Brandessence Eyes 18 Percent CAGR for CCaaS Market

Brandessence Market Research and Consulting valued the global contact center-as-a-service market at $4.7 billion in 2022 and expects it to reach $15.1 billion by 2028, registering a compound annual growth rate of 18 percent.

Cloud contact center solutions, the firm concluded, allow companies to "only procure the technology they require and reduce their overall operational costs. These solutions further enable firms to optimize and efficiently manage customer interactions on their multichannel infrastructure, which in turn enhances the overall employee and consumer experience."

Brandessence cites growing remote working trends, surging R&D investments in this sector, and prompt industrialization for adding momentum to the progression of this marketplace.

On the other hand, though, it sees increasing instances of cyberattacks and internet fraud as factors hindering the marketplace.

Brandessence has also observed the following trends in the contact center-as-a-service market:

  • Increased use of artificial intelligence to improve customer service and automate routine tasks.
  • Increased focus on providing a seamless, omnichannel customer experience across multiple communication channels, including voice, email, chat, and social media.
  • Greater emphasis on data and analytics to gain insights into customer behavior and preferences and to improve the overall customer experience.
  • Rising popularity of remote work, which has led to an increase in the adoption of virtual contact centers that allow agents to work from anywhere.

The prominent players in the market are Avaya, Alcatel Lucent, Cisco, Five9, Unify, Enghouse Interactive, Microsoft, Genesys, SAP, and NICE inContact, according to the report.