[295 Pages Report] The global contact center as a service market is estimated at US$ 4.5 Billion in 2022, and is likely to reach US$ 16 Billion by 2032, showcasing a CAGR of 13.52% during the forecast period ranging from 2022 to 2032. The growth of the market can be attributed to the growing adoption of advanced contact center technologies for better functioning of the market and organizing customer interactions to offer a superior customer experience.
| Data Points | Key Statistics |
|---|---|
| Contact Center as a Service Market CAGR (2022-2032) | 13.52% |
| Contact Center as a Service Market (2021) | US$ 4.3 Billion |
| Contact Center as a Service Market (2022) | US$ 4.5 Billion |
| Contact Center as a Service Market (2032) | US$ 16 Billion |
| Contact Center as a Service Market | The incorporation of AI and ML technologies in contact center solutions is expected to offer various opportunities for the contact center as a service (CCaaS) market during the forecast period. |
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Integration of Modern Technologies to Benefit the Contact Center as a Service Market
Players in the market are developing cloud contact centers to boost operational functionality for users, which is expected to develop the market during the forecast period. The rising application of cloud-based software as services and AI-based chatbots have expanded the contact center as a service market. The growing number of organizations launching application programming interface (API)-based contact center solutions is strengthening the market growth during the forecast period.
Players in the market are introducing novel solutions, which is likely to augment the market growth in the coming time. For instance, in April 2020, ServiceNow announced the launch of the Amazon Connect Integration with Cloud Call Center, a cloud contact center solution that provides employees with better IT support functionalities.
Cloud-based contact center software does not incur any IT services and components expenditure. Also, they can be offered in a subscription model, allowing enterprises to choose the model as per their requirement, resulting in cost savings. Organizations with limited resources adopt cloud-based contact centers, boosting the adoption of such systems in small and medium organizations. Attributed to such factors, the market is expected to flourish significantly during the forecast period.
Associated Security Concerns and Data Breaches are expected to hamper the Contact Center as a Service Market
The increasing adoption of digital technologies, such as AI, ML, and cloud computing has resulted in increased data breaches and cyberattacks in contact centers. The need for security, compliance, and data protection has increased with rising internet connectivity. As per statistics provided by NICE, contact centers handle more than 100 billion calls every month, with one out of 1,700 calls being fraudulent.
However, growing launches of contact centers, are expected to counter the hampering factors and boost the market revenue during the forecast period. In October 2021, an automation technology provider, Automation Anywhere, announced the launch of Automation Anywhere for Contact Centers, an AI-based, cloud-native solution that offers faster customer services. Such factors are expected to benefit the industry in the forecast period.
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Display of Statistics Dashboards on User Interface to Offer Significant Opportunities for Expansion
Omnichannel contact centers’ market players are deploying modern analytics systems to offer dashboards with those facts that impact their operations. The trend of showing statistics dashboards on user interfaces to procure real-time updates on customer experiences is likely to be a remunerative opportunity for the contact center as a service market during the forecast period.
For instance, in November 2020, in a collaboration with Colt Technology Services Group Limited, Atos SE developed CCaaS. Colt provides CCaaS solutions through its cloud and voice solutions connected with Atos’ cloud contact center solution. The initiative has strengthened consumer interactions across several omnichannel like chat, phone, social media, and other new AI-based solutions.
Global Contact Center as a Service Market:
| Attributes | Global Contact Center as a Service Market |
|---|---|
| CAGR (2022-2032) | 13.52% |
| Market Value (2032) | US$ 16 Billion |
| Growth Factor | Rising application of cloud-based software as services and AI-based chatbots and The growing number of organizations launching application programming interface (API)-based contact center solutions are expected to benefit the market during the forecast period. |
| Opportunities | The trend of showing statistics dashboards on user interfaces to procure real-time updates on customer experiences is likely to be a remunerative opportunity for the contact center as a service market during the forecast period. |
Customer Data Platform Market:
| Attributes | Customer Data Platform Market |
|---|---|
| CAGR (2022-2032) | 14% |
| Market Value (2032) | US$ 7.2 Billion |
| Growth Factor | Increasing demand for real-time services and growing expenditure on marketing and advertising activities by organizations are expected to drive the growth of the customer data platform market during the forecast period. |
| Opportunities | The advent of automated smart machinery to enhance customer experience is projected to act as a lucrative opportunity for the market in the forthcoming period. |
Global Customer Relationship Management Market:
| Attributes | Global Customer Relationship Management Market |
|---|---|
| CAGR (2022-2032) | 11% |
| Market Value (2032) | US$ 164.68 Billion |
| Growth Factor | Increasing demand for automated engagement with customers and providing a seamless customer experience and services are projected to play a salient role in strengthening the market during the forecast period. |
| Opportunities | The growing demand for AI-powered software across digital technologies is anticipated to act as a significant opportunity for the market during the forecast period. |
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Increasing Number of Start-ups across Major Industries heightening Demand for Virtual Security
As per the analysis, contact center as a service for SMEs are expected to dominate the market, experiencing a CAGR worth 12.3%. Growth of the segment can be attributed to the increasing number of startups and growing investment in cloud-based software solutions among established organizations.
