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New York, USA, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Cloud Based Contact Center Market information by Solution, by Vertical, by Application and Region forecast to 2030 market size to reach USD45.5 billion, growing at a compound annual growth rate of 24.8% by 2030.

Market Scope: The increased use of cloud-based contact center by different industrial verticals like healthcare and life sciences, government and public sector, consumer goods and retail, BFSI, and others will offer robust opportunities for the market over the forecast period.

Besides, other factors adding market growth include cloud based contact centers help in tracking real-time administration metrics through a customizable control panel, growing awareness about the alluring features of cloud based contact centers such as auto dialer real time monitoring, ACD, call center reports, IVR, Omni-channel support, and call center integration, as well as the growing need for cross-channel communication solutions, among others.

Dominant Key Players on Cloud Based Contact Center Market Covered are:

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Market USP Exclusively Encompassed:Market DriversGrowing Need for Cloud Computing to Boost Market Growth The growing need for cloud computing will boost market growth over the forecast period for its convenience features, flexibility, affordability, and robust scalability. Thus organizations are widely looking in migrating their contact center operations to the cloud from the traditional on-premise model.

Cyber-attacks impacting Business Operations to act as Market Restraint In the current digital world, the access to vital information has resulted to several challenges, of which one of these include enterprises storing their sensitive data that turns into a key target for the cybercriminals. Contact centers, unfortunately that generally handle surplus customer information are no exception. On a regular basis, contact centers collect as well as store enough customer information which attracts cybercriminals for targeting such contact centers.

High Initial Investment to act as Market Challenge The high initial investment and the dearth of trained expertise/skilled professionals may act as market challenges over the forecast period.

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Segmentation of Market Covered in the Research:The global cloud based contact center market has been bifurcated based on vertical, deployment model, organization size, services, and solution.

By solution, interactive voice response and automatic call distribution will lead the market over the forecast period as organizations focus to streamline and automate the massive volume of calls cost effectively and efficiently.

By services, the global cloud-based contact center market has been segmented into managed services and professional services.

By organization size, large enterprises will spearhead the market over the forecast period.

By deployment model, the public cloud segment will have the lions share in the market over the forecast period for the low cost associated with public deployment.

By industry, the IT and telecommunication segment will command the market over the forecast period. This will be followed by the BFSI sector as most financial institutions are using cloud-based solutions for making the facilities convenient. The banking sector has turned digital with the growing adoption of cloud platforms.

Regional AnalysisNorth America to Reign Cloud Based Contact Center Market North America will reign the cloud based contact center market over the forecast period. The presence of several key vendors in the region, the adoption of associated services, increasing recognition of cloud-based solutions, the growing adoption of favorable technologies like the IoT, the availability of cloud-based contact centers at a lower price by key vendors, large-scale digitization initiatives, growing number of startups, the presence of influential and innovative vendors like Cisco Systems Inc., Microsoft Corporation, and Oracle Corporation, and increasing investments of such key vendors in R&D activities are adding to the global cloud based contact center market growth in the region. Besides, organizations increasingly migrating their business operations to the cloud, rising trend of remote working that fuels the adoption of cloud based contact centers, the existence of major vendors, increasing acceptance of related services, and the growing acceptance of cloud-based solutions are adding to the global cloud based contact center market growth in the region.

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APAC to Have Significant Growth in Cloud Based Contact Center Market The APAC region will have significant growth in the cloud based contact center market over the forecast period. Dramatic growth of data center business, the rising number of startups, customers willingness to adopt new technologies, significant adoption of cloud-based solutions, ongoing digitalization, new entrants in the cloud contact center market particularly in Australia that are driving more established traditional on-premises players to aggressively roll out cloud-based solutions, the accessibility of cloud-based contact centers at an affordable cost by the regions leading vendors, and large-scale digitalization initiatives are adding to the global cloud based contact center market growth in the region.

COVID-19 Impact on the Global Cloud Based Contact Center MarketOrganizations are choosing cloud-based contract center solutions for managing contract center operations at the time of the COVID-19 outbreak for executing daily operations remotely. The need for cloud-based contact center solutions surged in 2020 for the different perks that it offers like low setup cost, scalability, and flexibility. Most of the organizations across industries have switched to work from home or remote working for safeguarding the well-being of employees and maintaining operational efficiency thus boosting the need for cloud-based solutions. Organizations which have already shifted their contact center operations to the cloud have survived easily with the continuity of their business during the pandemic. Cloud based contact centers are being preferred increasingly by enterprises for handling outbound and inbound customer communications effectively and delivering flexibility to manage customer service operations through remote workforce.

Competitive LandscapeThe cloud based contact center market is both competitive along with being fragmented on account of the presence of several international and also domestic industry players. Such industry players have utilized an assorted innovative strategies for being at the top along with sufficing to the burgeoning requirement of the esteemed clients including geographic expansions, collaborations, joint ventures, new product launches, partnerships, contracts, and much more. Besides, the players are also investing in different research & development activities.

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Cloud Based Contact Center Market Projected to Surpass USD 45.5 Billion by 2030 with a CAGR of 24.8% - GlobeNewswire