Press Release / Technology / Cloud-Based Contact Center Market is expected to grow from USD 6.47 Billion in 2017 to USD 24.11 Billion by Forecast 2023

Cloud-Based Contact Center Market is expected to grow from USD 6.47 Billion in 2017 to USD 24.11 Billion by Forecast 2023

Cloud-Based Contact Center Market Synopsis:
The cloud-based model has a high demand in contact center market for making connections with the help of social media, email, voice and the Web accessible virtually from any location. Pay-per-use subscription pricing model for end-users, improved business continuity, cloud compliance, and improved integration, and usability drives the cloud-based contact center market.
However, this market faces some challenges associated with the adoption such as maintaining integration levels and poor IT infrastructure for cloud-based contact centers. Cloud-Based Contact Center Market operates in various verticals such as BFSI, retail, government and public sector, healthcare and life sciences, manufacturing, media and entertainment, and IT & telecommunication. IT & telecommunication is expected to hold largest market share during forecast period.
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Major Key Players:
The prominent players in cloud-based contact center market are NICE Ltd. (Israel), 8x8 Inc. (US), Five9 (US), Cisco Systems (US), Genesys (US), Oracle Corporation (US), NewVoiceMedia (UK), Connect First (US), Aspect Software (US), and Extreme Networks among others.
Other players in cloud-based contact center market are Liveops, Inc. (US), inContact, Inc.(US), 3CLogic (US), Accurate Always, Inc.(US), Interlink Network Systems (US), KM2 Solutions (US), Servion Global Solutions (India), and CCT Solutions (US) among others.
Segmentation:

By solution, the market is segmented into automatic call distribution, agent performance optimization, dialers, interactive voice response, computer telephony integration, reporting and analytics, security, and others.
By services, the market is segmented into professional service and managed service.
By organization size, the market is segmented into large enterprise and SME.
By deployment model, the market is segmented into public cloud, private cloud, hybrid cloud.
By vertical, the market is segmented into BFSI, retail, government & public sector, healthcare & life sciences, manufacturing, media & entertainment, IT & telecommunication, others.
By region, the market is segmented into North America, Europe, Asia-Pacific and the Rest of the World.

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Regional Analysis:
The global market for cloud-based contact center is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of cloud-base contact center market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the cloud-based contact center market during the forecast period. The US is the major contributor to the North American market due to presence of many global players and high adoption of cloud services. Increasing rate of innovation in North American market is accelerating the rate of adoption of cloud-based contact centers. Outsourcing management and expertise is gaining pace, as organizations in this region are looking to stay focused on their core businesses. Latin America and Middle East & Africa (LMEA) is expected to grow steadily due to the increasing trends of cloud services.
Europe is expected grow at a stable rate during the forecast period. Presence of huge car manufacturing sector and healthcare industries drives the cloud-based contact center market in Europe. Asia-Pacific is expected grow at a faster rate during the forecast period due to presence of many IT & telecommunication companies. Due to increasing adoption of electronic devices as well as huge investment in R&D by China and Japan drives the cloud-based contact center market during the forecast period.
Competitive Analysis
The cloud-based contact center market has witnessed major trends, for example, the effective use of chatbots & artificial intelligence, and increasing dependence on interactive voice response (IVR). Many global players have adopted chat bots & artificial intelligence to increase their enterprise value in the market.
Many global players are also concentrating on mergers and acquisitions for sustaining in the competitive environment of the cloud-based contact center. In December 2016, Genesys acquired InIn for USD1.4 billion which is the largest transaction ever in the cloud center industry. With this, Genesys is able to support clients in all the industries with complete portfolio available in the cloud and on-premise. In May 2017,  Extreme Networks acquired Avaya Networking for USD 100 million. This acquisition was aimed at expanding the company’s state-of-the-art portfolio of data centers, core, campus, and edge networking.
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Intended Audience:

Cloud vendors
Application design and development service providers
System integrators/migration service providers
Consultancy firms/advisory firms
Training and education service providers
Data integration service providers
Managed service providers
Data quality service providers

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