Cloud-based Contact Center Market worth $36.1 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 22, 2020 /PRNewswire/ -- According to a new market research report "Cloud-based Contact Center Market by Component (Solutions and Services), Deployment Model (Public Cloud and Private Cloud), Organization Size, Industry (BFSI, Telecommunications, and Retail and Consumer Goods), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Cloud-based Contact Center Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period, to reach USD 36.1 billion by 2025 from USD 11.5 billion in 2020.
The increase in the need to improve consumer experience and the rise in the number of enterprises harnessing the benefits of contact center have propelled the adoption of cloud-based contact center solutions. Cloud-based contact center offerings provide cost-effective contact center solutions for Small and Medium-sized Enterprises (SMEs). This is expected to further fuel the demand for these solutions among the end-users.
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The reporting and analytics solution is expected to grow at the highest CAGR during the forecast period
Based on solutions, the Cloud-based Contact Center Market has been segmented into omnichannel routing, workforce engagement management, reporting and analytics, customer engagement management, and others [including Computer Telephony Integration (CTI), messaging, compliance, and data integration). The reporting and analytics segment is expected to have the highest growth rate during the forecast period. The cloud-based contact center reporting and analytics solution keep track of contact center operations and agent performance. These solutions are flexible and easy to use. They enable organizations to track real-time management metrics via customizable dashboards to help companies make smart business decisions. The need to bake data-driven business decisions is expected to find increased adoption across all industries.
The SMEs segment is expected to grow at a higher CAGR during the forecast period
Based on organization size, the market has been segmented into large enterprises and Small and Medium-sized Enterprises (SMEs). The SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs have been rapidly adopting cloud-based contact center solutions, as these solutions provide increased scalability and cost-effective contact center solutions. Moreover, several vendors provide solutions based on the pay-per-use or subscription model targeted at SMEs to improve their position in the Cloud-based Contact Center Market. This subscription model provided by the cloud-based contact center is expected to positively impact the growth of the Cloud-based Contact Center Market.
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North America to dominate the global Cloud-based Contact Center Market in 2020
On the basis of regions, the global Cloud-based Contact Center Market has been segmented into North America, Asia Pacific (APAC), Europe, Middle East, Africa (MEA), and Latin America. North America is estimated to have the largest market size in 2020, owing to the presence of several vendors and the rapid adoption of cloud-based solutions in this region. The major countries in the cloud-based contact center market in North America are the US and Canada.
Major vendors offering Cloud-based contact center solutions in North America are Genesys, Five9, Vonage, Talkdesk, 8x8 , Cisco, Avaya, Serenova, Aspect Software, RingCentral, Enghouse Interactive, 3CLogic, and Twilio. The market in APAC is expected to grow at the highest CAGR during the forecast period. The primary driving factors for this growth are the increase in awareness and adoption of cost-effective and scalable cloud-based contact center solutions in this region.
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