Contact Center as a Service market to reach $19.8 billion by 2031: Allied Market Research
Allied Market Research recently published a report titled, “Contact Center as a Service (CCaaS) Market by Offerings (Solutions, Services), by Organization Size (Large Enterprise, SME’s), by End Use Verticals (BFSI, IT and Telecommunications, Government, Media and Entertainment, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. As per the report, the global contact center as a service (CcaaS) industry was pegged at $4.3 billion in 2021 and is expected to reach $19.8 billion by 2031, growing at a CAGR of 16.8% from 2022 to 2031.
Major determinants of the CCaaS market growth
Incease in demand for enhanced and seamless end-to-end customer experience and decline in operating cost due to the adoption of CcaaS have boosted the growth of the global contact center as a service (CcaaS) market. However, security concerns, the possibility of fraud cases, and activity with the contact center as a service hinder the market growth. On the contrary, the surge in need for application programming interface-based contact centers would open new opportunities in the future.
- The Covid-19 pandemic boosted the demand for cutting-edge technologies such as cloud computing, customer relationship management solutions, and artificial intelligence. Businesses across the globe had to embrace such innovations to fulfill their need for digitalization.
- Several organizations established cloud-based services such as video conferencing, project management, and various communications tools delivered as a service.
- CCaaS model options helped companies improve business efficiency and customer experience during the pandemic.
The services segment to manifest the highest CAGR through 2031
By offerings, the services segment is estimated to portray the highest CAGR of 21.9% during the forecast period. However, the solutions segment held the largest share in 2021, accounting for more than 90% of the global contact center as a service (CcaaS) market. Users may transfer expensive IT resources to the cloud due to commercial solutions for cloud computing like Amazon Web Services and Microsoft Azure, which require better-performing customer feedback management solutions. This drives the growth of the segment.
The large enterprise segment dominated the market
By organization size, the large enterprise segment held the largest share in 2021, contributing to more than two-thirds of the global contact center as a service (CcaaS) market, as large corporations may profit significantly from CcaaS technology. Moreover, CcaaS frees large businesses from worries about the technological issues of processing their enormous amounts of data and allows the workforce of large companies to work with more flexible schedules. However, the SME’s segment is projected to manifest the highest CAGR of 18.4% during the forecast period.
The healthcare segment to showcase the highest CAGR through 2031
By end-use verticals, the healthcare segment is projected to manifest the highest CAGR of 20.4% during the forecast period due to the use of automated machine technologies and the adoption of telemedicine and e-prescriptions, computer telephony integration, customer collaboration, reporting, and analytics. However, the other segment dominated the global lubricants global contact center as a service industry in 2021, accounting for nearly two-fifths of the market, and is expected to continue to dominate throughout the forecast period.
North America held the lion’s share
By region, the global contact center as a service (CcaaS) market across North America held the largest share in 2021, accounting for more than half of the market. It is projected to maintain its leadership position during the forecast period. This is due to the growth of the IT sector and the adoption of the latest technologies in the region. However, the market across Asia-Pacific is expected to register the highest CAGR of 19.5% during the forecast period.
Major market players
Alibaba Group Holding Limited
Alphabet Inc. (Google Corporation)
Amazon.com Inc. (AWS)