The global contact center as a service market is set to gain impetus from the rising integration of interactive voice response (IVR) in these solutions. Fortune Business Insights™ presented this information in a new report, titled, “Contact Center as a Service Market (CCaaS)Size, Share & COVID-19 Impact Analysis, By Function (Interactive Voice Response (IVR), Multichannel, Automatic Call Distribution, Computer Telephony Integration (CTI), Reporting and Analytics, Workforce Optimization, Customer Collaboration, and Others), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (BFSI, IT and Telecommunications, Government, Healthcare, Consumer Goods & Retail, Travel & Hospitality, Media & Entertainment, and Others), and Regional Forecast, 2020-2027.” The report further states that the global contact center as a service (CCaaS) market size was USD 3.07 billion in 2019 and is projected to reach USD 10.06 billion by 2027, exhibiting a CAGR of 16.1% during the forecast period.
COVID-19 Pandemic: Rising Usage of E-commerce Platforms to Surge Demand
CCaaS solutions are experiencing high demand from multiple organizations worldwide because of their implementation of work from home policies to prevent the transmission of COVID-19. Apart from that, the increasing usage of e-commerce platforms for purchasing essentials amid the pandemic is compelling organizations to use cloud-based customer service solutions. We are aiming to help you battle this crisis by using one of our specially curated strategies.
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This Report Answers the Following Questions contact center as a service market (CCaaS):
- Which segment is set to lead in the coming years?
- What are the market dynamics, growth drivers, and hindrances?
- How will organizations surge sales of contact center as a service solution?
- What are the current, forthcoming, and previous sizes of the contact center as a service market?
A list of the prominent contact center as a service market providers operating in the global Contact Center as a Service Market (CCaaS):
- Cisco Systems, Inc (California, United States)
- Genesys (California, United States)
- Five9 (California, United States)
- 8×8, Inc. (California, United States)
- NICE Ltd. (Ra’anana, Israel)
- 3CLogic (Maryland, United States)
- Oracle Corporation (California, United States)
- Avaya Inc. (California, United States)
- Mitel Networks Corporation (Ottawa, Canada)
- Evolve IP, LLC. (Pennsylvania, United States)
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BFSI Segment to Grow Significantly Backed by Rapid Digitization
Based on industry, the IT & telecom segment earned 19.7% in terms of contact center as a service market share in 2019. The BFSI segment held 17.3% share in 2019 backed by the rising number of customer interactions on account of digitization. Also, customers often try to reach out to their respective banks through numerous channels. Therefore, various banks are adopting unique Contact Center as a Service Market software solutions to build robust customer relationships.
Table Of Content Contact Center as a Service Market
1.1. Definition, By Segment
1.2. Research Methodology/Approach
1.3. Data Sources
2. Executive Summary
3. Contact Center as a Service Market Dynamics
3.1. Macro and Micro Economic Indicators
3.2. Drivers, Restraints, Opportunities and Trends
3.3. Impact of COVID-19
3.3.1. Short-term Impact
3.3.2. Long-term Impact
4. Competition Landscape
4.1. Business Strategies Adopted by Key Players
4.2. Consolidated SWOT Analysis of Key Players
4.3. Porter’s Five Force Analysis
4.4. Global Market Share Analysis and Matrix, 2019
5. Key Market Insights and Analysis, By Segments
6. Global Contact Center as a Service (CCaaS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
6.1.1. By Function (Value)
18.104.22.168. Interactive Voice Response (IVR)
22.214.171.124. Automatic Call Distribution
126.96.36.199. Computer Telephony Integration (CTI)
188.8.131.52. Reporting & Analytics
184.108.40.206. Workforce Optimization
220.127.116.11. Customer Collaboration
6.1.2. By Enterprise Size (Value)
18.104.22.168. Large Enterprises
6.1.3. By Industry (Value)
22.214.171.124. IT and Telecommunications
126.96.36.199. Consumer Goods & Retail
188.8.131.52. Travel & Hospitality
184.108.40.206. Media & Entertainment
6.2. By Region (Value)
6.2.1. North America
6.2.3. Asia Pacific
6.2.4. Middle East & Africa
6.2.5. Latin America
Key Players Focus on Partnership Strategy to Co-develop Novel Solutions
The contact center as a service market contains various companies that are mainly focusing on providing state-of-the-art customer services to renowned enterprises. Most of them are engaging in the partnership strategy to co-develop new products. Below are the latest industry developments:
- August 2020: Evolve IP, LLC integrated its omnichannel Evolve Contact Suite, its virtual Workspaces solution and Microsoft Teams. This blend would enable agents to support prospects and clients anywhere on any device.
- June 2020: 3CLogic joined hands with Microsoft Teams to improve its enterprise communication solution. This partnership would aid the former to deliver smooth communication between back offices and on-line agents. It would further enhance the customer service.
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