Contact Center-as-a-Service Market to Grow by $5.23 Billion Through 2028
Research firm Technavio expects the worldwide contact center-as-a-service (CCaaS) market to grow by $5.23 billion through 2028, expanding at a compound annual growth rate of 16.36 percent.
The report notes that this growth is being driven by the increasing adoption of CCaaS solutions by businesses in various sectors, including financial services, insurance, and retail. These firms, it said, are using CCaaS to manage and monitor customer inquiries with automated responses, CCaaS solutions offer features like call distribution, customer collaboration, and interactive responses to handle a large volume of inbound calls, it added.
The report also notes that North America is expected to make a 35 percent contribution to the global market's growth during the forecast period.
At the same time, though, the report also notes that one of the primary obstacles impeding the growth of the CCaaS market is the intricate nature of integrating these technologies solutions.The deployment of contact center software is a complex process, involving various components, such as automated call distribution, computer telephony integration, workforce management, and IVR, and effectively handling and implementing CCaaS solutions demands proficient IT resources and technical expertise.
The report identifies 3CLogic, 8x8, Alvaria, Atos, Avaya, Cisco, Enghouse, Evolve IP, Five9, Genesys, Lumen Technologies, Microsoft, Mitel Networks, NICE, Oracle, RingCentral, and SAP as the key companies in theCCaaS market.
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