Market Research Says Cloud Call Centers Expected to Boom in Coming Years

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In 2015, Research and Markets said that the cloud call center ecosystem was worth nearly $4.68B. The same report says that the cloud telecom industry could reap profits in the coming years, with the market expanding at a compound annual growth rate of 25.7%. By 2020, the cloud call center market is expected to eclipse $14.7B in revenues.
It’s no secret that over the past few years, businesses have realized the benefits of hosting their call centers in the cloud. When you think about a call center position, you must realize the struggles that IT staff has in dealing with the maintenance, hardware failures, networking problems and other issues that come along with running your own in-house PBX.
Cloud contact centers effectively solve these problems, since the only thing that businesses need to access core telephony functions is a connection to the internet. Research and Markets says the following industries have rapidly adopted the cloud based call center solutions:

  • Banking
  • Financial Services
  • Insurance (BFSI)
  • IT
  • Telecom
  • Media
  • Entertainment
  • Retail

The biggest driver to cloud based call centers will continue to be the cost savings associated with the switch.
By adopting the pay as you go model, call centers are increasingly turning to cloud in order to rapidly provision phone services for agents. Research and Markets specifically points to the low initial investment of cloud based phone services for call centers as a key factor for adopting the system.
The report goes on to say that key players in the cloud call center industry are:

  • Cisco Systems
  • Genesys Telecommunications
  • Five9
  • Intelligence Interactive
  • Oracle

Cloud also introduces several features that streamline the services that IT staff would otherwise be tasked with performing.
For example, call recording can be installed for agents with the click of a button, whereas using an on-site PBX system would require a sophisticated VoIP packet catching platform that records VoIP calls onto a separate platform onsite.