The value of the cloud-based contact center market is expected to rise from less than $4.7 billion today to a whopping $14.7 by 2020, according to a new report.
A MarketsandMarkets study released last week found that the main industries accounting for more than half of revenue for cloud-based contact centers are retail; IT and telecom; banking, financial services and insurance.
“IT and telecom [are] expected to have the highest market share by 2020, while travel and hospitality, health care, and transportation and logistics are the emerging verticals,” the report said.
The compound annual growth rate (CAGR) would be 25.7 percent if the prediction holds up.
The report projects a “great revolution” in technological advancements and more cloud-based contact centers throughout the world.
Some of the major vendors listed for the market were five9, Cisco Interactive Intelligence, Genesys and Oracle, and the study listed Mitel and LiveOps as “among the top key innovators in this space.”
“The key to growing business and scaling customer success is embedding best practices into your customer-service software,” the study said. “With the retrenchment in consumer spending, organizations are turning to the cloud to become customer experience-driven organizations to grow their businesses and improve the customer engagements.”