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Evaluating Cloud-Based Contact Center Market Viability

Evaluating Cloud-Based Contact Center Market Viability

Cloud-based Contact Center Market - Inkwood Research

Hosted by a business server, a cloud-based contact center is the enterprise hub and enables customer communications. In addition, as this center is in the cloud, it interacts with customers, including outbound as well as inbound communication, using social media, email, voice, and the internet. Cloud-based contact centers require internet access with sufficient bandwidth to accommodate them. Our analysis at Inkwood Research predicts that the global cloud-based contact center market is set to propel with a 21.54% CAGR by the end of the assessment years 2022-2030.

A cloud-based contact center solution creates a single system to ease the connection between agents and customers by combining various communication channels, like instant messages, phone calls, and emails. In addition, these contact centers also offer supervisors management tools to efficiently run the workforce. As a result, cloud contact centers find extensive applications in healthcare, consumer goods, retail, government, banking, information technology (IT), telecommunication, financial services and insurance (BFSI), and manufacturing sectors globally.

Cloud-Based Vs. On-Premise Contact Centers

Organizations like Microsoft, Cisco, Five9, etc., compare cloud and on-premise contact centers using a few criteria.

Most frequently analyzed features of their types are below:

  • Set Up: Implementation of on-premise contact centers needs several months as companies set up the infrastructure and purchase licenses & hardware along with compatible software. In contrast, setting up cloud-based contact centers requires installing computer apps that function out of the box.
  • Cost: Companies determine their overall capital or operating expenditures while opting between on-premise and cloud contact centers. On-premise contact centers require upfront costs for hardware, licenses, and onsite housing servers. On the other hand, cloud contact centers do not require a large upfront infrastructure or hardware cost if the organization has a good internet connection with sufficient bandwidth.

Cloud-Based Contact Centers Across Diverse Industries

Most organizations are transitioning from on-premise contact centers to modernized cloud-based contact centers. These enable enterprises across various end-user industries to carry out customer communications over the internet.

Major end-user industries include BFSI, IT and telecom, media and entertainment, retail and consumer, logistics and transport, and healthcare.

  • BFSI – The BFSI industry is projected to witness significant growth for cloud-based contact centers. Many financial institutions are implementing cloud-based solutions to make the facilities convenient. With the rising adoption of cloud-based solutions and services, the banking and financial services sector is providing exciting opportunities for market growth.

According to Financial News London, around 80% of IT spending in the banking sector is on technology maintenance. Up to $300 million annually is spent managing and maintaining these disparate systems. Factors such as these necessitate investments in cloud-based solutions, on-premise or private and public cloud services, with banking organizations committed to achieving better scalability and integrated communication between disparate systems.

  • IT & Telecom – Telecom is among the sectors with a significantly high data generation rate. Further, companies offer cloud services for large-scale data integration. As the cloud’s relevance is expanding among telecom clients, the partnership between the cloud offering and telecom companies is a common trend witnessed throughout the globe. Additionally, as telecom is emerging as the major industry everywhere in the world, this strategy is also aiding in geographical expansion.

Google Inc, a prominent public cloud provider, has enabled an option for logging and monitoring network traffic for security and performance issues. Google introduced Virtual Private Cloud (VPC) flow logs, a function that allows tracking network flows in a near real-time manner.

Omnichannel Solutions: Future of Cloud Contact Centers

For decades, call centers have been leveraging advanced technologies such as first-gen call routing systems. As a result, the first wave of CCaas (contact center-as-a-service) began in the early 2000s when many companies saw the huge opportunity to take a traditional call center software and host it over the internet or the cloud.

Initially viewed as a reactive solution, contact centers are now considered a strategic customer engagement tool where stronger customer relationships can be fostered. Businesses often do not realize that their customers are talking about them or to them on social media. As a result, omnichannel is anticipated to play a vital role in the future of the contact center industry by providing a definite communication bridge between the consumer and the company. The omnichannel technology will enable agents and company representatives to connect with the customer using their preferred strategy, providing additional convenience for both sides.

Therefore, the shift toward cloud migration opens a world of remote opportunities, allows agents to work anywhere, and drives the growth of the global cloud-based contact center market.

By Sukanya Mukherjee

FAQs:

What are the segments analyzed in the global cloud-based contact center market report?

Component, deployment, organization style, and end-user segments are analyzed in the global cloud-based contact center market report.

Which regions are assessed in the global cloud-based contact center market?

Asia-Pacific, Europe, North America, and Rest of World are assessed in the global cloud-based contact center market.