Contact Center as a Service Market Size to Reach USD 17.19 Billion in 2030 | Rapid Adoption of Application Programming Interface (API) Based Contact Center is a Key Factor Driving Ccaas Industry Demand, Says Emergen Research

VANCOUVER, BC, May 23, 2022 /PRNewswire/ -- The global Contact Center-as-a-Service (CCaaS) market size reached USD 3.91 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Rising demand for cloud-based contact center solutions coupled with Application Programming Interface (API) based contact centers are major factors driving CcaaS market revenue growth.

Drivers:

Scalability and enterprise-grade security in addition to inbound and outbound call rerouting facilities are some of the key factors significantly driving the growth of the Contact Center as a Service market. Increasing requirements for providing an effortless customer experience for better customer retention has led various businesses, especially small businesses, to rapidly adopt CCaaS solutions. Easy handling of error-free data in one place and real-time monitoring provide meaningful insights to the business regarding the service, productivity, and better workforce optimization owing to analytical functionalities. Optimized workforce reduces the requirement of hiring extra team members which is cost-effective for businesses, hence contributing to the recent surge in demand for Contact Center as a Service across various enterprises.

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Rising integration of various APIs and growing customer preference for self-service features of CCaaS such as automatic call distribution, customer service chatbots, interactive voice response, and automated customer callbacks, among others are few of the major factors boosting high demand from various end-use industries. On 16 May 2022, Doctor Anywhere, a regional omnichannel healthcare company based in Singapore, has chosen Vonage, a global leader in cloud communications for businesses, to deliver effective and timely digital healthcare solutions, improving telehealth services in Southeast Asia, by utilizing Vonage's Video API. Digital platform offers the user easy management of health via mobile app. The integration of Video API is intended to improve customer experience, resulting in significant growth of the user base.

Restraints:

Data security and increasing threats of fraudulent cases such as identity theft and account takeover are some factors restraining the growth of the Contact Center as a Service market. Growing utilization of various digital technologies such as Artificial Intelligence (AI) and cloud computing has led to an increased number of vulnerable points for data breaches and cyber-attacks across contact centers. CCaaS solutions handle and stores sensitive Personally Identifiable Information (PII), including credit card information, social security numbers, and home addresses which can be accessed through such vulnerable points through breaches resulting in the compromise of customer data. Access to a high number of internal employees and external customers via the Internet of Things (IoT) devices and public or unsecured networks increases the volume of possible attack surfaces is another factor expected to restrain Contact Center as a Service market growth to some extent.

Growth Projections:

The global Contact Center-as-a-Service (CCaaS) market is expected to register a CAGR of 18.0% over the forecast period and revenue is projected to increase from USD 3.91 Billion in 2021 to USD 17.19 Billion in 2030. Increasing demand for cloud-based contact center with API integration for better customer satisfaction is one of the major factors propelling Contact Center as a Service market revenue growth.

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COVID-19 Impact Analysis:

COVID-19 has increased the need for unified communications and AI solutions to handle and manage customer as well as employee queries. Businesses required better equipping of agents to work on cloud-based contact center solutions owing to increasing work-from-home norms to ensure uninterrupted operations of the business. Various sectors such as healthcare providers, airlines, and tax authorities had a surge in contact volumes owing to COVID-19. Rising online purchases and transactions have increased the requirement for implementing cloud-based solutions, especially in the retail & consumer and travel & tourism sector. Scalability and flexibility are driving high demand for CCaaS solutions to provide a better customer experience and enable work from home.

Current Trends and Innovations:

Rapid adoption of AI for customer experience, especially among startup vendors is expected to drive innovation and acquisitions. Facilitation of various services such as virtual assistants, knowledge management, agent assistance, natural language processing, and self-service, among others are significantly contributing to the high demand for implementation of AI in CCaaS solutions. On 20 April 2021, NICE, a provider of cloud and on-premise enterprise software solutions, acquired MindTouch, a knowledge management software company based in San Diego, California, for smart digital self-service. NICE announced the launch of CXone Expert, an AI-powered knowledge management solution, which is expected to reduce friction by projecting customized content to customers seeking self-service. Moreover, CXone Expert provides crucial insights throughout the customer journey which improves both agent and customer experiences.

Geographical Outlook:

Contact Center as a Service Market in Asia Pacific is expected to register a significant revenue growth during the forecast period. Rising industrial needs and rapid development in the region is expected to provide ample growth opportunities for the regional market growth. Reduction of operational costs, increase in profitability, and enhanced customer experience are some of the major factors owing to which both large and small & medium enterprises are speeding up digitalization efforts by adopting cloud software, mobile apps, and automation. On 17 March 2022, Enghouse Interactive, a leading developer of contact centre software and services, has chosen Azure for Asia Pacific CCaaS Node. New nod is established in Australia and New Zealand which is Enghouse's third global node, to help customers migrate to contact centre from on premise for more cost effective cloud-based solutions.

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Scope of Contact Center as a Service Research

Strategic Initiatives:

Major companies included in the global Contact Center as a Service market report include Alcatel-Lucent Enterprise, Avaya Inc., Cisco Systems, Inc., Enghouse Interactive, Five9, Inc., Genesys, Microsoft, NICE Ltd., SAP, and Atos SE.

• On 9 May 2022, Avaya OneCloud announced strategic partnership with Microsoft to deliver OneCloud solutions on Microsoft Azure. Expanding partnership is expected to increase organizational productivity and customer engagement by providing agility to create collaborative experiences and communications with various range of options for private, public or hybrid loud delivery approaches as per requirement of customers. Moreover, Avaya is expected to increase market reach through collaboratively selling with Microsoft.

Emergen Research has segmented Contact Center-as-a-Service (CCaaS) market on the basis of service solution, enterprise size, end-use, and region:

• Service Solution Outlook (Revenue, USD Billion; 2019-2030)
• Reporting & analytics
• Customer collaboration
• Automatic call distribution
• Multichannel
• Computer Telephony Integration (CTI)
• Workforce optimization
• Interactive Voice Response (IVR)
• Others
• Enterprise Size Outlook (Revenue, USD Billion; 2019-2030)
• Large Enterprises
• Small & Medium Enterprises

• End-User Outlook (Revenue, USD Billion; 2019-2030)
• Banking, Financial Services and Insurance (BFSI)
• Healthcare
• Consumer goods & retail
• Government
• IT & telecommunications
• Travel & hospitality
• Others

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• Regional Outlook (Revenue, USD Billion; 2019-2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Benelux
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Turkey
• Rest of MEA

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