Pune, India, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The global contact center as a service market size was USD 4.18 billion in 2021. The market is projected to grow from USD 4.87 billion in 2022 to USD 15.07 billion by 2029, exhibiting a CAGR of 17.5% during the forecast period. Increase in cloud-based service and software CCaaS adoption for the global remote working population drives the market growth. Fortune Business Insights, provide this information in its report titled, "Contact Center as a Service Market Forecast, 2023-2029."
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Key Industry Development:
Talkdesk, Inc. launched an engagement platform called "Talkdesk community" for contact center specialists to share best practices and improve customer experience. This chat room community may allow consumers, employees, and members to interact and gain exclusive advice and ideas from users across the world.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 17.5% |
| 2029 Value Projection | USD 15.07 Billion |
| Base Year | 2021 |
| Contact Center as a Service Market Size in 2021 | USD 4.18 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Function, Enterprise Size, Industry and Geography |
Key Takeaways:
- Contact Center as a Service Market Size in North America was USD 1.73 billion in 2021
- Major driving factors include increase in cloud-based service and software CCaaS adoption for the global remote working population
- By Function Analysis, the interactive voice response segment has the largest share in the global market.
- Global demand is driven by market players implementing advanced analytics systems
- The IT and telecommunications industry will drive the market in the forecast period, 2023-2029
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Drivers & Restraints-
- Rising Popularity of Cloud-Based Software as a Service and AI-Powered Chatbots to Augment Market Growth
- The rising popularity of cloud-based software as a service and AI-powered chatbots has fueled the growth of the Contact Center as a Service (CCaaS) industry.
- Throughout the forecast period, the growing number of prominent organizations launching application programming interface (API)-based contact center solutions will drive the market expansion.
- The increased use of digital technologies such as artificial intelligence and cloud computing has increased the risk of data breaches and cyber-attacks in contact centers.
- However, with increased internet connectivity and use, there is a greater need for compliance, security, and data protection. These factors may hamper the Contact Center as a Service (CCaaS) market growth.
Segments-
By Function, Interactive Voice Response is likely to Dominate
The Contact Center as a Service Market is divided into functions such as multichannel, Interactive Voice Response (IVR), Computer Telephony Integration (CTI), automatic call distribution, reporting and analytics, customer collaboration, workforce optimization, and others (recording, dialer).
Interactive voice response is likely to take the lead. The automated computer system that communicates with customers and company employees is known as IVR. During the COVID-19 pandemic, several organizations used interactive voice response technology to obtain information about COVID-19 symptoms and the patient's health.
By Enterprise Size, there is Growing Number of SMEs in the IT and Telecommunication Sector
Based on enterprise size, the global market is divided into SMEs and large enterprises.
The market will be dominated by small and medium-sized businesses. This is due to an increase in the number of start-ups and increased investment in cloud-based software solutions by leading corporations.
By Industry, there is Growing Number of SMEs in the IT and Telecommunication Sector
The market is divided into several industries, including BFSI, IT and telecommunications, government, healthcare, consumer goods and retail, travel and hospitality, media and entertainment, and others.
Information technology and telecommunications industries are expected to have a sizable market share. Due to the growing emphasis on customer demands and a digital technology approach to customer interaction, the majority of CCaaS is used in this industry.
Geographically, the Contact Center as a Service Market is classified into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa.
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Regional Insights-
North America to Lead the Global Market Share
North America is expected to dominate the global contact center services market. During the forecast period, increased investment in cloud-based software and numerous key firms in the U.S. fueled the market expansion.
Asia Pacific is expected to grow at the fastest rate. China and Japan are expected to dominate the Asia Pacific region and are among the fastest-growing regions in the market. Growth in this region is also being driven by increased investment in business operations automation by major corporations.
Europe is expected to have the second-largest Contact Center as a Service (CCaaS) market share, due to an increase in cloud technology use, government assistance, and investments in the industrial and healthcare sectors to streamline corporate operations.
Competitive Landscape-
Westcon Group, Inc. and 8x8, Inc. announced a Distribution Partnership
In April 2021, Westcon Group, Inc. and 8x8, Inc. formed a distribution alliance. The agreement provides Westcon's partners with updated cloud communication and contact center solutions, retail CCaaS public cloud services, and Unified Communications (UCaaS).
List of Key Players Mentioned in the Report:
- Anywhere365 Enterprise Dialogue Management (Netherlands)
- Computer Talk Technology Inc. (Canada)
- 8x8, Inc. (U.S.)
- Content Guru Limited (U.K.)
- Enghouse Interactive (U.S.)
- Genesys Telecommunication Laboratories, Inc. (U.S.)
- NICE Systems Ltd. (Israel)
- Talkdesk Inc. (U.S.)
- Luware AG. (Switzerland)
- Evolve IP, LLC (U.S.)
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Major Table of Contents:
- Global Contact Center as a Service (CCaaS) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Function (USD)
- Interactive Voice Response (IVR)
- Multichannel
- Automatic Call Distribution
- Computer Telephony Integration (CTI)
- Reporting and Analytics
- Workforce Optimization
- Customer Collaboration
- Others (Recording, Dialer, etc.)
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Government
- Healthcare
- Consumer Goods and Retail
- Travel and Hospitality
- Media and Entertainment
- Others
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Contact Center as a Service (CCaaS) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Function (USD)
- Interactive Voice Response (IVR)
- Multichannel
- Automatic Call Distribution
- Computer Telephony Integration (CTI)
- Reporting and Analytics
- Workforce Optimization
- Customer Collaboration
- Others (Recording, Dialer, etc.)
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Government
- Healthcare
- Consumer Goods and Retail
- Travel and Hospitality
- Media and Entertainment
- Others
- By Country (USD)
- United States
- By Function
- Canada
- By Function
- United States
- Latin America Contact Center as a Service (CCaaS) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Function (USD)
- Interactive Voice Response (IVR)
- Multichannel
- Automatic Call Distribution
- Computer Telephony Integration (CTI)
- Reporting and Analytics
- Workforce Optimization
- Customer Collaboration
- Others (Recording, Dialer, etc.)
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Government
- Healthcare
- Consumer Goods and Retail
- Travel and Hospitality
- Media and Entertainment
- Others
TOC Continued…!
FAQs
How big is the contact center as a service market?
Contact center as a service market size was USD 4.18 billion in 2021. It is expected to reach USD 15.07 billion by 2029.
How fast is the contact center as a service market growing?
The contact center as a service market will exhibit a CAGR of 17.5% during the forecast period, 2022-2029
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