Enterprises use contact centers to manage client contacts through different communication channels including e-mail, telephone, letters, fax, live chats and so on. Cloud based contact centers are network based services that provide services on the pay-per-usage model. Cloud is gaining huge importance as a vital delivery model for IT based internet protocols. Growth in the rate of adoption in a major driver for the cloud based contact center market. According to the experts, strong rise in demand and technological advancements in the market globally, are expected to create business opportunities for the key players in this market. With help of these services, business can easily avail the advantages like flexibility and agility of the business.
Scope of Research – Segmentation
The global cloud based contact center market is segmented based on the key components, which include the types of services, solutions, applications, deployment models, business verticals and geographic regions. The types of services in the market include consulting, training, support and maintenance, consulting and system integration. The types of solutions include interactive voice response (IVR), automatic call distribution (ACD), computer telephony integration (CTI), agent performance optimization (APO), reporting and software and analytics. Deployment models in the market are sub-segmented into private cloud, public cloud and hybrid cloud. Business verticals in the market include, government, BFSI, healthcare, retail and consumer goods, IT and telecom, entertainment, travel and hospitality and others.
Market Drivers & Restraints
According to the experts, cloud based contact center market is driven by three major drivers, which include:
- Flexibility and agility of the systems
- Increased scalability, business agility and faster rate of deployment
- Strong rise in the features like agent productivity
However, the industry is also restrained by the factors like less control after outsourcing and risk of information loss. Lack of security and stringent and time-consuming regulatory policies are also expected to create challenges for the players in the market. however, reduced operation and upfront costs, increased productivity and efficiency and enhanced customer experience are expected to drive business in the market during the next few years.
What to Expect – Forecasts
According to the experts, cloud based contact center market is expected to maintain a healthy CAGR of over 21% from 2014 to 2019. At the estimated growth rate, the market is anticipated to become worth more than $10.9 billion by the end of the year 2019. As of year 2014, the market is poised at an estimated $4.15 billion.