Global Contact Center as a Service Market By Function (Automatic Call Distribution, Call Recording, and Other Functions), By End-Use Industry (BFSI, IT & Telecom, and Other End-Use Industries), By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: May 2023
- Report ID: 102046
- Number of Pages: 261
- Report Overview
- Driving Factors
- Restraining Factors
- COVID-19 Impact Analysis
- By Function Analysis
- By End-Use Industry Analysis
- Contact Center as a Service Key Market Segments:
- Growth Opportunity
- Latest Trends
- Regional Analysis
- Key Regions and Countries Covered in this Report
- Market Share & Key Player Analysis:
- Recent Developments
- Report Scope:
In 2022, the Global Contact Center as a Service Market was valued at USD 4.7 Billion. This market is estimated to reach USD 23.6 Billion in 2032 at the highest CAGR of 18% between 2023 and 2032. The contact center as a service is a cloud-based software that allows customers to communicate with companies without any traditional call center equipment in between.
The contact center as a service offers many features like interactive voice response (IVR), app integration, call queueing, call recording, and many other features. Contact centers deal with customer interactions based on many topics. The contact center as a service is provided through various channels like email, phone, text messages, and media. The contact center as a service has improved the customer’s experience.
The aim of the contact center as a service is to provide scalability and flexibility to companies wanting to use advanced services like contact center as a service features for improving customer experience. With the increasing adoption of advanced contact center technologies for maintaining streamlined customer interactions and better business continuity, the contact center as a service market is growing significantly.
Low Costs and Better Customer Experience are Driving the Growth of Contact Centers as a Service Market.
If the organization or company fails to provide a timely response to customer emails and messages, it results in a loss of customers and overall loss to the company. To avoid such situations, many companies are adopting the customer center as a service in their organization. This is driving the growth of the contact center as a service (CCaaS) market. Improving the customer experience through the contact center as a service, it helps the organization support the journey of the customer from start to end. By implementing contact centers as a service solution, companies can save hardware installation expenses and maintenance service charges. That’s why it has allowed the companies to provide better support to customers.
Moreover, the low cost of contact centers as a service helps small and medium enterprises that have limited funds for the service to adopt the CCaaS in their organization. These key factors are propelling the growth of the contact center as a service market.
Increasing Cyberattacks from Hackers are Restricting the Growth of Global Contact Centers as a Service Market.
The contact center as a service helps organizations to improve their customer relations by improving the customer experience. But the rising security concerns over confidential information and data are obstructing the growth of global contact centers as a service market. Hackers try to steal confidential information from the companies like well-being data, installments card numbers and other data. Also, other issues like working frameworks, virtualization, and distributed computing face outer security concerns that are expected to hamper the growth of the global contact center as a service market.
COVID-19 Impact Analysis
COVID-19 Pandemic positively impacted on Global Contact Center as a Service Market.
During the COVID-19 pandemic, contact center as a service was growing significantly in the market. The contact center as a service model allows the remote location for the working capabilities of the employee. This allows the employee of the company to provide customer service from remote locations. This has increased the number of employees offering customer support from remote locations like their homes. Due to this, many companies adopt the contact center as a service in their organizations. This boosted the growth of the global contact center as a service market during the COVID-19 pandemic.
By Function Analysis
The Automatic Call Distribution Leads the Segment by Covering Major Revenue Share in Global Contact Center as a Service Market
Based on function, the global contact center as a service market is classified into automatic call distribution, customer collaboration, dialer, call recording, interactive voice response, and other functions. From these functions, the automatic call distribution dominates the segment by accounting for a major revenue share of 21.6%.
This growth of automatic call distribution is due to the ability of automatic call distribution to handle large volumes of inbound calls more efficiently than others. It helps companies to arrange the routes of incoming customer support calls to topic-specific employees. Factors like these are fueling the growth of automatic call distribution in the function segment of the global contact center as a service market.
Also, customer collaboration is expected to grow at a significant CAGR throughout the forecast period. Customer collaboration helps companies to resolve customer’s issues more efficiently through feedback from the customers. This is anticipated to boost the growth of customer collaboration in the global contact center as a service market during the forecast period.
By End-Use Industry Analysis
BFSI Dominates the End-Use Industry Segment by Covering the Major Revenue Share of 24.6% in Global Contact Center as a Service Market
The global contact center as a service market is classified into BFSI, healthcare, government, IT & telecom, travel & hospitality, and other end-use industries based on end-use industry. Among these end-use industries, BFSI leads the segment by holding a major revenue share of 24.6% in the global contact center as a service market.
This growth of BFSI is attributed to the increasing customer interaction in the BFSI industry due to the introduction of digitalization. Customers are using various channels for reaching out to banks and institutes. The contact center as a service is helping companies in the BFSI industry to build strong relations with customers. These key factors are propelling the growth of the BFSI industry in the global contact center as a service market.
Contact Center as a Service Key Market Segments:
- Automatic Call Distribution
- Call Recording
- Customer Collaboration
- Interactive Voice Response
- Other Functions
By End-Use Industry
- IT & Telecom
- Consumer Goods & Retail
- Other End-Use Industries
Increasing Focus on the Development of Advance Technology in Contact Center as a Service Market is Expected to Create Many Lucrative Opportunities Over the Forecast Period.
