The global contact center as a service market is estimated at US$ 4.5 Billion in 2022 and is likely to reach US$ 16 Billion by 2032, displaying a CAGR of 13.52% during the forecast period. Expansion of the market can be attributed to the growing adoption of advanced contact center technologies for better functioning of the market and organizing customer interactions to offer a superior customer experience.

Players in the market are introducing novel solutions, which is likely to augment the market growth in the coming time. For instance, in April 2020, Service Now announced the launch of the Amazon Connect Integration with Cloud Call Center, a cloud contact center solution that provides employees with better IT support functionalities.

Cloud-based contact center software does not incur any IT services and components expenditure. Also, they can be offered in a subscription model, allowing enterprises to choose the model as per their requirement, resulting in cost savings.

Organizations with limited resources adopt cloud-based contact centers, boosting the adoption of such systems in small and medium organizations. Attributed to such factors, the market is expected to flourish significantly during the forecast period.

On the contrary, the increasing adoption of digital technologies, such as AI, ML, and cloud computing has resulted in increased data breaches and cyberattacks in contact centers. The need for security, compliance, and data protection has increased with rising internet connectivity. As per statistics provided by NICE, contact centers handle more than 100 billion calls every month, with one out of 1,700 calls being fraudulent.

Key Takeaways from the Market Study:

• Global contact center as a service market is expected to flourish 3.5x until 2032
• By industry, IT & telecommunications to be primary end user, accumulating 42% revenue
• The SMEs segment is expected to dominate the global contact center as a service market during the forecast period
• In 2022, North America is expected to accumulate 35% of the total contact center as a service market share
• Europe to be a significant contributor to market growth, registering a CAGR of 12% until 2032
• Asia Pacific to be the fastest expanding region, registering a 12.3% value CAGR from 2022-2032

“Deployment of cloud-based software as service and the AI-based chatbots are expected to augment the market size during the forecast period. Also, the growing launch of application programming interface (API)-based contact center solutions is another factor that is expanding the growth scope of the market,” comments the FMI analyst.

Competition Analysis

Key players in the global contact center as a service market include NICE, Evolve IP, Luware AG, 8x8, Talkdesk, Cisco Systems, and others. Recent developments in the industry include:

• In January 2021, Talkdesk, Inc., boosted its machine learning capabilities by integrating Contact Center Intelligence and Amazon Web Services Products. Customers can use this solution to combine AWS machine learning functionalities with their current contact center provider to enhance efficiency and offer customized customer experiences.
• In July 2020, NICE LTD announced the launch of Real-Time Interaction Guidance, a solution powered by the company’s ENLIGHTEN AI platform. On the basis of predictive behavioral models, the solution offers in determining and scoring agent behavior to boost customer satisfaction and enhance sales opportunity identification. The solution forms an integral part of NICE’s CXone platform.
• In July 2022, 8x8 partnered with National Express, U.K’s largest scheduled coach operator, to help employees stay engaged, productive and efficient, regardless of work location, and deliver enhanced and secure customer experience. The operation aims to leverage 8x8’s xCaasTMintegrated cloud communications solution. The platform integrates cloud contact centre, voice, team chat, video meetings, and CPaaS embeddable APIs capabilities in a single-vendor solution.

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