3 min
The cloud contact center market was valued at 13.67 billion dollars in 2019, and is expected to reach 44.86 billion dollars in 2025, with a compound annual growth rate (CAGR) of 23,11% during the forecast period (2020-2025).
Legacy call centers that run on older technologies cannot support newer channels, such as social media, mobile app chats, or video conferencing. Cloud contact centers can help companies meet these demands.
What Are The Advantages Of Implementing A Cloud Contact Center?
- Multichannel can be integrated using communication application programming interfaces (APIs). Analytics-based insights can be applied to deliver personalized customer experiences. Additionally, since there is no centralized workplace, agents can operate remotely to provide 24/7/365 customer service.
- Contact centers in the cloud are replacing call centers on premises. According to a report, 39% of contact centers will migrate to the cloud in the UK and 57% of them already have an action plan for the next three years.
- Cloud contact centers have become a necessary step for companies to take a systematic approach that improves performance, support and agent engagement; in addition to generating reports and analysis to successfully support a customer base, where user preferences continue to change. The challenge for organizations is choosing the right cloud contact center solution and strategic partner to achieve these goals.
- Due to the ongoing COVID-19 outbreak, customers in all industries are trying to cope with the impact of the pandemic. Users need information on health issues, new remote workers need technical assistance to stay connected, and investors are concerned about the performance of their portfolios. Therefore, due to this pandemic situation, the call center industry experiences an increase in the number of calls.
What Will Be The Key Market Trends?
The BFSI (banking, financial services and insurance) sector is expected to have the highest cloud contact center growth rate through 2025. Many financial institutions are adopting cloud-based solutions to make installations convenient.
The banking industry is going digital, with increased adoption of cloud platforms, as customer interactions at banks and other financial institutions are highly sensitive. They require sophisticated customer interaction software that helps to store, process and analyze data efficiently.
According to Financial News London, 80% of a bank’s IT spending goes to maintaining legacy technology, and up to 300 million dollars is spent each year managing and maintaining these systems. This factor is forcing banks to invest in a cloud solution, either on premises or in public and private cloud services, to achieve greater scalability and integrated communication between disparate systems.
Europe Is Expected To Be The Fastest Growing Market
Europe acts as the headquarters of some of the world’s leading technology centers and a major driver and adopter of modern technology. Cost and compliance concerns in the region have led many organizations to migrate to the cloud and enable employee mobility.
For instance, many European countries are investing heavily in their digital infrastructures, but public and private initiatives have been launched to fill the skills gap and also accelerate the rate of cloud adoption.
Call centers are an important part of many industries in European countries. Nearly one in five call center agents is expected to work in the financial sector, which is responsible for 18% of the entire workforce. Numerous other sectors are also important in the contact center industry, including telemarketing, public sectors, information technology and telecommunications, and public service providers. In addition, the customer service center sector also continues to grow in Spain.
According to Germany Trade and Invest (GTAI), with the adoption of cloud-based services in Germany, the UK and Spain, the European market is expected to grow over the forecast period.
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