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Contact Center as a Service Market to Reach USD 10.06 Billion by 2027; Integration of Interactive Voice Response to Bolster Growth: Fortune Business Insights™

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Pune, Nov. 12, 2020 (GLOBE NEWSWIRE) — The global contact center as a service market is set to gain impetus from the rising integration of interactive voice response (IVR) in these solutions. Fortune Business Insights™ presented this information in a new report, titled, “Contact Center as a Service Market Size, Share & COVID-19 Impact Analysis, By Function (Interactive Voice Response (IVR), Multichannel, Automatic Call Distribution, Computer Telephony Integration (CTI), Reporting and Analytics, Workforce Optimization, Customer Collaboration, and Others), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (BFSI, IT and Telecommunications, Government, Healthcare, Consumer Goods & Retail, Travel & Hospitality, Media & Entertainment, and Others), and Regional Forecast, 2020-2027.” The report further states that the global contact center as a service (CCaaS) market size was USD 3.07 billion in 2019 and is projected to reach USD 10.06 billion by 2027, exhibiting a CAGR of 16.1% during the forecast period.To get to know more about the short-term and long-term impacts of COVID-19 on this market,
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COVID-19 Pandemic: Rising Usage of E-commerce Platforms to Surge DemandCCaaS solutions are experiencing high demand from multiple organizations worldwide because of their implementation of work from home policies to prevent the transmission of COVID-19. Apart from that, the increasing usage of e-commerce platforms for purchasing essentials amid the pandemic is compelling organizations to use cloud-based customer service solutions. We are aiming to help you battle this crisis by using one of our specially curated strategies.This Report Answers the Following Questions:Which segment is set to lead in the coming years?What are the market dynamics, growth drivers, and hindrances?How will organizations surge sales of contact center as a service solution?What are the current, forthcoming, and previous sizes of the market?
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Drivers & Restraints-Need to Provide Enhanced Customer Service will Favor GrowthNowadays enterprises are trying to maintain a smooth customer experience by delivering timely and authentic feedback. Customer satisfaction is considered to be a vital aspect of the future business of enterprises. CCaaS helps agents to handle clients efficiently by offering real-time data associated with their queries. Agents can also look at the customer’s purchase history to quickly resolve their issues. This factor is expected to bolster the contact center as a service market growth in the near future. However, CCaaS often stores confidential and personal information including card numbers and health records. Hence, the risk of data breaches and malicious attacks is high. It may obstruct growth.Segment-BFSI Segment to Grow Significantly Backed by Rapid DigitizationBased on industry, the IT & telecom segment earned 19.7% in terms of contact center as a service market share in 2019. The BFSI segment held 17.3% share in 2019 backed by the rising number of customer interactions on account of digitization. Also, customers often try to reach out to their respective banks through numerous channels. Therefore, various banks are adopting unique CCaaS software solutions to build robust customer relationships.
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Regional Analysis-Increasing Number of Small & Medium Enterprises to Spur Demand in North AmericaGeographically, North America procured USD 1.28 billion in terms of revenue in 2019. The increasing shift of various organizations towards cloud-based services would aid growth. Besides, the U.S. houses a large number of small and medium enterprises, which, in turn, is set to propel growth in this region. In 2019, the country generated 9.5% share in the multichannel segment.Europe, on the other hand, is set to remain in the second position stoked by the major contributions by France, Germany, and the U.K. The Federal Statistical Office of Germany declared that Germany’s GDP comprises 69% of the domestic service sector. Asia Pacific is expected to grow rapidly owing to the increasing usage of CCaaS because of its high scalability.Competitive Landscape-Key Players Focus on Partnership Strategy to Co-develop Novel SolutionsThe market for CCaaS contains various companies that are mainly focusing on providing state-of-the-art customer services to renowned enterprises. Most of them are engaging in the partnership strategy to co-develop new products. Below are the latest industry developments:August 2020: Evolve IP, LLC integrated its omnichannel Evolve Contact Suite, its virtual Workspaces solution, and Microsoft Teams. This blend would enable agents to support prospects and clients anywhere on any device.June 2020: 3CLogic joined hands with Microsoft Teams to improve its enterprise communication solution. This partnership would aid the former to deliver smooth communication between back offices and on-line agents. It would further enhance customer service.A list of the prominent contact center as service providers operating in the global market:Cisco Systems, Inc (California, United States)Genesys (California, United States)Five9 (California, United States)8×8, Inc. (California, United States)NICE Ltd. (Ra’anana, Israel)3CLogic (Maryland, United States)Oracle Corporation (California, United States)Avaya Inc. (California, United States)Mitel Networks Corporation (Ottawa, Canada)Evolve IP, LLC. (Pennsylvania, United States)Quick Buy: Contact Center as a Service Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/104160Detailed Table of Content:IntroductionDefinition, By SegmentResearch Methodology/ApproachData SourcesExecutive SummaryMarket DynamicsMacro and Micro Economic IndicatorsDrivers, Restraints, Opportunities and TrendsImpact of COVID-19Short-term ImpactLong-term ImpactCompetition LandscapeBusiness Strategies Adopted by Key PlayersConsolidated SWOT Analysis of Key PlayersPorter’s Five Force AnalysisGlobal Market Share Analysis and Matrix, 2019Key Market Insights and Analysis, By SegmentsGlobal Contact Center as a Service (CCaaS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027By Function (Value)Interactive Voice Response (IVR)MultichannelAutomatic Call DistributionComputer Telephony Integration (CTI)Reporting & AnalyticsWorkforce OptimizationCustomer CollaborationOthersBy Enterprise Size (Value)SMELarge Enterprises By Industry (Value)BFSIIT and TelecommunicationsGovernmentHealthcareConsumer Goods & RetailTravel & HospitalityMedia & EntertainmentOthersBy Region (Value)North AmericaEuropeAsia PacificMiddle East & AfricaLatin America
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About us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.Contact Us:
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