On the other hand, the large enterprise segment is expected to claim a significant market value during the forecast period. Large enterprises have a customer base spread widely across the globe, therefore, large enterprises are making a large investment in advancing the contact center as a service technology.
IT & Telecommunications to emerge as the front-runner in Market Expansion
According to Future Market Insights, contact center as a service for IT & Telecommunications is expected to be the primary contributor to market expansion, based on industry. Given the frequency of customer interactions involved, it is necessary for industry leaders to implement efficient contact centers, complete with adequate data and operational security.
In the present business climate, the scope for IT & telecommunications is only bound to broaden in its scope of operations. With the outbreak of COVID-19, various industries have already gone completely virtual, which has only served to enhance contact center as a service deployment on a large scale. As of 2022, the IT & telecommunications segment is likely to accumulate 42% market revenue.
Presence of Established Players to Play a Significant Role in Driving the Market in North America
As per the analysis, North America is expected to dominate the global market for contact center as a service. Domination of the region can be attributed to the presence of established players. In 2022, the region is expected to have secured about 35% of the global contact center as a service market share.
Players in the region are focusing to develop the CCaaS aimed to offer better customer service. In November 2021, Microsoft announced the launch of Dynamics 365 Customer Service, which provides a 360-degree view of the customers across all verticals, enabling agents to understand the customer journey quickly. Such initiatives bode well for the expansion of the regional market.
Also, the presence of contact centers as services offers in the U.S, such as Talkdesk Inc., Genesys Inc., 8x8 Inc., and many others are strengthening the Contact Center as a Service market growth.
China and Japan to Dominate the Asia Pacific Market for Contact Center as a Service
According to the analysis, APAC is anticipated to be the fastest-growing market during the forecast period. Among all, China and Japan are projected to make the most significant participation in developing the regional market during the assessment period.
The e-Commerce industry in the region is expected to make a significant contribution to developing the regional market. The rapid industrial development in the region is another factor making a significant contribution to augmenting the market size during the forecast period. Further, the SMEs in the region are adopting CCaaS solutions due to the increasing benefits offered. Attributed to such factors, the market in APAC is expected to grow at a CAGR of 12.3% during the forecast period.
Growing Deployment of AI for Automating Contact Center Operations to Fuel the Regional Market Growth
Europe is anticipated to exhibit decent growth during the forecast period, clocking a CAGR of 12% from 2022 to 2032. Expansion of the European market can be attributed to the introduction of advanced technological solutions that automate the operations of contact centers. AI technology is developing CCaaS performance by aiding agents to be more productive during their interaction with customers.
AI-based technologies play an important role in the automation of contact center operations, which is motivating organizations to deploy AI in their CCaaS platforms. In March 2019, Thrio, Inc. launched an AI-driven contact center service platform to create multi-step, multi-channel customer journeys.
Genesys, Whatfix, Exotel, SaaS Labs, Servify, Helpshift, Skit, Onsitego, [24]7.ai, and Rocketlane, are some prominent start-ups in the contact center as a service market. The new players are adopting novel technologies, which is likely to benefit the market in the forecast period.
