How Much Revenue Contact Center As A Service Market Will Generate Globally Till 2030? |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on December 26th, 2023

San Francisco, 26 December 2023: The ReportContact Center As A Service (CCaaS) MarketSize, Share & Trends Analysis Report By Solution, By Service (Support & Maintenance, Integration & Deployment), By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2023 - 2030

The global contact center as a service market size is expected to reach USD 17.12 billion by 2030, registering a CAGR of 19.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the rising adoption of cloud-based contact center services by enterprises to offer better flexibility and customer convenience. Many organizations are adopting Business Intelligence (BI) technology, as it provides them with a holistic view of agent performance and helps measure how they are achieving organizational goals.

Businesses are widely adopting cloud-based contact centers owing to benefits such as reduced integration, support, and IT-related costs, which could help drive the growth of the Contact Center as a Service (CCaaS) market. Moreover, numerous players are developing cloud contact centers to enhance operational functionality and flexibility for users. For instance, in January 2021, Infosys announced the launch of the Infosys Cortex, a customer engagement platform that leverages the technology from Genesys, a cloud contact center solutions provider, along with Contact Center AI and analytics services from Google Cloud.

Numerous CCaaS providers are entering into partnerships with communication companies to deploy contact center software and expand their reach.For instance, in May 2023, BT, a U.K.-based telecommunications provider, and Five9, a leading intelligent CX Platform provider, announced an expanded partnership aimed at offering a wider range of contact center services and solutions to organizations worldwide. As part of this collaboration, BT will now provide the Five9 Intelligent CX Platform as a managed service to both new and existing customers. This offering aims to assist organizations in achieving full digitalization of their workplace by seamlessly integrating with their existing voice, unified communications, digital channels, and Customer Relationship Management (CRM) systems.

The COVID-19 pandemic is expected to have a positive impact on the market. As the pandemic situation continues, cloud-hosted contact centers are gaining more traction as it provides better levels of reliability, availability, and disaster recovery because agents can access the tools they need to perform the job from any place. Moreover, cloud-hosted contact centers provide better workforce elasticity for easily scalable solutions and faster deployment of new capabilities and technology solutions. However, the increasing concerns of data security are expected to hamper the market growth over the forecast period. CCaaS solutions handle huge data volumes and critical financial data of consumers, which could be at risk of malicious attacks.

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The increasing remote and distributed workforce is a significant driver for the growing demand for Contact Center As A Service (CCaaS). With the rise of remote work and the need for virtual contact centers, organizations are realizing the benefits of CCaaS solutions in enabling their agents to work from anywhere. CCaaS solutions offer the necessary infrastructure and tools for agents to deliver quality customer service regardless of their location. Agents can access the contact center platform remotely, using their own devices, and connect with customers through various channels such as phone calls, emails, chats, and social media.

Contact Center As A Service Market Report Highlights

  • In terms of solution, the customer collaboration segment is expected to witness the highest Compound Annual Growth Rate (CAGR) over the forecast period. This can be attributed to the rising focus of businesses on offering enhanced customer satisfaction by solving their issues and promptly attending their calls
  • In terms of service, the managed services segment is likely to register the highest CAGR over the forecast period. The increasing need for monitoring IT operations, data backup and recovery, help desk support, and security is expected to drive the demand for managed services over the forecast period
  • In terms of enterprise size, the small and medium enterprises segment is likely to register the highest CAGR. Convenient service delivery and the low cost of investment related to CCaaS is boosting its adoption across small & medium enterprises
  • In terms of end use, the consumer goods and retail segment is expected to provide promising growth opportunities to the marketdue to the increasing focus on enhancing customer experience, improving sales and marketing effectiveness, and enabling seamless omnichannel customer interactions in the highly competitive retail industry
  • The North American regional market dominated in 2022 and is likely to present promising growth opportunities for the market over the forecast period as well. The Asia Pacific regional market is expected to witness the highest growth owing to the increasing industrial expansion and development in emerging economies of the region

Advancements in Artificial Intelligence (AI) and automation technologies are pivotal in driving the CCaaS market's growth. Integrating AI-powered features and automation capabilities in CCaaS solutions allows organizations to streamline their contact center operations, enhance customer experiences, and improve overall efficiency. Virtual assistants and AI-powered chatbots are becoming increasingly popular in contact centers. These intelligent bots can handle routine customer inquiries, respond instantly, and assist with self-service options.

In response to evolving customer needs, many companies are prioritizing the development of cloud contact center solutions that leverage artificial intelligence technologies to enhance accuracy and performance. For instance, in April 2023, Meera, an AI-powered platform for SMS marketing, partnered with Five9, a leading provider of cloud contact center solutions. Through this collaboration, businesses can now leverage Meera's automated text messaging capabilities within the Five9 Intelligent Cloud Contact Center. Meera's conversational AI technology can be seamlessly integrated into the Five9 CX Marketplace, offering enhanced communication and engagement opportunities for businesses utilizing the Five9 platform.

Contact Center As A Service (CCaaS) Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 5.04 billion

Revenue forecast in 2030

USD 17.12 billion

Growth rate

CAGR of 19.1% from 2023 to 2030

Base year of estimation

2022

Historical data

2017 - 2021

Forecast period

2023 - 2030

Delivering timely and satisfactory customer responses is crucial for organizations to retain their customer base. Therefore, providing an enhanced customer experience across various communication channels has become a necessity. By improving customer experience, organizations can offer comprehensive support throughout the customer journey, from initial contact to building long-term loyalty. Customer experience is vital in Customer Relationship Management (CRM) as it significantly impacts customer retention. When customers have positive experiences with a business, they are more likely to become loyal patrons.

List of Key Players in Contact Center As A Service Market

  • Alcatel Lucent Enterprise
  • Avaya, Inc.
  • Cisco Systems, Inc.
  • Enghouse Interactive Inc.
  • Five9, Inc.
  • Genesys
  • Microsoft Corporation
  • NICE inContact
  • SAP SE
  • Unify Inc.

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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