Contact Center As A Service Market Will Grow As Of Incorporation Of Artificial Intelligence (AI)
Contact Center As A Service Industry Overview
The global contact center as a service market size was valued at USD 3.91 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 18.4% from 2022 to 2030.
The market growth can be attributed to the rising adoption of advanced contact center technologies to maintain better business continuity and streamline customer interactions to provide higher customer satisfaction. Moreover, the incorporation of Artificial Intelligence (AI) and Machine Learning (ML) technologies in contact center solutions is expected to create more demand for the contact center as a service (CCaaS) market over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Contact Center As A Service Market
Numerous players are developing cloud contact centers to enhance operational functionality and flexibility for users. For instance, in April 2020, ServiceNow announced the launch of the Amazon Connect Integration with Cloud Call Center, a cloud contact center solution that offers employees better IT support functionalities. Amazon Connect Integration with Cloud Call Center provides native integration with AWS’s natural language AI technology, Comprehend and Transcribe, Lex with ServiceNow.’s IT workflow, and the service capabilities.
Various companies are also focusing on providing artificial intelligence-based cloud contact center solutions to increase accuracy and meet the changing customer needs. For instance, in October 2021, Automation Anywhere, Inc., an automation technology provider, announced the launch of the Automation Anywhere for Contact Centers, an AI-driven, cloud-native solution that facilitates businesses to provide faster customer services. Automation Anywhere for Contact Centers enables agents to be more efficient in finding, and updating the information as well as executing the client transactions quickly to deliver faster services.
Organizations that do not provide timely responses to customer emails experience potential loss of customers. Hence, it has become essential for organizations to deliver a better customer experience across all channels. Improved customer experience provides better support to the entire customer journey, from the first point of contact to becoming a loyal customer. Customer experience is an integral part of Customer Relationship Management (CRM) and is important because the customer who has a positive experience with the business is more likely to become a loyal customer.
Organizations can save maintenance service charges and hardware installation expenses by implementing the contact center as a service solution. Additionally, cloud-based contact center software does not incur any IT services and components expenditure. Cloud-based services also help decrease downtime and reduce power consumption. Furthermore, they can be offered in a subscription model, allowing companies to select the model according to their requirements, leading to cost savings. Companies with limited funds adopt cloud-based contact centers, thus boosting the adoption of these systems in small and medium enterprises. However, as contact centers store critical customer information such as payment card numbers and health information, increasing data security concerns are expected to hinder the market growth.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
Artificial Intelligence Market - The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030. The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing.
Machine Learning Market - The global machine learning market size was valued at USD 6.9 billion in 2018 and is anticipated to register a CAGR of 43.8% from 2019 to 2025. Emerging technologies such as artificial intelligence are changing the way industries and humans work. These technologies have optimized supply chains, launched various digital products and services, and transformed the overall customer experience. Various tech firms are investing in this field to develop AI platforms, while various startups are focusing on niche domain solutions.
Contact Center As A Service Market Segmentation
Grand View Research has segmented the global contact center as a service market based on solution, service, enterprise size, end-use, and region:
CCaaS Solution Outlook (Revenue, USD Million, 2017 - 2030)
Automatic Call Distribution
Call Recording
Computer Telephony Integration
Customer Collaboration
Dialer
Interactive Voice Response
Reporting & Analytics
Workforce Optimization
Others
CCaaS Service Outlook (Revenue, USD Million, 2017 - 2030)
Integration & Deployment
Support & Maintenance
Training & Consulting
Managed Services
CCaaS Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)
Large Enterprises
Small & Medium Enterprises
CCaaS End-Use Outlook (Revenue, USD Million, 2017 - 2030)
BFSI
Consumer Goods & Retail
Government
Healthcare
IT & Telecom
Travel & Hospitality
Others
Contact Center As A Service Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Market Share Insights
October 2021: Automation Anywhere, Inc., an automation technology provider, announced the launch of the Automation Anywhere for Contact Centers, an AI-driven, cloud-native solution that facilitates businesses to provide faster customer services.
July 2020: NICE LTD announced the launch of Real-Time Interaction Guidance, a solution powered by the company’s ENLIGHTEN AI platform.
Key Companies profiled:
Some prominent players in the global contact center as a service market include:
Alcatel Lucent Enterprise
Avaya, Inc.
Cisco Systems, Inc.
Enghouse Interactive Inc.
Five9, Inc.
Genesys
Microsoft Corporation
NICE inContact
SAP SE
Unify Inc.
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