Press Release Description
Contact Centre as a Service Market to Boost with the Rise in the Startup Culture Worldwide
The Global Contact Centre as a Service (CCaaS) Market size was valued USD 4.57 Billion in 2022 and is projected to grow at a CAGR of 15.6% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The growth is mainly driven by the expansion of service-based industries with extensive customer interactions, such as e-commerce, edtech, etc. These companies require a dedicated team to look after the customer-handling segment. As a result, such companies are the prime buyers of CCaaS solutions like Interactive Voice Recording, Chatbots & Voicebots, etc. Therefore, they prefer to hire out CCaaS solutions as it eliminates their need to maintain a dedicated IT workforce to look after customer grievances, thereby extensively cutting costs.
Further, the CCaaS solutions are ideal to provide customized & personalized solutions to customers. Hence, this improves the after-sale customer experience by providing hassle-free redressal, resulting in higher customer retention. In addition, the integration of advanced technologies like Artificial Intelligence (AI) & the Internet of Things (IoT) has further aided in improving customer service delivery by reducing call handling time. This brings down the overall operational costs, due to which companies are levitating towards adopting CCaaS solutions, thereby resulting in market growth.
Furthermore, the expansion of the startup culture & the emergence of new businesses are other crucial factors expected to boost the demand for CCaaS solutions. Also, to completely focus on their core work & cut costs, startups are expected to take the assistance of CCaaS solutions, thus contributing to enhancing the market size in the years ahead, further states the research report, “The Global Contact Centre as a Service Market Analysis, 2023.”
Retail & E-commerce to Lead the Market Growth
Based on end-users, the market is divided into BFSI, Government Agencies, Healthcare, Retail & E-commerce, IT & Telecommunication, Manufacturing, Media & Entertainment, Tourism & Hospitality, and Others (Education Institutions, Energy & Utility, etc.). Among these, the Retail & E-commerce segment holds a significant market share as the business models of such companies give paramount importance to customer engagement & grievance redressal.
Due to this, e-commerce companies like Alibaba, Walmart, Amazon, etc., have to thrust on setting up an efficient customer management team, further preferably hiring CCaaS services in place of maintaining a dedicated IT team, thus becoming a crucial segment un supporting the Contact Centre as a Service Market growth.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Genesys Telecommunication Laboratories, Nice System Ltd., Talk Desk Inc., 8X8 Inc., Enghouse Interactive, Luware AG, Evolve IP LLC, Cisco Systems, Alcatel Lucent Enterprises, Microsoft Corporation, Five9 Inc., Avaya Inc., Anywhere365, Zen Desk, Mitel Network Corp., etc. are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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