MarketsandMarkets recently posted a press release on Digital Journal regarding their report "Cloud Based Contact Center Market by Solution (IVR, ACD, CTI, APO, Dialers, Analytics & Reporting), & by Application (Chat Quality Monitoring, Real Time Decision Making, Work Force Optimization) - Worldwide Forecasts and Analysis (2014 - 2019) including the worth of the Cloud Based Contact Center Market to be up to $10.9 Billion by 2019. A summary of that press release is below:
The report defines and segments the Cloud Based Contact Center Market into various sub-segments with an in-depth analysis and forecasting of revenues. It also identifies the drivers and restraints for this market with the insights on trends, opportunities, and challenges.
Cloud based solutions for the contact centers refer to the delivery of contact center applications over the Internet on-demand basis. These solutions provide organizations with processing and data storage capabilities in the cloud. Cloud based solutions for contact center enable acceleration of business change and improved customer experiences. These two act as the powerful motivators in the global marketplace where contact centers play a major role in competitive differentiation. Cloud contact center software is a low-cost, quick to implement alternative that delivers the flexibility needed by organizations to enable growth and expansion.
The cloud is a delivery model of information technologies based on Internet protocols. The cloud has seen unparalleled demand and growth in the contact center market over the past few years. Cloud based contact center is a deployment model that enables organizations to setup their contact center in a remote, third party's data center. It enables greater flexibility, scalability and business agility for contact centers, while saving significant costs over the long term.
The report has broadly segmented the Cloud Based Contact Center Market by solution: automatic call distribution (ACD), interactive voice response (IVR), dialers, agent performance optimization (APO), computer telephony integration (CTI) software and analytics and reporting; by service: training, consulting and system integration service and support and maintenance service; by application: call routing and queuing, data integration and recording, chat quality monitoring, real time decision making and work force optimization; by verticals: BFSI, consumer goods and retail, healthcare, government, transportation and logistics, telecommunication and Information Technology (IT), media and entertainment, travel and hospitality, and others; by regions: North America (NA), Europe, Latin America (LA), Asia-Pacific (APAC), and Middle East and Africa (MEA).
MarketsandMarkets believes that the risk of information loss and reduced control after outsourcing are the major issues in the cloud based contact center market. These challenges are restraining the enterprises and customers to adopt cloud based contact center solutions to support a wide range of applications such as call routing and queuing, data integration and recording, chat quality monitoring, real time decision making and work force optimization.
The Cloud Based Contact Center Market is estimated to grow from $4.15 billion in 2014 to $10.9 billion in 2019, at a Compound Annual Growth Rate (CAGR) of 21.3% from 2014 to 2019. In terms of regions, North America is expected to be the biggest market in terms of revenue contribution, while emerging economies such as Middle East and Africa (MEA), Latin America (LA), and Asia-Pacific (APAC) are expected to experience increased market traction with high CAGRs, in the due course.
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