The Rising Adoption of Cloud-Based Contact Centers Is Fuelling the CCaaS Market Growth

According to a new report by Grand View Research, the global contact center as a service (CCaaS) market size is expected to reach $17.12 billion by 2030.

The highlights of the report include:

1. In terms of solutions, the customer collaboration segment is expected to witness the highest compounded annual growth rate (CAGR) over the forecast period. This can be attributed to the rising focus of businesses on offering enhanced customer satisfaction by solving their issues and promptly attending to their calls.
2. In terms of service, the managed services segment is likely to register the highest CAGR over the forecast period. The increasing need for monitoring IT operations, data backup and recovery, help desk support, and security is expected to drive the demand for managed services over the forecast period.
3. In terms of enterprise size, the small and medium enterprises segment is likely to register the highest CAGR. Convenient service delivery and low investment cost related to CCaaS are boosting its adoption across small & medium enterprises.
4. In terms of end use, the consumer goods and retail segment is expected to provide promising growth opportunities to the market due to increasing focus on enhancing customer experience, improving sales and marketing effectiveness, and enabling seamless omnichannel customer interactions in the highly competitive retail industry.

What Does This Mean?

Let us first begin by understanding the segment of customer experience, which contact centers power.

Customer experience has been the differentiator and the challenge for most growing businesses. Organizations have a lot to benefit from centralizing all their customer experience communication using an omnichannel platform. This would allow everyone to have a single view of their customers from a single interface.

According to a recent insight report by Forbes, 61 percent of executives reported that their companies operate at least three communication platforms. At the same time, 16% indicated that they’re at the mercy of at least five.

Customer communication is torn between multiple platforms, and they are in silos. With numerous platforms that aren’t integrated, organizations are not able to provide consistent customer experiences.

Besides, customers get influenced by the experiences they receive, and they expect the best experiences they receive from an organization to be replicated by other organizations as well. Social media is playing a major role in this.

So the opportunities for customer experience platforms are plenty. Let us look at what is driving the growth of the CCaaS market.

Four Key Reasons for the Growth of the CCaaS Market

1. Cloud Platform

Cloud-based contact center platforms have made entry barriers low. Small and medium enterprises now have all the enterprise features at a subscription fee. Besides, their infrastructure is up and running in no time compared to on-premise solutions.

2. Easier Integrations

CCaaS makes integrating with other enterprise systems like CRM, ERP, Helpdesk, and other best-of-breed IT solutions, making it easy for customer-facing resources.

Besides, with all the channels integrated – email, voice, chat, SMS, mobile, and social, you get to have a single view of all the customer interactions across channels and systems.

This makes your CcaaS truly omnichannel.

3. Security and Privacy

With cloud hosting, CCaaS can leverage the security offered by popular cloud-hosting platforms like AWS, Azure, and Google. They work round-the-cloud to ensure security, availability, and redundancy, which can be easily leveraged for your contact center platform.

It is challenging to replicate this kind of security and privacy for your on-premise systems without spending a bomb on the infrastructure and resources.

4. Scale Up and Down Easily

You can scale up and down your resources at the click of a button. For instance, in a platform like ours, we don’t really care how many agents use it to dial. We charge you based on the number of minutes you consume.

You get everything bundled together – dialers, voice, integrations, channels, and customizations at a per-minute cost. You don’t have to depend on multiple systems for your contact center infrastructure.

COVID-19 changed how organizations look at customer experience, and customer expectations have also drastically changed. It forced organizations to move their entire workforce to work remotely, and the experience was a major differentiator for brands.

This facilitated the growth of cloud contact centers, and most organizations have moved their contact center infrastructure to the cloud or are in the process of moving it.

This is accelerating the growth of the CCaaS market across verticals – retail, automotive, banking, insurance, financial services, technology, healthcare, and manufacturing.