Contact Center As A Service Market is Projected to Grow $10.80 Billion With CAGR of Above 15.7% By 2028 | Grand View Research, Inc.
Contact Center As A Service Market Growth & Trends
The global contact center as a service market size is expected to reach USD 10.80 billion by 2028, registering a CAGR of 15.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. The promising future growth prospects of the market can be attributed to the increasing need of businesses to enhance customer experience. To rise above the competition, businesses across the globe place high importance on maintaining a quality customer experience by offering timely and accurate feedback to their consumers.
Businesses have started realizing the value of having a cloud-based customer contact center solution. The Contact Center as a Service (CCaaS) industry is expected to witness significant growth from opportunities created by the migration of the global workforce to the cloud. According to a Microsoft study, around 66% of businesses globally are using at least three communication channels to effectively connect with brands.
The increasing competition in the contact center industry to retain customers is expected to fuel the adoption of CCaaS. These cloud-based services offer solutions and tools that would support representatives while dealing with their customers. Moreover, these services help representatives in offering real-time assistance and eventually boost their customer handling skills.
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The COVID-19 pandemic is expected to have a positive impact on the market. The use of CCaaS has allowed organizations to embrace remote working models and continue business operations despite the varying degrees of movement restrictions put in place by regional and national governing bodies. However, the increasing concerns of data security are expected to hamper the market growth over the forecast period. Moreover, CCaaS solutions handle huge data volumes and critical financial data of consumers, which could be at risk of malicious attacks.
North America accounted for the highest revenue share in 2020 and is likely to retain the leading position throughout the forecast period. On the other hand, Asia Pacific is expected to be the fastest-growing regional market during the forecast years owing to the rapid industrial expansion and development in emerging economies of the region, such as China and India.
Contact Center As A Service Market Report Highlights
- The customer collaboration solution segment is expected to witness the fastest CAGR over the forecast period due to the rising focus of businesses on offering enhanced customer satisfaction by solving their issues and promptly attending their calls
- The managed services segment is likely to register the fastest CAGR from 2021 to 2028
- The increasing need for monitoring IT operations, data backup & recovery, help desk support, and security is expected to drive the demand for managed services
- The consumer goods & retail end-use segment is expected to provide promising growth opportunities to the market
- The increasing usage of online channels for purchasing consumer goods amidst the COVID-19 pandemic is expected to drive the demand for CCaaS in the consumer goods & retail industry
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Contact Center As A Service Market Segmentation
Grand View Research has segmented the global contact center as a service market on the basis of solution, service, enterprise size, end use, and region:
CCaaS Solution Outlook (Revenue, USD Million, 2016 – 2028)
- Automatic Call Distribution
- Call Recording
- Computer Telephony Integration
- Customer Collaboration
- Dialer
- Interactive Voice Response
- Reporting & Analytics
- Workforce Optimization
- Others
CCaaS Service Outlook (Revenue, USD Million, 2016 – 2028)
- Integration & Deployment
- Support & Maintenance
- Training & Consulting
- Managed Services
CCaaS Enterprise Size Outlook (Revenue, USD Million, 2016 – 2028)
- Large Enterprises
- Small & Medium Enterprises (SMEs)
CCaaS End-use Outlook (Revenue, USD Million, 2016 – 2028)
- BFSI
- Consumer Goods & Retail
- Government
- Healthcare
- IT & Telecom
- Travel & Hospitality
- Others
CCaaS Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
List of Key Players of Contact Center As A Service (CCaaS) Market
- Alcatel Lucent Enterprise
- Avaya, Inc.
- Cisco Systems, Inc.
- Enghouse Interactive, Inc.
- Five9, Inc.
- Genesys
- Microsoft Corp.
- NICE inContact
- SAP SE
- Unify, Inc.
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Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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