Many companies across the world are focusing on offering the contact center as a service by integrating it with advanced technology like artificial intelligence that helps the companies to review the customer query and respond to them more quickly and effectively than before. Key companies in the contact center as a service market are heavily investing in the development of advanced technologies to offer more accurate and efficient responses to customers and improve the customer’s experience. These factors are expected to create many lucrative opportunities in the contact center as a service market during the forecast period.
The trend of Cloud Based Services is Fueling the Growth of the Global Contact Center as a Service Market.
The ongoing trend of cloud-based services is supporting the growth of the global contact center as a service market. The cloud-based contact centers cost much lesser than the on-premise contact centers. Therefore, many companies are saving their money by adopting the cloud-based contact center as a service in their companies. Also, cloud-based services help companies to reduce downtime and overhead expenses. Due to all these advantages of the cloud-based contact center as a service, the global contact center as a service market is experiencing significant growth.
North America Dominates the Global Contact Center as a Service Market by Covering a Major Revenue Share of 34.8%.
North America region leads the global contact center as a service market by holding a major revenue share of 34.8%. This growth of North America region is owing to the fast-paced digital transformation within the region and the emergence of advanced technologies like artificial intelligence. Many key companies in the North America region are adopting cloud-based contact centers as a service in their companies to improve customer relations with the company. These key factors are positively affecting the growth of contact centers as a service market in North America region.
After North America region, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The increasing E-commerce industry in the Asia Pacific region is raising the demand for the contact center as a service in the Asia Pacific region. Also, the increasing adoption of contact centers as a service from small and medium enterprises is expected to boost the growth of contact centers as a service market in the Asia Pacific region during the forecast period.
Key Regions and Countries Covered in this Report
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The global contact center as a service market is fragmented into many companies offering the services. Key players in the market are focusing on the adoption of various strategies like mergers, acquisitions, partnerships, and collaboration to expand their business across various regions and strengthen their position in the market. Some of the key players in the global contact center as a service market are Cisco Systems Inc., Genesys, Microsoft Corporation, SAP SE, NICE CXone, Avaya Inc., Enghouse Interactive Inc., Unify Inc., Computer Talk Technology Inc., Alcatel Lucent Enterprise, Oracle Corporation, and other key players.
Top Key Players in Contact as a Service Market
- Cisco Systems Inc.
- Microsoft Corporation
- SAP SE
- NICE CXone
- Enghouse Interactive Inc.
- Avaya Inc.
- Unify Inc.
- Alcatel Lucent Enterprise
- Computer Talk Technology Inc.
- Oracle Corporation
- Other Key Players
- In May 2022, Avaya Inc. partnered with Microsoft Corporation to offer OneCloud solutions on Microsoft Azure. Avaya Inc is expected to increase its market reach across the world by this partnership with Microsoft Corporation.
- In December 2021, a leading provider of industry-specific communications ‘Alcatel-Lucent Enterprises’ launched their Alcatel-Lucent Enterprise Connect (ALE Connect) powered by AKIO.
Report Features Description Market Value (2022) USD 4.7 Bn Forecast Revenue (2032) USD 23.6 Bn CAGR (2023-2032) 18% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Function – Automatic Call Distribution, Call Recording, Customer Collaboration, Dialer, Interactive Voice Response, and Other Functions; By End-Use Industry – BFSI, IT & Telecom, Healthcare, Government, Consumer Goods & Retail, and Other End-Use Industries Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Cisco Systems Inc., Genesys, Microsoft Corporation, SAP SE, NICE CXone, Avaya Inc., Enghouse Interactive Inc., Unify Inc., Computer Talk Technology Inc., Alcatel Lucent Enterprise, Oracle Corporation, and other key players. Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
Frequently Asked Questions (FAQ)What is the value of the global Contact Center as a Service Market?
In 2022, the global Contact Center as a Service Market was valued at USD 4.7 billion.What will be the market size for Contact Center as a Service Market in 2032?
In 2032, the Contact Center as a Service Market will reach USD 23.6 billion.What CAGR is projected for the Contact Center as a Service Market?
The Contact Center as a Service Market is expected to grow at 18% CAGR (2023-2032).List the segments encompassed in this report on the Contact Center as a Service Market?
Market.US has segmented the Contact Center as a Service Market Market by geographic (North America, Europe, APAC, South America, and MEA). By Function, market has been segmented into Automatic Call Distribution, Call Recording, Customer Collaboration and other. By End-Use Industry, the market has been further divided into BFSI, Healthcare, IT & Telecom and other.Which segment dominate the Contact Center as a Service industry?
With respect to the Contact Center as a Service industry, vendors can expect to leverage greater prospective business opportunities through the Automatic Call Distribution segment, as this dominate this industry.Name the major industry players in the Contact Center as a Service Market.
Cisco Systems Inc., Microsoft Corporation, Genesys, SAP SE, NICE CXone, Enghouse Interactive Inc., Avaya Inc. and Other Key Players are the main vendors in this market.
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