Call centers now demand flexibility, scalability and access from the solutions they deploy, and the one platform that delivers all those points is cloud technology. This has led to a double digit growth of the cloud contact center market, which, according to MarketsandMarkets will be worth $14.70 billion by 2020.
The most obvious difference between cloud based and on-premises data center solutions is the cost. A cloud deployment doesn’t require the CAPEX and OPEX (News - Alert) for the equipment, infrastructure and personnel of on premises solutions. Additionally, cloud has communications solutions that bring together today’s multichannel ecosystem together seamlessly for inbound and outbound services.
Unified system with software technology can deliver dialers, ACD, IVR software, CTI (News - Alert) for intelligent screen pops, digital recording, workforce optimization, real-time reporting, analytics tools and much more. And service providers can create customized solutions for operators so they can better interact with their customers with personalized services.
The new report, titled, “Cloud Based Contact Center Market by Solution (IVR, ACD, CTI, APO, Dialers, Analytics & Reporting), & by Application (Chat Quality Monitoring, Real Time Decision Making, Work Force Optimization), by Vertical, by Region - Global Forecast to 2020" predicts the market will grow at a Compound Annual Growth Rate (CAGR) of 25.7 percent until 2020.
As defined by MarketsandMarkets in the report, a cloud-based contact center is, “A deployment model that allows businesses and organizations to host their contact centers in the third-party’s data center. The provider owns the call center technology and provides the services in a monthly subscription model.”
Key companies have consolidated the market, with Interactive Intelligence (News - Alert), Cisco Systems, Five9, Oracle Corporation, Genesys Telecommunications, 8X8, 3CLogic, InContact, Connect first and Aspect Software playing dominant roles in the segment. These companies have gained control by introducing new product developments, partnerships, collaborations and business expansions to address the evolving needs of the market place.
According to the report, the growth in the market will continue to be the low initial cost, faster deployment, growing demand for enhanced customer experience and better business agility. And the region that is going to be experiencing positive growth is Latin America. MarketsandMarkets credits the investment friendly atmosphere and fast development of new market in countries such as Chile, Mexico, and Argentina as being favorable. The Middle East, Europe and Africa (MEA) as well as the Asia Pacific (APAC) regions have potentials markets in different verticals, including Banking, Financial Services, and Insurance (BFSI), retail, healthcare, government, telecom and IT.
Edited by Kyle Piscioniere