Cloud-Based Contact Center Market To Achieve A Remarkable 25.1% CAGR, Crossing USD 157.08 Billion By 2032 | PMR

(MENAFN- GlobeNewsWire - Nasdaq) The cloud-based contact center market is being driven by increasing demand for cloud-based services among businesses due to its high efficiency and real-time insight.

New York, USA, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Market Overview:

The cloud-based contact center market size was evaluated in 2023 to be at USD 20.96 billion. The market is expected to grow and rise from USD 26.20 billion in 2024 to USD 157.08 billion by 2032, showcasing a CAGR of 25.1% between 2024–2032.

Market Introduction:

What is Cloud-Based Contact Center Market?

The cloud-based contact centers market is the sector that offers cloud-based services for handling communications and interactions with customers. It entails delivering contact center features and capabilities online via cloud computing technologies. With features like multi-channel communication, sophisticated call routing, agent management, and analytics, cloud-based contact centers offer a wide range of benefits that help businesses overcome communication obstacles in a super competitive industry.

The market for cloud-based contact centers has grown significantly largely due to part to the rising demand for cloud-based services. Businesses can scale their operations up or down according to their needs with cloud-based contact center services. Businesses need to be constrained by physical infrastructure to quickly add or remove agents, open new contact center locations, or enter new markets.

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Market Report Scope and Attributes:

Report Attribute	Details
Market Value in 2024	USD 26.20 Billion
Market value by 2032	USD 157.08 Billion
CAGR	25.1% from 2024 to 2032
Base Year	2023
Historical Data	2019–2022
Forecast Period	2024–2032

Top Players in Cloud-Based Contact Center Market:

The top companies involved in the market are trying to stay ahead of the competition and take a large portion of the market, competitive players concentrate on alliances, product innovations, and teamwork. Simultaneously, customer-focused experiences and innovative, dynamic AI-driven features increase competition. Some of the major companies involved in the cloud-based contact center market are:

• 8x8
• Aircall
• Avaya
• AWS
• Cisco
• Five9
• Guru
• NICE
• Vonage
• Zoho

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Market Growth Drivers and Opportunities:

Increasing use of Generative AI: The cloud-based contact center market is being driven by growing awareness of generative AI and its ability to facilitate implementation through intelligent, personalized scripts that utilize natural language generation and comprehension technologies to produce successful, captivating conversations. Additionally, by enabling the scripts to learn from data and feedback, generative AI improves the contact center's performance and quality over time.

Growing Need for Insights and Real-Time Analytics: Cloud-based contact center reports are the main source of the rising demand for real-time analytics. Management can observe customer conversations and detect problems with real-time data from a cloud call center. By promptly identifying and addressing issues regarding compliance, this kind of reporting can assist call centers in operating more profitably, lowering risks, and being bound to regulations. Thus, helping in the growth of the cloud-based contact center market.

Regional Overview:

North America: In 2023, the cloud-based contact center market was dominated mostly by North America, and it is expected that the region is going to register the highest CAGR in the forecasted period of 2024–2032. The growth of the market in this region is being driven by rapid demand for flexible and quickly expandable customer service solutions that are able to manage various call volumes and requirements of clients.

Recent Developments in Cloud-Based Contact Center Market:

• October 2023: SAP introduced novel CX generative AI functionalities to elevate customer experiences and enhance business operations, incorporating SAP's natural-language generative AI copilot, Joule.

• May 2023: CPaaS empowered on-premises contact centers by providing cloud-based functionalities. Organizations operating on-premises contact centers enhance their systems without undergoing a complete migration to the cloud. CPaaS facilitates the integration of cloud features and enhances essential business metrics.

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Cloud-Based Contact Center Market Segmentation:

By Offering Outlook (Revenue – USD Billion, 2019–2032)

• Software
  • Software, By Type
    • Omnichannel Routing
      • IVR
      • ACD (Automatic Call Distribution)
      • Voice Call Reporting
      • Dialers
    • Workforce Engagement Management
      • Workforce Optimization
      • Training and Coaching
      • Forecasting and Scheduling
      • Knowledge Management
      • Resource Management
    • Reporting & Analytics
      • Real-time Speech & Text Analytics
      • Historic Reporting Tools
      • Performance Analytics & Reporting Software
      • Ad Hoc Query & Analysis Tools
    • Customer Engagement Management
      • Multichannel Communication Platform
      • CRM Integration Tools
      • Customer Feedback & Satisfaction Monitoring Tools
  • Software, By Engagement Type
    • Inbound
    • Outbound
    • Blended
  • Software, By Deployment Mode
    • Public
    • Private
    • Hybrid
• Services
  • Professional Services
    • Consulting & Advisory
    • Integration & Deployment
    • Support & Maintenance
    • Training & Education
  • Managed Services

By Communication Channel Outlook (Revenue – USD Billion, 2019–2032)

• Voice
  • Phone
  • VOIP
  • Virtual Phone System
• Digital
  • Email
  • Live Chat
  • SMS
  • Social Media
  • Instant Messaging Services
  • Video Chat
  • Web Forms
• Self-Service
  • IVR
  • Chatbot
  • Virtual Assistant

By Vertical Outlook (Revenue – USD Billion, 2019–2032)

• BFSI
• Retail & Consumer Goods
• Telecommunications
• Travel & Hospitality
• Healthcare & Life Sciences
• Transportation & Logistics
• IT & ITeS
• Government & Public Sector
• Media & Entertainment
• Others

By Application Outlook (Revenue – USD Billion, 2019–2032)

• Marketing Automation
• Social Media Management
• Helpdesk Management
• Business Intelligence
• Collaboration & Productivity
• Customer Relationship Management (CRM)
• Other Applications

By Regional Outlook (Revenue – USD Billion, 2019–2032)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of the Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Australia
  • Malaysia
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

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