Cloud-Based Contact Center Market to Be Worth $36.1 Billion by 2025

MarketsandMarkets has projected the cloud-based contact center market to expand at a compound annual growth rate (CAGR) of 25.8 percent through 2025 to reach $36.1 billion, up from $11.5 billion in 2020.

The increase in the need to improve consumer experience is propelling the adoption of cloud-based contact center solutions, the firm concluded, noting that cloud-based contact center offerings are cost-effective and scalable, especially for small and medium-sized businesses.

SMB adoption is also being driven by the fact that many vendors provide solutions based on the pay-per-use or subscription model, it said.

Cloud-based contact center solutions include omnichannel routing, workforce management, reporting and analytics, customer engagement management, computer telephony integration (CTI), messaging, compliance, and data integration, according to MarketsandMarkets.

Of those components, MarketsandMarkets expects the reporting and analytics segment to grow the most, noting that cloud-based contact center reporting and analytics solutions keep track of contact center operations and agent performance; are flexible and easy to use; and enable organizations to track real-time management metrics via customizable dashboards.

The research firm identified NICE, Genesys, Five9, Vonage, Talkdesk, Cisco, and Avaya as the prominent players in the market.

Related Articles

Technavio projects that the cloud contact center solutions market will expand 20 percent per year through 2026.

Posted June 01, 2022