Grand View Research expects the global contact center as a service market to reach $10.80 billion by 2028, at a compound annual growth rate of 15.7 percent. It valued the market at $554.5 million in 2017.
The promising growth prospects can be attributed to the increasing need for businesses to enhance customer experience, the firm reported.
The COVID-19 pandemic is expected to have a positive impact on the market, it predicts. The use of cloud contact center solutions allowed organizations to embrace remote working models and continue business operations despite lockdowns and social distancing requirements, it said. However, increasing concerns about data security are expected to hamper market growth; CCaaS solutions handle huge data volumes and critical financial data, which could be at risk of malicious attacks, according to the company.
Among the solutions considered in the report are automatic call distribution, call recording, computer-telephony integration, customer collaboration, dialers, interactive voice response, reporting and analytics, and workforce optimization.
The report also contained the following findings:
- The customer collaboration solution segment is expected to witness the fastest CAGR.
- The managed services segment is likely to register the fastest CAGR, driven by an increasing need for monitoring IT operations, data backup and recovery, help desk support, and security.
- Consumer goods and retail are expected to provide promising growth opportunities for the market, driven by the increasing use of online channels for purchases amid the COVID-19 pandemic.
The report lists Avaya, Cisco Systems, Enghouse, Five9, Genesys, Microsoft, NICE InContact, SAP, and Unify as key market players.