Frost & Sullivan estimates the global cloud contact centre 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.
“The increasing demand for cloud solutions and intense market competition have led to cloud-to-cloud migration. Cloud technology allows vendors to offer contact centre solutions on a subscription basis, which enables client organisations 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.
“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.”
What needs to be done
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.