Contact Center as a Service (CCaaS) Market size was valued at USD 5.27 billion in 2023 and is projected to exceed USD 51.69 billion by the end of 2036, expanding at over 19.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of contact center as a service is evaluated at USD 6.08 billion.
Technological advancements for improving customer experience, along with the reduction in operational costs post-CCaaS adoption are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the offering of remote location working capabilities by CCaaS, which is being adopted by enterprises globally due to the Covid-19 pandemic.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
19.2% |
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Base Year Market Size (2023) |
USD 5.27 billion |
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Forecast Year Market Size (2036) |
USD 51.69 billion |
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Regional Scope |
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The market is segmented on the basis of enterprise size into small & medium enterprises and large enterprises, out of which, the large enterprises’ segment is anticipated to grab the largest share by the end of 2021 on account of the adoption of advanced technologies at a faster pace. Moreover, large enterprises can improve their customer interaction owing to a vast customer base, which is also projected to contribute to the growth of the segment during the forecast period.
On the basis of end-user, the BFSI segment in the market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that there has been a significant rise in customer interaction due to digitization in this segment.
Our in-depth analysis of the global market includes the following segments:
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By Enterprise Size |
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By End-User |
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Geographically, the contact center as a service (CCaaS) market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rise in number of start-ups in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the lead in technological advancement, accompanied by the enhanced customer experiences. Along with this, North America also leads in the growth of small & medium enterprises, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the market on account of focus of enterprises to widen their customer base in the region. The European Commission, in 2020, had released a European Data Strategy whose aim is to support the European Union to become the most attractive, most safe, and most dynamic data-agile economy globally.
Author Credits: Abhishek Verma
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