The Global Cloud-based Contact Center Market Research Report 2020-2025 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The cloud-based contact center market was valued at USD 13.67 billion in 2019 and is expected to reach USD 44.86 billion by 2025, at a CAGR of 23.11% over the forecast period (2020 – 2025). Legacy contact centers operate on older technologies that cannot support newer channels, such as social media, mobile app chats, or videos. Cloud-based contact centers can help companies meet these demands.
Top Companies in the Global Cloud-based Contact Center Market are Avaya Contact Center (Ayaya Group), RingCentral Inc., Genesys Telecommunications Laboratories Inc., 3CLogic Inc., Connect First Inc., Five9 Inc., Mitel Networks Corporation, Aspect Software Parent Inc., 8X8 Inc., Avaya Holdings Corp., NICE inContact, Teleforge Corporation and others.
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Key Market Trends
BFSI to Witness the Highest Growth Rate over the Forecast Period
– The BFSI sector is expected to witness significant growth for cloud-based contact centers. Many financial institutions are adopting cloud-based solutions in order to make the facilities convenient. The banking industry is becoming digital with the increased adoption of cloud platforms.
– For instance, Ameyo, a computer software enterprise offers cloud-based contact center software for the banking sector. According to Ameyo, the customer base for BFSI companies is becoming huge, thus creating the need for high levels of customer service. The customer interactions in the Banks and other Financial Institutions are very sensitive. It requires a sophisticated customer interaction software that helps to store, process, and analyze the data in an efficient and cost-effective manner.
– According to Financial News London, 80% of bank IT spending is on legacy technology maintenance, and up to USD 300 million is spent every year managing and maintaining these disparate systems. This factor is forcing banks to invest in a cloud solution, whether it be on-premises or private and public cloud services, to achieve greater scalability and integrated communication between disparate systems.
Europe is expected to be the Fastest Growing Market
– Europe region acts as the headquarter of some of the most important tech hubs in the world and a significant driver and adopter of modern technology. Cost and compliance concerns in the region have driven much organizations to migrate to the cloud and enable employee mobility.
– For instance, many European countries are investing heavily in its digital infrastructures, but private and public initiatives have been launched to fill the skills gap and also accelerate the rate of cloud adoption. For instance, the governments of Bulgaria, Poland, and Romania have committed to enhancing their digital infrastructures, while the government of Ukraine is well ahead of its target to double the spending on ICT research and development, by 2020.
– Call centers are an important part of many industries in the United Kingdom. It is expected that nearly one in five call center agents in the United Kingdom work in the finance sector, which is responsible for 18% of the entire workforce. Numerous other sectors are also significant in the UK call center industry, including telemarketing, public sectors, IT and telecommunications, and utility providers. Moreover, the contact center sector continues to grow in Spain.
– According to Germany Trade and Invest (GTAI), Germany’s contact center industry is booming and helping companies worldwide with its CRM needs in Europe and abroad. Hence, with the adoption of cloud-based services across Germany, the United Kingdom, and Spain, the European market is expected to grow over the forecast period.
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What are the market factors that are explained in the report?
Executive Summary: It includes key trends of the global Cloud-based Contact Center market related to products, applications, and other crucial factors. It also provides an analysis of the competitive landscape and CAGR and market size of the global Cloud-based Contact Center market based on production and revenue.
Production and Consumption by Region: It covers all regional markets focusing on the research study. It discusses prices and key players besides production and consumption in each regional market.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the global Cloud-based Contact Center market.
Market Segments: This part of the report discusses product type and application segments of the global Cloud-based Contact Center market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses the research methodology and approach the Cloud-based Contact Center used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
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