Contact Center as a Service (CCaaS) Market Expected to Reach $19.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Contact Center as a Service (CCaaS) Market," The Contact Center as a Service Market Size was $4.3 billion in 2021, and is estimated to reach $19.8 billion by 2031, growing at a CAGR of 16.8% from 2022 to 2031.

A corporation can subscribe to a cloud-based contact center platform or software on a yearly or monthly basis under the term contact center as a service (CCaaS). CCaaS industry serve as the focal point for all high-volume audience engagements in addition to client contacts. However, there are many contact center teams that serve a range of audiences, including employees, students at higher education institutions, and many other groups, despite the fact that most people only connect contact centers with customer support teams..

Surge in demand for a superior, smoother seamless customer service from inception to delivery and increased demand for CCaaS Market is the fast use of cloud-based contact centers. Including growing integration of application programming interface (API) enabling the centralization of data for quick access have been major drivers of the market’s growth. Omni channel communication and the use of digital technology like artificial intelligence allow for the consolidation of all client interactions, giving businesses a competitive advantage. CCaaS improves work satisfaction and productivity by automating tedious and repetitive tasks and giving agents access to information, tools, and resources.

According to Contact Center as a Service Market research, the automatic call distribution segment was the highest revenue contributor to the market, with $854.7 million in 2021, and is estimated to reach $3,321.7 million by 2031, with a CAGR of 14.7%. The others segment is estimated to reach $2,653.2 million by 2031, at a significant CAGR of 15.6% during the forecast period.

The COVID-19 pandemic is anticipated to have a favorable effect on the contact center as a service (CCaaS) business worldwide. Contact center as a service CCaaS Market remote working's accessibility and flexibility. The demand for contact center as a service (CCaaS) has increased owing to increased feedback management, and suppliers cost associated with the setup of offline contact centers. Moreover, the growing decency upon Internet and digitalization globally started to deploy Contact Center as a Service (CCaaS) solution, and thus is expected to drive the growth of the Contact Center as a Service Market analysis post pandemic.

Region-wise, North America holds a significant share in the global Contact Center as a Service (CCaaS) market, owing to the presence of prime players in this region. In North America authorities have expressed a strong enthusiasm in implementing contact center cloud solutions. Major corporations that are committed to delivering superior customer service are widespread in the area, which boosts the growth of the market. The collaboration to provide cloud-based contact center solutions to the Canadian market was announced on April 21, 2022 by Five9, Inc., a global provider of intelligent cloud contact centers, and Deloitte Canada, an independent company operating under the Deloitte name. Collaboration is anticipated to significantly improve customer experience as Five9 continues to expand its worldwide footprint and link the success of Deloitte Canada and Five9 with Canadian businesses to fulfil the rise in need for digital age networking and CCaaS.

KEY FINDINGS OF THE STUDY

• The automatic call distribution segment was the highest Contact Center as a Service Market Share contributor, with $854.7 million in 2021, and is estimated to reach $3,321.7 million by 2031, with a CAGR of 14.7%.
• The integration and deployment segment was the highest revenue contributor to the market, with $100.4 million in 2021, and is estimated to reach $798.5 million by 2031, with a CAGR of 23.1%
• The large enterprise segment was the highest revenue contributor to the market, with $2,880.8 million in 2021, and is expected to continue its growth during Contact Center as a Service Market Forecast period.
• North America was the highest revenue contributor, accounting for $2,378.8 million in 2021, and is estimated to reach $9,353.9 million by 2031, with a CAGR of 14.9%.
• Asia-Pacific is estimated to reach $5,517.4 million by 2031, at a significant CAGR of 19.5%.

The key players profiled in the Contact Center as a Service Industry report include Accenture LLP, Alphabet Inc. (Google Corporation), Amazon.com Inc. (AWS), AT&T Inc., Cisco Systems, IBM Corporation, Microsoft Corporation, Orcale Corporation and SAP SE. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the Contact Center as a Service (CCaaS) market.