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Cloud-based Contact Center Market Trends 2019 – Competitive Analysis by Demand Status, Valuable Insights of Business, Product Scope, Driving Factors Forecast to 2024

Cloud-based

The “Cloud-based Contact Center Market” report 2019 provides information for market players, stakeholders, investors, and business strategists to achieve a leading position the market. It maintains the record of Unusual growth strategies adopted by various companies are creating new standards for competition in the global Cloud-based Contact Center market. Businesses around the world are aiming at increasing their profit margin and establishing a stronghold in the global market. The impact of prevailing regulatory scenario on both regional and worldwide Cloud-based Contact Center market is provided in detail in the report.

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Cloud-based Contact Center Market Covers Key Players:

  • Amazon Web Services, Inc.
  • Oracle Corporation
  • Cisco Systems Inc.
  • Genesys Telecommunications Laboratories Inc.
  • 3CLogic Inc.
  • Connect First Inc.
  • Five9 Inc.
  • Mitel Networks Corporation
  • Aspect Software Parent Inc.
  • 8X8 Inc.
  • Avaya Holdings Corp.
  • NICE inContact

    Market Overview:

  • The cloud-based contact center market was valued at USD 8.926 billion in 2018, and is expected to reach USD 33.296 billion by 2024, at a CAGR of 24.57% over the forecast period (2019-2024). Legacy contact centers operate on older technologies that cannot support newer channels, such as social media, mobile app chats, or videos. Cloud-based contact centers can help companies meet these demands.
  • – A report from the State of Customer Experience 2017, validates the way cloud call centers are substituting the on-premise call centers. Migration of 39% contact centers in the United Kingdom to cloud-based, with 57% chalking out an action plan to move to cloud-based call center within the next three years, indicates the potential for the overall market.
  • – Furthermore, cloud-based infrastructure makes contact centers extremely scalable and by adopting enterprise cloud solutions for contact centers, organizations can save millions of dollars in operating costs, while also monitoring revenue leakage.
  • – Cloud contact centers have become a necessary step for companies to adopt a systematic approach that enhances performance, channels support and engagement, reporting and analytics to successfully support a customer base where customer preferences keep changing. The challenge for enterprises lies in choosing the right cloud contact center solution and strategic partner to achieve these goals.

    Report Highlights:

    • The report provides a detailed analysis on current and future market trends to identify the investment opportunities
    • Market forecasts till 2024, using estimated market values as the base numbers
    • Key market trends across the business segments, Regions and Countries
    • Key developments and strategies observed in the market
    • Market Dynamics such as Drivers, Restraints, Opportunities and other trends
    • In-depth company profiles of key players and upcoming prominent players
    • Growth prospects among the emerging nations through 2024
    • Cloud-based Contact Center Market opportunities and recommendations for new investments

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    Scope of the Report:

  • The cloud-based contact center market is segmented by Type (Automatic Call Distribution, Agent Performance Optimization, Dialers, Interactive Voice Response, Computer Telephony Integration, Analytics and Reporting), Services (Managed, Professional), End-user Industry (BFSI, IT and Telecom, Media and Entertainment, Retail, and Consumer, Logistics and Transport, Healthcare), and Geography.

    Key Market Trends:

    Retail Sector to Witness the Highest Growth Rate in the Forecast Period

    The intensifying competition in the retail marketplace and the emerging trends in customer services, expectations, behaviors, and e-commerce operations are driving the growth for the cloud-based contact centers market.
    The e-commerce industry is contributing to the growth of cloud contact centers tremendously. With retailers and e-tailers operating globally, compliance management becomes even more challenging. In May 2018, the advent of the European Union’s General Data Protection Regulation (GDPR) empowered EU customers and prospects to request that businesses delete their personal information. From live call monitoring and call recordings, supervisors of cloud-based contact centers can monitor key aspects of customer engagement to ensure adherence to regulations and identify issues.
    Most of the retailers, offline as well as online consider cloud contact centers as revenue generating stream with customer experience as a strategic focus. Therefore, many companies are entering this space. In 2019, Google announced its Contact Center AI, a beta version yet, to help retailers with intuitive customer service by scaling phone support without compromising the customer experience.

    North America to Hold the Largest Market Share

    In North America, the utilization of premise-based call centers dominated in mid-2017. However, the exceptional benefits offered by the cloud-based software is likely to boost the software demand.
    The organizations are shifting their focus toward cloud-based solutions to enhance efficiencies and scalabilities. For instance, in October 2018, one of the largest sub-servicers of residential mortgages in the United States, PHH Mortgage moved its contact center to cloud-based architecture in alliance with Serenova.
    The rising omnichannel approach to sales, coupled with the expanding e-commerce industry in the North American region, is driving the demand for contact centers. Companies are trying to expand their business portfolio in the region, due to the huge potential it offers. For instance, the omnichannel, cloud-based contact center software provider, ZaiLab, announced its plans to expand its product offerings in the North American region.

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    Detailed TOC of Cloud-based Contact Center Market Report 2019-2024:

    1 INTRODUCTION

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Industry Attractiveness – Porter’s Five Forces Analysis
    4.2.1 Threat of New Entrants
    4.2.2 Bargaining Power of Buyers/Consumers
    4.2.3 Bargaining Power of Suppliers
    4.2.4 Threat of Substitute Products
    4.2.5 Intensity of Competitive Rivalry
    4.3 Introduction to Market Drivers and Restraints
    4.4 Market Drivers
    4.4.1 Increasing Demand for Cloud-based Solutions
    4.4.2 Reduced Capital Expenses and Faster Deployment of Cloud Contact Center
    4.5 Market Restraints
    4.5.1 Security Concerns Regarding Cloud Based Solutions

    5 MARKET SEGMENTATION
    5.1 By Type
    5.1.1 Automatic Call Distribution
    5.1.2 Agent Performance Optimization
    5.1.3 Dialers
    5.1.4 Interactive Voice Response
    5.1.5 Computer Telephony Integration
    5.1.6 Analytics and Reporting
    5.2 By Service
    5.2.1 Professional
    5.2.2 Managed
    5.3 By End-user Industry
    5.3.1 Banking, Financial Services and Insurance (BFSI)
    5.3.2 IT and Telecom
    5.3.3 Media and Entertainment
    5.3.4 Retail
    5.3.5 Logistics and Transport
    5.3.6 Healthcare
    5.3.7 Other End-user Industries
    5.4 Geography
    5.4.1 North America
    5.4.2 Europe
    5.4.3 Asia-Pacific
    5.4.4 Latin America
    5.4.5 Middle East & Africa

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 Amazon Web Services, Inc.
    6.1.2 Oracle Corporation
    6.1.3 Cisco Systems Inc.
    6.1.4 Genesys Telecommunications Laboratories Inc.
    6.1.5 3CLogic Inc.
    6.1.6 Connect First Inc.
    6.1.7 Five9 Inc.
    6.1.8 Mitel Networks Corporation
    6.1.9 Aspect Software Parent Inc.
    6.1.10 8X8 Inc.
    6.1.11 Avaya Holdings Corp.
    6.1.12 NICE inContact

    7 INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

     

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