Cloud-Based Contact Center Market is Projected to Reach 20.93 Billion USD by 2022

(IT-NEWSWIRE.COM, May 17, 2018 ) According to a new market research report "Cloud-Based Contact Center Market by Solution (ACD, APO, Dialers, IVR, CTI, Reporting and Analytics, and Security), Service (Professional and Managed), Application, Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the cloud-based contact center market is expected to grow from USD 6.80 Billion in 2017 to USD 20.93 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 25.2% during the forecast period. The increase in need to improve consumer experience and rise in the number of enterprises harnessing the benefits of contact center have propelled the adoption of cloud-based contact center solutions.

The security segment is expected to grow at the highest CAGR during the forecast period

Based on solution, the cloud-based contact center market has been segmented into Automatic Call Distribution (ACD), Agent Performance Optimization (APO), dialers, Interactive Voice Response (IVR), Computer Telephony Integration (CTI), reporting and analytics, security, and others (issue tracking, omnichannel, and mobile care solution). The security segment is expected to have the highest growth rate during the forecast period. Security has emerged as one of the major concerns when it comes to contact center systems, owing to the presence of privileged contact and personal information that these systems use to serve customers in an effective manner. Cloud-based contact center systems are expected to witness an explosion of security intrusions and need enhanced security and effective corporate vigilance to accomplish these security standards. Furthermore, security systems that are built-in the cloud-based solutions at design levels are expected to find increased adoption across all verticals.

The managed service segment is expected to grow at a considerable CAGR during the forecast period

Based on service, the cloud-based contact center market has been segmented into professional service and managed service. These are third-party infrastructure services that help organizations manage billing process for their products and services.

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The SMEs segment is expected to grow at a higher CAGR during the forecast period

Based on organization size, the market has been segmented into large enterprises and Small and Medium-sized Enterprises (SMEs). The SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs have been rapidly adopting cloud-based contact center solutions, as these solutions provide increased scalability and cost-effective contact center solutions. Moreover, several vendors provide solutions based on the pay-per-use or subscription model targeted at SMEs to improve their position in the cloud-based contact center market. This subscription model provided by the cloud-based contact center is expected to positively impact the growth of the cloud-based contact center market.

North America is expected to dominate the cloud-based contact center market during the forecast period

On the basis of regions, the global cloud-based contact center market has been segmented into North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America is estimated to have the largest market size in 2017, owing to the presence of several vendors and rapid adoption of cloud-based solutions in this region. The market in APAC is expected to grow at the highest CAGR during the forecast period. The primary driving factors for this growth are the increase in awareness and adoption of cost-effective and scalable cloud-based contact center solutions in this region.

The report also includes different strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to increase their shares in the market. Some of the major technology vendors in the cloud-based contact center market include 8x8 Inc. (US), Five9 (US), Cisco Systems (US), Genesys (US), Oracle (US), NewVoiceMedia (UK), Connect First (US), Aspect Software (US), NICE Ltd. (Israel), and 3CLogic (US).

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Cloud-Based Contact Center Market is Projected to Reach 20.93 Billion USD by 2022