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Global Cloud Contact Center Market to reach USD 86.70 billion by the end of 2029.

Global Cloud Contact Center Market Size study & Forecast, by Type (Automatic Call Distribution, Agent Performance Optimization, Dialers, Interactive Voice Response, Others) By Service (Professional, Managed) By End-user (Banking, Financial Services and Insurance, IT and Telecom, Media and Entertainment, Retail, Others) and Regional Analysis, 2022-2029

Product Code: ICTBC-27483449
Publish Date: 15-05-2023
Page: 200

Global Cloud Contact Center Market is valued approximately USD 13.56 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 26.1 % over the forecast period 2022-2029. A cloud-based contact center, also known as a virtual contact center or a cloud contact center, is a customer service and support center that operates entirely in the cloud, without the need for physical infrastructure or on-premises equipment. It leverages cloud-based technologies and resources to handle customer interactions through various channels such as phone, email, chat, social media, and more. The Cloud Contact Center market is expanding because of factors such as rising adoption of cloud and growing trend of remote working.

In a cloud-based contact center, all the necessary hardware, software, and data are hosted and managed by a third-party cloud service provider. This eliminates the need for organizations to invest in costly on-premises infrastructure, maintenance, and upgrades. Its prevalence has progressively increased during the last few decades. According to Statista, in 2022, 46 percent of respondents are already running significant workloads on Amazon Web Services (AWS). Furthermore, in 2021, the global cloud applications market had a value of 133.6 billion U.S. dollars and is expected to reach 168.6 billion U.S. dollars by 2025. The cloud applications software market is anticipated to grow at a compound annual growth rate of 4.8%. Another important component driving space increase is the trend of remote working. As per Statista, Respondents in a global survey of CIOs stated that fully remote work will likely transition to hybrid work in the future. Prior to the pandemic, approximately 15 to 16 percent of respondents stated that their companies’ workforce worked remotely, and by late 2021, 30% of the participants expected the workforce to work remotely permanently. In addition, in 2021, 73% of employees from a global survey want flexible remote work options to stay post-pandemic. However, vulnerability of Cloud to Cyber-Attacks stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Cloud Contact Center Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the rising investments from key market players in the cloud-based deployment. According to Statista, the Public Cloud market of North America is estimated to reach USD 273.40 billion in 2023. Furthermore, Asia Pacific is expected to grow with a highest CAGR during the forecast period, owing to factors such as rising government initiatives in digitization across the region drives a shift toward the cloud contact center model in the market space.

Major market player included in this report are:

NICE Systems Ltd
Genesys Telecommunications Laboratories, Inc
Vonage America, LLC
Cisco Systems, Inc
Avaya Holdings Corporation,
Serenova, LLC
Alvaria, Inc
Drishti-soft Solutions Pvt. Ltd.
Twilio Inc
NeoDove Technologies Pvt Ltd

Recent Developments in the Market:
Ø In December 2022 T-Mobile and Cisco collaborates to launch a highly scalable and distributed cloud native fully integrated core gateway. The Un-carrier moved all its 5G and 4G traffic to the new cloud native core gateway, which immediately improved customer performance by more than 10% in both speed and latency. T-operations Mobiles are also simplified by the new converged core gateway, allowing the Un-carrier to shift resources with greater agility and roll out services such as 5G Home Internet. It will also shorten the time to market for new 5G and IoT services such as network slicing and Voice over 5G by allowing T-Mobile to test and deploy new functionality at a higher scale.

Global Cloud Contact Center Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Service, End-user, Type, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type
Automatic Call Distribution
Agent Performance Optimization
Dialers
Interactive Voice Response
Others

By Service
Professional
Managed

By End-user
Banking, Financial Services and Insurance
IT and Telecom
Media and Entertainment
Retail
Others

