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News : Cloud Based Contact Center Market - Global Forecast to 2020
New York, NY, USA, November, 2015 -- The cloud model has seen high demand and growth in the contact center market over the past few years. A cloud-based contact center is a deployment model that allows businesses to host their contact center in a remote, third-party data center rather than in a physical location owned by the contact center.
The global cloud-based contact center market is expected to grow from USD 4.68 billion in 2015 to USD 14.71 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 25.7%.
Various assumptions have been taken into consideration for the market sizing and forecasting exercise of the cloud-based contact center market. A few of the global assumptions include political, social, technological, and economic factors. The dollar fluctuations are expected to not seriously affect the forecasts in the emerging regions.
Organizations of all sizes worldwide are increasingly adopting cloud solutions for contact centers. The cloud-based contact center market has seen rapid adoption across verticals such as BFSI, IT and telecom, media and entertainment, and retail, which has led to the rapid growth of the market. Its high adoption across industries gives a clear view regarding robustness and maturity of the model. Due to major technology upgrades, several contact center organizations have shifted their setup from on-premise to cloud based. It helps organizations to save costs and modernize their contact center technology.
Latin America is expected to have the highest CAGR during the forecast period while North America is expected to dominate the market in terms of market share. Though the contact center market in Latin America is still at a nascent stage, it is expected to grow significantly during the forecast period. The contact center market in Mexico is expected to experience maximum growth.
The report aims at estimating the market size and future growth potential of this market across segments such as solutions, services, deployment models, applications, verticals, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the cloud-based contact center market, their company profiles, SWOT analysis, recent developments, and key market strategies.
Posted by Veronica Silva Cusi, news correspondent
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Published: Wednesday, December 2, 2015