Cloud-based Contact Center Market worth $86.4 billion by 2029- Exclusive Report by MarketsandMarkets™

CHICAGO, May 6, 2024 /PRNewswire/ -- Cloud-based contact centre market trends for the future include seamless omnichannel communication, support for remote workforce enablement, and faster adoption of AI and automation. Along with a focus on customer-centric innovation, worldwide expansion, and sustainability initiatives, integration with the CX ecosystem, sophisticated analytics, security, and compliance will be important drivers.

The Cloud-based Contact Center Market is projected to grow from USD 26.2 billion in 2024 to USD 86.4 billion by 2029, at a compound annual growth rate (CAGR) of 26.9% during the forecast period, according to a new report by MarketsandMarkets™. The Cloud-based Contact Center Market is expected to grow significantly during the forecast period, owing to various business drivers like rising requirement for customized and streamlined engagements, increasing significance of social media in contact center operations, sustained adoption of cloud technology in contact center infrastructure, and rapid rise in the implementation of next-gen contact center technologies.

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299 – Tables
67 - Figures
359 – Pages

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Scope of the Report

By Software type, omnichannel routing software type to register for the largest market share during the forecast period

Omnichannel routing software type is projected to hold the largest market share in the Cloud-based Contact Center Market during the forecast period due to its ability to seamlessly integrate multiple communication channels, such as voice, email, chat, social media, and more. This software type addresses the growing demand for unified customer experiences, allowing businesses to efficiently manage interactions across various channels from a single platform. With consumers increasingly expecting consistent and personalized engagement regardless of channel, omnichannel routing software offers the flexibility and efficiency that contact centers need to meet these expectations.

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By communication channel, self-service segment is poised for the fastest growth rate during the forecast period

Self-service communication channel is poised for the fastest growth in Cloud-based Contact Center Market due to their efficiency and convenience. As customers increasingly seek quick resolutions and personalized experiences, self-service options such as AI-powered chatbots, interactive voice response (IVR) systems, and knowledge bases offer round-the-clock assistance without the need for agent intervention. This not only reduces operational costs for businesses but also provides customers with immediate access to information and support, driving satisfaction and loyalty. The scalability and flexibility of cloud-based contact center solutions further enhance the appeal of self-service channels, making them a key driver of growth in the coming years.

By region, North America to account for the largest market during the forecast period

The region's robust IT infrastructure and early adoption of cloud technologies have paved the way for widespread acceptance of cloud-based contact center solutions. Additionally, the presence of major market players and technological innovators in the region, particularly in the United States and Canada, drives continuous advancements and deployments of cloud contact center services. Furthermore, the growing emphasis on customer experience and the need for scalable, flexible, and cost-effective customer interaction solutions propel the demand for cloud-based contact centers, with North American businesses recognizing the efficiency gains and agility afforded by these platforms.

Top Key Companies in Cloud-based Contact Center Market:

Some major players in the Cloud-based Contact Center Market include NICE (Israel), AWS (US), Genesys (US), Vonage (US), Five9 (US), along with startups such as Pypestream (US), TechSee (Israel), Aircall (France), Sentient Machines (UK), Nubitel (Singapore).

Recent Developments:

• In March 2024, Vonage announced the addition of Vonage Enhanced Noise Cancellation to the Vonage Contact Center (VCC). This noise and echo cancellation feature uses machine learning to eliminate disruptive background noises and voices, boosting agent productivity, reducing average handle time, and improving the overall customer experience.
• In March 2024, Five9 announced GenAI Studio, an industry-first solution that allows organizations to customize general-purpose, off-the-shelf generative AI models, such as OpenAI, for the contact center with just a few clicks.
• In December 2023, NICE announced the launch of the 2023 CXone Fall Release, expanding AI and automation and increasing openness across the CXone platform. CXone is the industry's leading interaction-centric platform, enabling organizations to effectively manage all interactions—attended and unattended. As organizations look to infuse AI and automation throughout their CX operations, this release further enhances NICE's leadership gap with unique capabilities that allow organizations to succeed and compete in the digital era.
• In June 2023, Genesys collaborated with Lighthouse Works, which has resulted in significant career opportunities for the Blind or Visually Impaired (BI). According to Lighthouse Works, using the Genesys Cloud CX platform integrated with its proprietary API, Lighthouse Works created more than 25% of new blind jobs in the US last year.
• In December 2022, AWS partnered with Stability AI to build and grow its AI models for creating pictures, language, audio, video, and 3D content. Stability AI accelerated its work on open-source generative AI models by utilizing Amazon SageMaker (AWS's end-to-end machine learning service) and AWS's computer and storage infrastructure. Stability AI will work with Amazon to make its open-source tools and models accessible to startups, academics, and businesses worldwide.

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Cloud-based Contact Center Market Advantages:

• Scalability is a feature of cloud-based contact centres that enables companies to quickly scale up or down in response to varying call volumes, seasonal needs, or corporate expansion without having to make large infrastructure investments.
• These solutions enable distributed teams, remote work, and company continuity in the event of disruptions or emergencies by giving agents the freedom to work remotely from any location with an internet connection.
• By providing a pay-as-you-go pricing model where businesses only pay for the products and resources they use, cloud-based contact centres save upfront capital expenses and total cost of ownership. They also do away with the need for on-premises hardware and maintenance costs.
• With less setup and configuration needed, cloud-based contact centre systems may be rapidly and simply implemented, allowing businesses to react more swiftly to changes in the market or in customer expectations.
• These solutions enable businesses to provide individualised customer experiences, streamline workflows, and consolidate customer data by offering seamless interaction with other company systems including CRM, helpdesk, and marketing automation platforms.
• In the event of system failures or outages, cloud-based contact centres include built-in disaster recovery and redundancy features, including data backup, failover, and redundancy techniques to maintain company continuity and minimise downtime.
• Businesses may serve clients worldwide using cloud-based contact centres because they may set up virtual contact centres in several locations, customise customer experiences, and adhere to local laws and data protection standards.

Report Objectives

• To define, describe, and predict the Cloud-based Contact Center Market by offering (software (type, engagement type, deployment mode) and services), communication channel, application, vertical, and region
• To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Cloud-based Contact Center Market
• To analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To profile key players and comprehensively analyze their market rankings and core competencies.
• To analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Cloud-based Contact Center Market
• To analyze the impact of recession across all regions in the Cloud-based Contact Center Market

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