Cloud Contact Center Market to Triple in Five Years

The cloud-based contact center market is expected to grow from $5.43 billion in 2016 to $15.67 billion by 2021, at a compound annual growth rate of 23.6 percent, according to research by MarketsandMarkets.

The major drivers of this market include the need for disaster recovery, faster deployment and flexibility of cloud solutions, and the need for compliance management.

On the basis of solutions, the research firm expects the dialer segment to grow the most during the forecast period. Advances in dialer technology, such as preview dialers and progressive dialers systems that provide automatic dialing when the agent is ready, along with other benefits, such as external table dialing and dynamic filtering, have led to the high demand for dialers.

The firm also expects the services segment to grow the most in the coming years. The managed services segment is expected to grow at the highest CAGR during the forecast period. Managed services enable organizations to outsource all or part of their IT infrastructures and operations.

The research found that the cloud-based contact center plays a very important role in the consumer goods and retail industries, where customer touchpoints basically comprise retail stores, web catalogs, and customer call centers. Cloud contact center solutions have also become an integral part of the e-commerce industry and are acting as a strong channel for retailers to attain customer loyalty in the highly competitive market, it found.

While North America is expected to hold the largest market share in 2016 due to larger Internet penetration, Asia-Pacific is expected to grow at the highest rate during the forecast period, according to the research. Growing acceptance of cloud-based solutions, emerging technologies like Internet of Things (IoT) as well as big data and mobility are the major drivers in this region.

The major vendors covered in the report are 8X8, Five9, Cisco Systems, Genesys, Oracle, NICE, NewVoiceMedia, 3CLogic, Aspect Software, and Connect First.

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