Contact Center As A Service Market Growth & Trends
The global contact center as a service market size is expected to reach USD 17.12 billion by 2030, registering a CAGR of 19.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The contact center as a service (CCaaS) market growth can be attributed to the rising adoption of cloud-based contact center services by enterprises to offer better flexibility and customer convenience. Many organizations are adopting Business Intelligence (BI) technology, as it provides them with a holistic view of agent performance and helps measure how they are achieving organizational goals.
Businesses are widely adopting cloud-based contact centers owing to benefits such as reduced integration, support, and IT-related costs, which could help drive the growth of the market. Moreover, numerous players are developing cloud contact centers to enhance operational functionality and flexibility for users. For instance, in January 2021, Infosys announced the launch of the Infosys Cortex, a customer engagement platform that leverages the technology from Genesys, a cloud contact center solutions provider, along with Contact Center AI and analytics services from Google Cloud.
Numerous CCaaS providers are entering into partnerships with communication companies to deploy contact center software and expand their reach. For instance, in April 2021, Talkdesk announced a partnership with Welltel, a communication and IT company based in Ireland. Under the partnership, Welltel would offer Talkdesk cloud contact center solutions to Irish companies.
The COVID-19 pandemic is expected to have a positive impact on the market. As the pandemic situation continues, cloud-hosted contact centers are gaining more traction as it provides better levels of reliability, availability, and disaster recovery because agents can access the tools they need to perform the job from any place. Moreover, cloud-hosted contact centers provide better workforce elasticity for easily scalable solutions and faster deployment of new capabilities and technology solutions. However, the increasing concerns about data security are expected to hamper the market growth over the forecast period. CCaaS solutions handle huge data volumes and critical financial data of consumers, which could be at risk of malicious attacks.
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Contact Center As A Service Market Report Highlights
In terms of solution, the customer collaboration segment is expected to witness the highest CAGR over the forecast period. This can be attributed to the rising focus of businesses on offering enhanced customer satisfaction by solving their issues and promptly attending their calls
In terms of service, the managed services segment is likely to register the highest CAGR over the forecast period. The increasing need for monitoring IT operations, data backup and recovery, help desk support, and security is expected to drive the demand for managed services over the forecast period
In terms of enterprise size, the small & medium enterprises segment is likely to register the highest CAGR. Convenient service delivery and the low cost of investment related to CCaaS is boosting its adoption across small & medium enterprises
In terms of end use, the consumer goods & retail segment is expected to provide promising growth opportunities to the market. The increasing usage of online channels for purchasing consumer goods amidst the COVID-19 pandemic is expected to drive the demand for contact center as a service in the consumer goods & retail industry
The North American regional market dominated in 2022 and is likely to present promising growth opportunities for the market over the forecast period as well. The Asia Pacific regional market is expected to witness the highest growth owing to the increasing industrial expansion and development in the emerging economies of the region
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