The global cloud-based contact centre market is set to be worth $54.6 billion by 2027, according to a recent report by MarketsandMarkets.
Starting from a base of $17.1 billion in 2022, the growth will happen at a Compound Annual Growth Rate (CAGR) of 26.1% by 2027.
The report states that the CCaaS vendors typically offer technologies that cover each of the following areas:
- Digital transformation with advanced techniques and surging demand for AI and machine learning.
- Advanced analytics technologies for enhanced business operations.
- Automated solutions for business continuity and planning.
The services, private cloud, and SMEs segments will likely have a higher CAGR during the forecast period, according to the report.
With a well-implemented cloud-based contact centre solution that suits their needs, companies can strengthen and foster relationships with their end-customers.
Yet, evaluating CCaaS solutions is tricky, especially in the current climate of hybrid work, compliance, and security concerns. As such, more companies have reached for private cloud services to keep their data safe.
Another key industry trend noted in the report is that the cloud-based contact centre market for SMEs is expected to gain traction as more of these businesses are looking for flexible and scalable solutions at an affordable cost.
With UCaaS providers such as Zoom and Microsoft now entering the CCaaS space, the migration process also becomes easier, which will only accelerate adoption rates from SMEs.
However, as per MarketsandMarkets, these enterprise technology giants are yet to truly sink their teeth into the field, with the analyst naming NICE, Genesys, Five9, Vonage, and Talkdesk at the top of its list of key players in the space. These are followed by Cisco, Avaya, and Content Guru.
When it comes to emerging markets, the Latin American market has huge potential with many vendors offering solutions and services across verticals such as telecommunication, healthcare, and the public sector.
The research underlines this trend, as do many industry deals – such as the recent acquisition of Grupo Services by Webhelp – which shows that enterprises are seeing opportunities in this geographical market.