Key players in the global contact center as a service market include NICE, Evolve IP, Luware AG, 8x8, Talkdesk, Cisco Systems, and others. Recent developments in the industry include:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR 13.52% |
| Market Value in 2021 | US$ 4.3 Billion |
| Market Value in 2022 | US$ 4.5 Billion |
| Market Value in 2032 | US$ 16 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2017-2021 |
| Forecast Period | 2022-2032 |
| Quantitative Units | USD Million for Value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Report Customization & Pricing | Available upon Request |
The contact center as a service market is expected to have secured about US$ 4.3 Billion in 2021.
The contact center as a service market is expected to secure US$ 4.5 Billion in 2022.
The contact center as a service market is expected to display a CAGR of 13.52% during the forecast period.
SMEs are expected to be primary end users of contact center as a service platforms, flourishing at a 12.3% CAGR.
The global contact center as a service market is anticipated to garner US$ 16 billion by 2032.
North America is expected to dominate the contact center as a service market during, claiming about 35% revenue in 2022.
NICE, Evolve IP, Luware AG, 8x8, Talkdesk, and Cisco Systems, are some of renowned players in the global contact center as a service market.
1. Executive Summary 1.1. Global Market Overview 1.2. Demand Side Trends 1.3. Supply Side Trends 1.4. FMI Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Introduction and Definition 3. Market Background and Foundation Data Points 3.1. Need of the Hour for Industries 3.2. – Strategic Priorities 3.3. Life Cycle Stage 3.4. Importance of Technology 3.5. Use Cases of Contact Center as a Service 3.6. Forecast Factors: Relevance and Impact 3.7. Investment Feasibility Matrix 3.8. PESTLE Analysis 3.9. Porter’s Five Forces Analysis 3.10. Market Dynamics 3.10.1. Drivers 3.10.2. Restraints 3.10.3. Opportunity Analysis 3.10.4. Trend 4. Global Market Demand (US$ Mn) Analysis 2017-2021 and Forecast, 2022-2032 4.1. Historical Market Value (US$ Mn) Analysis, 2017-2021 4.2. Current and Future Market Value (US$ Mn) Projections, 2022-2032 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Function 5.1. Introduction / Key Findings 5.2. Historical Market Value (US$ Mn) Analysis By Function, 2017-2021 5.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Function, 2022-2032 5.3.1. Interactive Voice Response (IVR) 5.3.2. Multichannel 5.3.3. Automatic Call Distribution 5.3.4. Computer Technology Integration (CTI) 5.3.5. Reporting & Analytics 5.3.6. Workforce Optimization 5.3.7. Customer Collaboration 5.3.8. Others 5.4. Market Attractiveness Analysis By Function 6. Global Market Analysis 2017-2021 and Forecast 2022-2032, by Enterprise Size 6.1. Introduction / Key Findings 6.2. Historical Market Value (US$ Mn) Analysis By Enterprise Size , 2017-2021 6.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Enterprise Size, 2022-2032 6.3.1. SMEs 6.3.2. Large Enterprises 6.4. Market Attractiveness Analysis By Enterprise Size 7. Global Market Analysis 2017-2021 and Forecast 2022-2032, by Industry 7.1. Introduction / Key Findings 7.2. Historical Market Value (US$ Mn) Analysis By Industry, 2017-2021 7.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Industry, 2022-2032 7.3.1. BFSI 7.3.2. IT & Telecommunications 7.3.3. Government 7.3.4. Healthcare 7.3.5. Consumer Goods & Retail 7.3.6. Travel & Hospitality 7.3.7. Media & Entertainment 7.3.8. Others 7.4. Market Attractiveness Analysis By Industry 8. Global Market Analysis 2017-2021 and Forecast 2022-2032, by Region 8.1. Introduction / Key Findings 8.2. Historical Market Value (US$ Mn) Analysis By Region, 2017-2021 8.