The global contact center as a service (CCaaS) market is anticipated to reach a valuation of $15.1 billion by 2028, registering a compound annual growth rate of 18 percent over the forecast duration of 2022-2029, according to a new report by Brandessence Market Research and Consulting Private Ltd.
CCaaS is a cloud-based software deployment model that has the ability to help organizations to procure the technology they require and reduce their overall operational costs. These solutions enable companies to optimize and manage customer interactions on their multichannel infrastructure, which in turn enhances the overall employee and consumer experience.
Global enterprises and SMEs, the booming e-commerce sector and widespread technological advancements primarily are fueling CCaaS expansion, alongside, growing remote working trends, surging R&D investments and prompt industrialization.
Moreover, escalating demand for cloud computing solutions, the rising focus of organizations to offer enhanced customer experience, and prompt digitalization are creating lucrative opportunities. Also, a surge in API-based customer experience contact centers augments the sector’s outlook. On the other hand, increasing instances of cyberattacks and internet fraud hinder the marketplace.
According to the report, the outbreak of COVID created a lucrative profit trajectory for the sector. Due to lockdowns and travel bans, many organizations adopted online modes of operations. Initially, it was challenging for them to shift everything to a completely virtual setting. They also needed to ensure their proficiency did not decline due to the sudden transformation.
The escalated demand for cloud solutions lets firms continue their operations smoothly while ensuring their employees and customers get the utmost satisfaction in terms of work culture, communication and buying experiences. Apart from that, firms are adopting efficient solutions to safeguard their IT infrastructure from data breaches and other forms of cyberattacks which is further fueling the growth of the industry.
API-based contact centers are gaining massive popularity across the globe. API-based solutions enable organizations to provide online customer care through emails, texts, live calls, SMS and live chat. The use of AI-powered chatbots has enhanced productivity. Prominent organizations have launched their own API-powered contact centers to enhance customer experience, which stimulates the overall dynamics of the business vertical, according to the report.
CCaaS solutions boost the customer retention strategy of organizations by helping them to streamline their entire process with minimal human intervention. This reduces the overall operational expenses while improving employee productivity. These factors are adding traction to the development of this marketplace over the forecast duration of 2022-2029.
The research cites these trends in CCaaS:
- Increased use of artificial intelligence (AI) and machine learning (ML) to improve customer service and automate routine tasks.
- Growing adoption of cloud-based solutions, which offer greater flexibility and scalability than on-premises systems.
- Increased focus on providing a seamless, omnichannel customer experience across multiple communication channels, including voice, email, chat, and social media.
- Greater emphasis on data and analytics to gain insights into customer behavior and preferences, and to improve the overall customer experience.
- The rising popularity of remote work has led to an increase in the adoption of virtual contact centers that allow agents to work from anywhere.
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