The global cloud contact center applications market is estimated to reach $7.4 billion by 2026, says Frost & Sullivan
Frost & Sullivan’s recent analysis finds that the global cloud contact center applications market is estimated to reach $7.4 billion by 2026 from $2.7 billion in 2019, driven by the rapid migration from on-premise to cloud application solutions. The impact of the COVID-19 pandemic has propelled the demand for workforce engagement management and analytics applications. This increases the deployment of cloud/hybrid setups and creates opportunities to leverage digital solutions that support work-at-home agents (WAHA), self-service bots, and artificial intelligence-enabled solutions.
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“The increasing demand for cloud solutions and intense market competition have led to cloud-to-cloud migration. Cloud technology allows vendors to offer contact center solutions on a subscription basis, which enables client organizations to purchase the seats and functionality they need and change the configuration in line with operational needs dynamically,” said Sherrel Roche, Information & Communication Technology Industry Principal at Frost & Sullivan.
Roche added: “As an integral part of business optimization strategies, there is a shift in companies pushing for the adoption of process automation. Therefore, high-value capabilities such as social media, WebRTC, Big Data, artificial intelligence, analytics, and personalization are poised to generate new demand and drive user-base expansion.”
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The expansion of hybrid cloud offerings, declining data security concerns, and ease of scalability around cloud deployments drive large companies toward cloud adoption, presenting immense growth prospects to market participants. To leverage the opportunities, stakeholders should:
- Leverage innovations and showcase a unique selling point to cater to the increasing number of companies migrating to cloud/hybrid setups.
- Focus on research and development (R&D) efforts to integrate new features and gain a competitive advantage in the market.
- Address security concerns to emerge as the industry leader and establish a strong, reliable reputation in the market by partnering with cybersecurity vendors to meet the clients’ data security and privacy needs.
- Expand market outreach by establishing strategic partnerships with partners, distributors, resellers, and system integrators to help clients optimize operations, reduce costs and increase efficiency.
Cloud Solutions Powering the Global Contact Center Applications Market, Forecast to 2026 is the latest addition to Frost & Sullivan’s, Information & Communication Technology research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.