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Region, 2022-2032 8.3.1. North America 8.3.2. Latin America 8.3.3. Europe 8.3.4. Asia Pacific 8.3.5. Middle East and Africa (MEA) 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2017-2021 and Forecast 2022-2032 9.1. Introduction / Key Findings 9.2. Historical Market Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021 9.3. Market Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032 9.3.1. By Country 9.3.1.1. U.S. 9.3.1.2. Canada 9.3.2. By Function 9.3.3. By Enterprise Size 9.4. Market Attractiveness Analysis 9.4.1. By Country 9.4.2. By Function 9.4.3. By Enterprise Size 10. Latin America Market Analysis 2017-2021 and Forecast 2022-2032 10.1. Introduction / Key Findings 10.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021 10.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Region, 2022-2032 10.3.1. By Country 10.3.1.1. Brazil 10.3.1.2. Mexico 10.3.1.3. Rest of Latin America 10.3.2. By Function 10.3.3. By Enterprise Size 10.3.4. By Industry 10.4. Market Attractiveness Analysis 10.4.1. By Country 10.4.2. By Function 10.4.3. By Enterprise Size 10.4.4. By Industry 11. Europe Market Analysis 2017-2021 and Forecast 2022-2032 11.1. Introduction / Key Findings 11.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021 11.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Region, 2022-2032 11.3.1. By Country 11.3.1.1. Germany 11.3.1.2. France 11.3.1.3. Italy 11.3.1.4. Spain 11.3.1.5. U.K 11.3.1.6. Rest of Europe 11.3.2. By Function 11.3.3. By Enterprise Size 11.3.4. By Industry 11.4. Market Attractiveness Analysis 11.4.1. By Country 11.4.2. By Function 11.4.3. By Enterprise Size 11.4.4. By Industry 12. Asia Pacific Market Analysis 2017-2021 and Forecast 2022-2032 12.1. Introduction / Key Findings 12.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021 12.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Region, 2022-2032 12.3.1. By Country 12.3.1.1. China 12.3.1.2. Japan 12.3.1.3. South Korea 12.3.1.4. Malaysia 12.3.1.5. Singapore 12.3.1.6. Australia 12.3.1.7. New Zealand 12.3.2. By Function 12.3.3. By Enterprise Size 12.3.4. By Industry 12.4. Market Attractiveness Analysis 12.4.1. By Country 12.4.2. By Function 12.4.3. By Enterprise Size 12.4.4. By Industry 13. Middle East and Africa Market Analysis 2017-2021 and Forecast 2022-2032 13.1. Introduction / Key Findings 13.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021 13.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Region, 2022-2032 13.3.1. By Country 13.3.1.1. GCC Countries 13.3.1.2. South Africa 13.3.1.3. Israel 13.3.1.4. Rest of Middle East and Africa (MEA) 13.3.2. By Function 13.3.3. By Enterprise Size 13.3.4. By Industry 13.4. Market Attractiveness Analysis 13.4.1. By Country 13.4.2. By Function 13.4.3. By Enterprise Size 13.4.4. By Industry 14. Market Structure Analysis 14.1. Market Analysis by Tier of Companies 14.2. Market Concentration 14.3. Market Share Analysis of Top Players 14.4. Market Presence Analysis 15. Competition Analysis 15.1. Competition Dashboard 15.2. Competition Benchmarking 15.3. Competition Deep Dive 15.4. Genesys Telecommunication Laboratories Inc. 15.4.1. Company Overview 15.4.2. Function overview 15.4.3. SWOT Analysis 15.4.4. Key Developments 15.5. Nice System Ltd. 15.5.1. Company Overview 15.5.2. Function overview 15.5.3. SWOT Analysis 15.5.4. Key Developments 15.6. Talkdesk Inc. 15.6.1. Company Overview 15.6.2. Function overview 15.6.3. SWOT Analysis 15.6.4. Key Developments 15.7. 8x8 Inc. 15.7.1. Company Overview 15.7.2. Function overview 15.7.3. SWOT Analysis 15.7.4. Key Developments 15.8. Anywhere365 Enterprise Dialogue Management 15.8.1. Company Overview 15.8.2. Function overview 15.8.3. SWOT Analysis 15.8.4. Key Developments 15.9. Content Guru Limited 15.9.1. Company Overview 15.9.2. Function overview 15.9.3. SWOT Analysis 15.9.4. Key Developments 15.10. Enghouse Interactive 15.10.1. Company Overview 15.10.2. Function overview 15.10.3. SWOT Analysis 15.10.4. Key Developments 15.11. Luware A.G 15.11.1. Company Overview 15.11.2. Function overview 15.11.3. SWOT Analysis 15.11.4. Key Developments 15.12. Evolve IP LLC. 15.12.1. Company Overview 15.12.2. Function overview 15.12.3. SWOT Analysis 15.12.4. Key Developments 16. Assumptions And Acronyms Used 17. Research Methodology
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Contact Center as a Service Market
