The client contacts of the company are managed from one point is known as center point. The contact center is a combination of one or more call centers and may include other types of third party contacts.
A contact center is a part of organization’s customer relationship management (CRM) strategy that provides quick and easy access to the tools and services that businesses need to communicate in the present web-based environment.
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Major Key Players:
The prominent players in cloud-based contact center market are NICE Ltd. (Israel), 8×8 Inc. (US), Five9 (US), Cisco Systems (US), Genesys (US), Oracle Corporation (US), NewVoiceMedia (UK), Connect First (US), Aspect Software (US), and Extreme Networks among others.
Other players in Cloud-Based Contact Center Market are Liveops, Inc. (US), inContact, Inc.(US), 3CLogic (US), Accurate Always, Inc.(US), Interlink Network Systems (US), KM2 Solutions (US), Servion Global Solutions (India), and CCT Solutions (US) among others.
By solution, the market is segmented into automatic call distribution, agent performance optimization, dialers, interactive voice response, computer telephony integration, reporting and analytics, security, and others. Automatic call distribution enables contact centers to route customer inquiries to customer support representatives who handle their requirements skillfully. Interactive voice response is an automated telephonic system that deals with callers, gathers information and manages calls to recipients. Automatic call distribution is expected to hold the largest market share during the forecast period.
By service, the market is segmented into professional service, and managed service. Managed service provider recollects responsibility for the functionality of the IT service and equipment and the customer typically pays a monthly fee for receipt of the service. Professional service is an intangible product that vendor sells to help the customers to manage a specific part of the business. In services, managed services are expected to hold the largest market share during the forecast period.
By organization size, the market is sub-segmented into large enterprises and small and medium scale enterprises (SMEs). The large enterprises segment is expected to have the larger market size due to high demand for enhanced cloud-based contact center systems that help in enhancing the customer experience.By deployment model, the market is segmented into public cloud, private cloud, hybrid cloud. Cloud-based call centers are network-based service where the provider operates and owns call center technology. It improves customer interaction and drives customer satisfaction. Public cloud services are provided by third party providers over the public Internet, making them available for everyone to use or purchase. Hence public cloud is expected to hold the largest market share during the forecast period.
By vertical, the market is segmented into BFSI, retail, government and public sector, healthcare and life sciences, manufacturing, media and entertainment, IT & telecommunication, others. IT & Telecommunication industry is expected to hold the largest market share during the forecast period. With the improvement in technology and increasing adoption of modern connectivity technologies, the demand for communication services in industries such as retail, energy and power, IT sector, automotive, government services, and other industries employing the technology, has seen an incremental growth over the past decade. IT & Telecommunication vertical is expected to dominate during the forecast period.
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The global market for cloud-based contact center is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of cloud-base contact center market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the cloud-based contact center market during the forecast period. The US is the major contributor to the North American market due to presence of many global players and high adoption of cloud services. Increasing rate of innovation in North American market is accelerating the rate of adoption of cloud-based contact centers. Outsourcing management and expertise is gaining pace, as organizations in this region are looking to stay focused on their core businesses. Latin America and Middle East & Africa (LMEA) is expected to grow steadily due to the increasing trends of cloud services.
Europe is expected grow at a stable rate during the forecast period. Presence of huge car manufacturing sector and healthcare industries drives the cloud-based contact center market in Europe. Asia-Pacific is expected grow at a faster rate during the forecast period due to presence of many IT & telecommunication companies. Due to increasing adoption of electronic devices as well as huge investment in R&D by China and Japan drives the cloud-based contact center market during the forecast period.
The cloud-based contact center market has witnessed major trends, for example, the effective use of chatbots & artificial intelligence, and increasing dependence on interactive voice response (IVR). Many global players have adopted chat bots & artificial intelligence to increase their enterprise value in the market.
Many global players are also concentrating on mergers and acquisitions for sustaining in the competitive environment of the cloud-based contact center. In December 2016, Genesys acquired InIn for USD1.4 billion which is the largest transaction ever in the cloud center industry. With this, Genesys is able to support clients in all the industries with complete portfolio available in the cloud and on-premise. In May 2017, Extreme Networks acquired Avaya Networking for USD 100 million. This acquisition was aimed at expanding the company’s state-of-the-art portfolio of data centers, core, campus, and edge networking.
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• Cloud vendors
• Application design and development service providers
• System integrators/migration service providers
• Consultancy firms/advisory firms
• Training and education service providers
• Data integration service providers
• Managed service providers
• Data quality service providers
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