Cloud Based Contact Center Market - Global Industry Analysis, Growth, Trends, Forecast 2020

Contact centers are the facilities that manage client’s contacts through various mediums such as letter, e-mail, fax, telephone and online live chat. Contact center is defined as a synchronized system of people, strategies, technologies and processes that provides access to resources, data and expertise, through suitable channels of communication. These communication channels enable interaction among various business departments that creates value for the customers and organizations. Companies worldwide are continuously searching for cost-effective approaches with cloud based partners to optimize the effectiveness of their contact center systems and applications. The introduction of cloud computing in the contact center market is playing a vital role in renovating the mature contact center technology sector. Most of the categories of contact centers and customer service applications have been cloud enabled.

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Increasing rate of innovation in this market is accelerating the rate of adoption of Cloud based contact centers globally Vendors of cloud based contact center infrastructure are considerably investing in its research and development (R&D) activities to get a competitive edge. The cloud model has witnessed exceptional growth and demand in the contact center market over the past few years. This market is anticipated to experience significant growth owing to increasing areas of applications, which in turn will necessitate all contact centers to shift some of their functionalities to the cloud in the coming future.

Customer requests, strategic partnerships, trends such as application of cloud based contact centers in industry verticals such as corporate and enterprise, and necessity to deliver new capabilities to the existing market plays a critical role in the innovation of cloud based contact centers. Cost reduction is one of the key factors driving the growth for cloud based contact centre. Moreover, reduced and simplified maintenance process, fast implementation of business value, simplicity in managing distributed sites, business agility and flexibility along with financial benefits are propelling the market growth. Adoption of cloud solutions is not dependent on a single or fewer industry sectors; but, it is evenly distributed across various industry verticals. High adoption of cloud based solution in industries such as financial services; retail, healthcare and technology are fueling the growth of market.

The eradication of cloud linked traditional beliefs related to functionality, control; reliability and security are also leading to an increased adoption of cloud based contact centers globally. Key application areas of cloud based contact centers include customer relationship management (CRM), multimedia contact, quality monitoring, automated call distributor (ACD), interactive voice response (IVR), outbound contact, workforce management (WFM), and analytics, among others.

Expanded application program interface (API) capabilities, speech and text analytics, enhanced workforce management (WFM) capabilities, enhanced sales and marketing offering and enhancement of customer relationship management (CRM) integration that enables customers to string together their workflows within different CRM systems are the expected to be potential future opportunities for this market. With implementation of cloud based contact centers, business enterprises can evade the surplus investment in the infrastructure (that are not based on cloud computing).

Small and medium enterprises (SMEs) are anticipated to deploy cloud based contact centers to their entire business activities, whereas large enterprises will tend to implement cloud based contact centers for selected functionalities or departments. Some of the major players in the cloud based contact centers market are Liveops, Inc., Aspect Software, Inc., inContact, Inc. and Five9, Inc. among others.

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