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Cloud Contact Center Market, by Region, 2019-2029 (USD Billion)
1.2.2. Cloud Contact Center Market, by Type, 2019-2029 (USD Billion)
1.2.3. Cloud Contact Center Market, by Service, 2019-2029 (USD Billion)
1.2.4. Cloud Contact Center Market, by End-user, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Cloud Contact Center Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Cloud Contact Center Market Dynamics
3.1. Cloud Contact Center Market Impact Analysis (2019-2029)
3.1.1. Market Drivers
3.1.1.1. Rising adoption of Cloud
3.1.1.2. Growing trend of remote working
3.1.2. Market Challenges
3.1.2.1. Vulnerability of Cloud to Cyber-Attacks
3.1.3. Market Opportunities
3.1.3.1. Rising initiatives from government for Small and medium-sized enterprises
3.1.3.2. Rising adoption of Artificial Intelligence in cloud platforms
Chapter 4. Global Cloud Contact Center Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Cloud Contact Center Market, by Type
6.1. Market Snapshot
6.2. Global Cloud Contact Center Market by Type, Performance – Potential Analysis
6.3. Global Cloud Contact Center Market Estimates & Forecasts by Type 2019-2029 (USD Billion)
6.4. Cloud Contact Center Market, Sub Segment Analysis
6.4.1. Automatic Call Distribution
6.4.2. Agent Performance Optimization
6.4.3. Dialers
6.4.4. Interactive Voice Response
6.4.5. Others
Chapter 7. Global Cloud Contact Center Market, by Service
7.1. Market Snapshot
7.2. Global Cloud Contact Center Market by Service, Performance – Potential Analysis
7.3. Global Cloud Contact Center Market Estimates & Forecasts by Service 2019-2029 (USD Billion)
7.4. Cloud Contact Center Market, Sub Segment Analysis
7.4.1. Professional
7.4.2. Managed
Chapter 8. Global Cloud Contact Center Market, by End-user
8.1. Market Snapshot
8.2. Global Cloud Contact Center Market by End-user, Performance – Potential Analysis
8.3. Global Cloud Contact Center Market Estimates & Forecasts by End-user 2019-2029 (USD Billion)
8.4. Cloud Contact Center Market, Sub Segment Analysis
8.4.1. Banking, Financial Services and Insurance
8.4.2. IT and Telecom
8.4.3. Media and Entertainment
8.4.4. Retail
8.4.5. Others
Chapter 9. Global Cloud Contact Center Market, Regional Analysis
9.1. Cloud Contact Center Market, Regional Market Snapshot
9.2. North America Cloud Contact Center Market
9.2.1. U.S. Cloud Contact Center Market
9.2.1.1. Type breakdown estimates & forecasts, 2019-2029
9.2.1.2. Service breakdown estimates & forecasts, 2019-2029
9.2.1.3. End-user breakdown estimates & forecasts, 2019-2029
9.2.2. Canada Cloud Contact Center Market
9.3. Europe Cloud Contact Center Market Snapshot
9.3.1. U.K. Cloud Contact Center Market
9.3.2. Germany Cloud Contact Center Market
9.3.3. France Cloud Contact Center Market
9.3.4. Spain Cloud Contact Center Market
9.3.5. Italy Cloud Contact Center Market
9.3.6. Rest of Europe Cloud Contact Center Market
9.4. Asia-Pacific Cloud Contact Center Market Snapshot
9.4.1. China Cloud Contact Center Market
9.4.2. India Cloud Contact Center Market
9.4.3. Japan Cloud Contact Center Market
9.4.4. Australia Cloud Contact Center Market
9.4.5. South Korea Cloud Contact Center Market
9.4.6. Rest of Asia Pacific Cloud Contact Center Market
9.5. Latin America Cloud Contact Center Market Snapshot
9.5.1. Brazil Cloud Contact Center Market
9.5.2. Mexico Cloud Contact Center Market
9.5.3. Rest of Latin America Cloud Contact Center Market
9.6. Rest of The World Cloud Contact Center Market

Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Company Profiles
10.2.1. NICE Systems Ltd
10.2.1.1. Key Information
10.2.1.2. Overview
10.2.1.3. Financial (Subject to Data Availability)
10.2.1.4. Product Summary
10.2.1.5. Recent Developments
10.2.2. Genesys Telecommunications Laboratories, Inc
10.2.3. Vonage America, LLC
10.2.4. Cisco Systems, Inc
10.2.5. Avaya Holdings Corporation
10.2.6. Serenova, LLC
10.2.7. Alvaria, Inc
10.2.8. Drishti-soft Solutions Pvt. Ltd
10.2.9. Twilio Inc
10.2.10. NeoDove Technologies Pvt Ltd

Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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