Genesys has confirmed that its CCaaS platform now contributes nearly $1.8 billion in annual recurring revenue (ARR).
To achieve this feat, the Genesys Cloud platform’s ARR has grown by 40 percent year-over-year (YoY).
In announcing this – alongside other milestones from its previous financial quarter – Genesys revealed that it has also notched up in excess of 120 percent net revenue retention (NRR) for the eleventh consecutive quarter.
By hitting these figures, the vendor continues to be a clear revenue generation leader in the CCaaS market.
The only one of its competitors that has come close to reaching these numbers is NICE, which confirmed that it had exceeded $2BN in cloud ARR during a recent earnings call.
However, even though NICE’s CXone CCaaS platform will undoubtedly have played a massive part in hitting the $2bn milestone, the company does also offer other cloud solutions that will have contributed to the overall figure.
The only other vendor that looks capable of making this a three-horse race any time soon – in public anyway – is Five9.
While not quite at the revenue generation level of the two leaders, the company did recently announce that its CCaaS offering had broken $1bn in ARR.
Despite the three vendors all having joined the billion-dollar club, it is important to note that Genesys is not currently a public company.
Whereas NICE and Five9 are beholden to shareholders and greater financial scrutiny, Genesys is able to pick and choose the financial results that it reveals – but that might not be the case for too much longer.
Back in October, the company announced plans to make the jump from private to public when it filed to become an initial public offering (IPO). Yet, until the process is complete, an asterisk will remain beside any figures released.
AI and ‘The Big Three’
Like Djokovic, Federer, and Nadal, the ‘Big Three’ in any discipline will inevitably share certain traits.
For the CCaaS space, it’s the adoption of AI.
NICE’s bundling of CXone and Enlighten (the vendor’s AI suite) to form its “Holy Grail of CX” was well documented, as was the importance of Five9’s AI offerings in helping the company break $1bn in ARR – and the same is true for Genesys.
Indeed, the vendor emphasized the significance of its Cloud AI business in the most recent quarter, with it accounting for 10 percent of all new CCaaS deals.
Moreover, the number of Genesys Cloud Agent Copilot summaries generated in Q3 grew over 20 times compared to the previous year, highlighting the growing value of AI.
Success Stories
As well as detailing the overall financial performance for the quarter, the company also outlined some specific wins.
ESPN
Fan Support handles tens of thousands of monthly calls from sports fans seeking live game access and fantasy play.
Genesys Cloud has allowed the company to deliver a reliable, high-speed service that efficiently supports ESPN fans’ needs in real time.
Swisscom AG
Switzerland’s leading ICT provider has launched Genesys Cloud in the first phase of its customer experience transformation.
With teams now utilizing the vendor’s voice, web messaging, email, agent assist, automation, and workforce management tools, the company has been able to showcase its dedication to empathy and innovation in customer and employee interactions.
IONOS
A global web hosting leader achieved a 68 percent boost in chat-based sales conversions and a 29 percent rise in revenue per visit using Genesys Cloud Predictive Engagement.
The solution also improved efficiency by reducing chat pop-ups by 60% through targeted engagement.
More News from Genesys
Back in October, Genesys announced that a major healthcare organization was utilizing its Cloud platform to enhance support for 34 million members.
Modivcare, a leader in non-emergency medical transportation (NEMT) and in-home care services, employs Genesys’ AI-driven tools to advance the provider’s digital-first strategy.
This includes deploying voicebots and chatbots integrated with web messaging to streamline medical transportation services.
Elsewhere, the vendor recently helped Vodafone Idea enter the CCaaS market through its Vi Business division.
The collaboration aims to offer advanced cloud-based and telecom-enabled contact center solutions across India.
Vi Business will provide businesses with a unified, omnichannel customer experience, delivering cutting-edge contact center technologies without the significant upfront investments typical of traditional CCaaS models.
