Contact Center-as-a-Service (C-CaaS) Market Price Trends 2022: Production Cost Analysis, Plant Cost, Profit Margins, Industry Trends, Land and Construction Costs, Cost and Revenue, Raw Materials Costs 2031

Kenneth Research released a report on Contact Center-as-a-Service (C-CaaS) Market that consists detailed analysis and industry insights for the forecast period, i.e.  2022-2031. On the basis of analysis of the market value and calculation of the CAGR during the forecast period, the latest trends and business opportunities in the market are discussed in the report.

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

The global contact center-as-a-service (C-CaaS) market is estimated to garner a revenue of USD 21560.1 Million by the end of 2030, by growing at a CAGR of 18.53% over the forecast period, i.e., 2021 – 2030. Moreover, the market generated a revenue of USD 3962.4 Million in the year 2020. The growth of the market can be primarily attributed to the rise in the number of business organizations worldwide, and therefore the need of these businesses to provide an exemplary service support to their customers. It has been estimated that the total number of business organizations globally increased from around 160 Million in the year 2010 to close to 220 Million in the year 2020. Businesses worldwide are always into finding solutions that can help them lower their cost of operations. The adoption of virtual and cloud-based contact center solutions helps companies to lower their operational costs as the software allows organizations the flexibility to pay only for the technology which is needed, while better serving their customers. The software also allows live-call and post-call analytics, including other functions, such as IVR for routing calls, call queueing, and call recording features.

Besides this, the covid-19 pandemic has significantly raised the need amongst businesses to adopt virtual solutions due to the increasing number of restrictions set by the governing bodies for in-office operations. Growing trends for remote working have further led the need amongst the companies to opt for advanced solutions that can help them serve their customers amidst these challenging times. On the other hand, the growing shift of businesses from on-premises to cloud, backed by the recent trends of Industry 4.0 and surge in the adoption of internet, is also projected to create numerous opportunities for the growth of the market in the years to come.

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Global Contact Center-as-a-Service (C-CaaS) Market Regional Synopsis

Regionally, the global contact center-as-a-service (C-CaaS) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to garner the largest revenue of USD 13606.5 Million by the end of 2030, up from a revenue of USD 2314.4 Million in the year 2020. The growth of the market in the region can primarily be attributed to the rapid pace of digital transformation amongst industries and the rise in demand for omnichannel service delivery. Besides this, the presence of several C-CaaS organizations, especially in the United States, is also projected to drive the growth of the market in the coming years.

On the other hand, the market in Europe is anticipated to garner the second-largest revenue of USD 3683.2 Million by the end of 2030, up from a revenue of USD 779.8 Million in the year 2020. The growth of the market in the region can primarily be attributed to the presence of numerous organizations, especially in countries, such as Italy, Germany, and France, and for the presence of large players in the IT and telecommunications industry. According to the statistics by the Organization for Economic Co-operation and Development (OECD), the total number of businesses in Italy, France, and Germany in the year 2019 recorded 365968 numbers, 209401 numbers, and 212550 numbers respectively. The market in the region is further segmented by country into the United Kingdom, Germany, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe. Out of these, the market in the United Kingdom is anticipated to generate the second-largest revenue of USD 809.4 Million by the end of 2030, up from a revenue of USD 168.7 Million in the year 2020.

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Growth Drivers and Challenges Impacting the Growth of the Global Contact Center-as-a-Service (C-CaaS) Market

Growth Drivers

  • Growing Number of Business Organizations
  • Rising Adoption of Virtual and Cloud-Based Contact Center Solutions by Organizations
  • Increasing Focus of Businesses to Develop Customer Service Experience

Challenges

  • Surge in Concerns for Data Security and Privacy

Global Contact Center-as-a-Service (C-CaaS) Market Segmentation Synopsis

The global contact center-as-a-service (C-CaaS) market is segmented by solution into automatic call distribution, interactive voice response, call recording, computer telephony integration, workforce optimization, reporting & analytics, and others. Out of these, the interactive voice response segment is anticipated to garner the largest revenue of USD 5865.3 Million by the end of 2030, up from a revenue of USD 933.3 Million in the year 2020. By service, the market is segmented into professional services, and managed services, out of which, the managed services segment is anticipated to garner the largest revenue by the end of 2030 and also grow with a CAGR of 18.4% during the forecast period. By organization size, the market is segmented into large enterprises, and small & medium enterprises. Out of these, the small & medium enterprises segment is anticipated to garner the largest revenue by the end of 2030. By end-use industry, the market is segmented into IT & telecommunication, healthcare, government, BFSI, consumer goods & retail, media & entertainment, and others. Out of these, the BFSI segment is projected to garner the largest revenue of USD 5596.3 Million by the end of 2030, up from a revenue of USD 866.5 Million in the year 2020.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global contact center-as-a-service (C-CaaS) market that are included in our report are Cisco Systems, Inc., Microsoft Corporation, SAP SE, Oracle Corporation, NEC Enterprise Solutions, Genesys Cloud Services, Inc., Unify (Atos Group), NICE Ltd., Avaya Inc., Five9, Inc., Talkdesk, Inc., Liveops, Inc., Evolve IP, LLC, and others.

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About Kenneth Research

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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