Genesys has released a series of statistics that underline the rapid growth of its CCaaS Platform: Genesys Cloud CX.
First, the vendor revealed that the platform generated $1.3BN in annual recurring revenue (ARR) last quarter, a 50 percent year-over-year (YoY) growth.
Interestingly, NICE is the only other market vendor to surpass $1BN in ARR.
Fueling those big numbers is a 30 percent (YoY) uptick in new logo bookings alongside heightened cloud migrations from its legacy base.
In total, 850+ of its former legacy customers have now taken part in a cloud transformation project, taking the number of businesses on the Genesys Cloud to 5,300.
However, a significant factor in this cloud acceleration is likely the decision of Genesys to focus its investment on a single cloud platform in October 2022.
In doing so, the vendor halted research and development (R&D) across its legacy solution and cut out its Multichannel CX offering altogether.
Nonetheless, Tony Bates, Chairman & CEO of Genesys, found many more positives in the business’s performance over the past year.
“The strength of our global presence and market-leading innovations put Genesys at the forefront of delivering the future of employee and customer experiences today,” he said.
Whether an organization operates in a single country or has multinational presence, Genesys makes the possibility of the experience limitless.
The worldwide presence that Bates emphasizes – backed up by adept support services – is a significant pull factor for Genesys as the global growth of its one remaining CCaaS platform hastens.
Moreover, that presence is flourishing, with 40 percent of its revenue coming from outside North America last quarter, representing another major milestone for the business.
EMEA led this growth, with cloud revenue up 60 percent in the region and Genesys sharing many local success stories – including that of MTN.
In this example, MTN started installing the Genesys platform across more African locations after its initial pilot successes.
Yet, many more of Genesys’s enterprise customers have shared similar stories. That is somewhat reflected in the average number of agents – across each of the top 50 Genesys Cloud customers – increasing by 30 percent YoY.
In addition, customers are leveraging more AI as they increase their confidence in the cloud, according to Bates. He said:
The remarkable growth we’ve achieved across the globe is a result of the increasing demand for the AI-powered experience orchestration capabilities of Genesys Cloud and its transformative ability to create the best personalized experiences for deeper, more meaningful relationships that drive loyalty and business outcomes.
Exemplifying this, Genesys AI adoption has accelerated significantly, with use of its digital and voice bots increasing by four and five times – respectively – from Q3 12 months ago.
Now, like almost every other CCaaS provider, Genesys is doubling down on AI as a growth engine – releasing 30 new AI features last quarter to strengthen its generative, conversational, and predictive AI capabilities.
However, its link up with Salesforce to build a joint CCaaS-CRM platform is what stole the headlines – and customer attention – if the response during the recent Call & Contact Center Expo is anything to go by.
Lastly, the Magic Quadrant leader released some further eye-catching Q3 statistics. These included:
- More than $75MN in new business was influenced by the vendor’s sustainability practices.
- YoY revenue growth in business services, healthcare, and financial services grew by 150, 95, and 60 percent, respectively.
- Digital interactions across the Genesys Cloud CX platform increased by three times YoY.
Yet, when taking this all in, it’s critical to note that Genesys is a private company. As such, it can pick and choose the financial results it shares with the public, unlike many of its market rivals.
That said, the above statistics may give customers, partners, and employees more confidence in the vendor’s trajectory a year after the attention-grabbing end-of-legacy-innovation announcement.