their support to these advanced solutions by rolling out favorable policies and schemes. Europe is also boosting its investment in the healthcare and industrial sectors to streamline business operations, which will bolster the usage of Contact Center as a Service solution.

  • The Interactive Voice Response (IVR) segment is anticipated to capture a dominant market share. IVR is an automated computer solution that connects customers with a company’s staff. During the initial stages of the COVID-19 pandemic, many companies adopted IVR technology to obtain vital information about the symptoms of the infection and patient's health.


Table of Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Unit



Value (USD billion)



Growth Rate



CAGR of 18% from 2023 to 2030



Segmentation



By Function, Enterprise Type, Industry, and Region



By Function




  • Interactive Voice Response (IVR)

  • Multichannel

  • Automatic Call Distribution

  • Computer Telephony Integration (CTI)

  • Reporting and Analytics

  • Workforce Optimization

  • Customer Collaboration

  • Others (Recording, Dialer)



By Enterprise Type




  • SMEs

  • Large Enterprises



By Industry




  • BFSI

  • IT and Telecommunications

  • Government

  • Healthcare

  • Consumer Goods and Retail

  • Travel and Hospitality

  • Media and Entertainment

  • Others



By Region




  • North America (By Function, By Enterprise Type, By Industry, and By Country)

    • U.S. (By Function)

    • Canada (By Function)





  • Europe (By Function, By Enterprise Type, By Industry, and By Country)

    • U.K. (By Function)

    • Germany (By Function)

    • France (By Function)

    • Italy (By Function)

    • Spain (By Function)

    • Rest of Europe





  • Asia Pacific (By Function, By Enterprise Type, By Industry, and By Country)


    • China (By Function)

    • India (By Function)

    • Japan (By Function)

    • Southeast Asia (By Function)

    • Rest of Asia Pacific




  • Middle East & Africa (By Function, By Enterprise Type, By industry, and By Country)

    • GCC (By Function)

    • South Africa (By Function)

    • Rest of the Middle East & Africa





  • Latin America (By Function, By Enterprise Type, By Industry, and By Country)

    • Brazil (By Function)

    • Mexico (By Function)

    • Rest of Latin America




Global Contact Center as a Service Market
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  • 2019-2021
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