Juniper Research forecasts contact center-as-a-service market to reach $15.6 billion in 2027
The latest research by Juniper forecasts the global contact center-as-a-service (CCaaS) market revenue to reach $15.6 billion by 2027, from $4.9 billion in 2022 at a CAGR of 126%.
The latest research by Juniper forecasts the global contact center-as-a-service (CCaaS) market revenue to reach $15.6 billion by 2027, from $4.9 billion in 2022 at a CAGR of 126%. The factors driving this phenomenal growth include a wide range of services offered within comprehensive subscription-based models, comprising advanced analytics capabilities, AI‑enabled chatbots, and personalized video solutions.
CCaaS platforms are cloud-based solutions that provide all the services needed to run a contact center through multiple communication channels. Evaluating the different vendors on criteria like depth and breadth of offerings, service innovation, and future prospects, the research ranked Twilio, CM.com and Infobip as the top three vendors.
In order to stand out in the market, it is not enough to offer unique and innovative services. Enterprises must choose the solution that offers the most comprehensive value-added services. Therefore, vendors must expand the solutions they offer through their CCaaS platform and provide crucial differentiation in a highly competitive market.
Social media platforms will become an important tool for customer communication for companies in the future. Therefore, CCaaS vendors need to add support for social media platforms into their solutions so that CCaaS clients can communicate with their end customers on the same platform. As per the research, by offering omnichannel functionality, CCaaS vendors will be able to strengthen their product portfolios, thereby achieving the success of the Communications Platforms-as-a-Service (CPaaS) ecosystem.
Role of AI in the growth of the CCaaS market
As technological innovation continues to accelerate, artificial intelligence (AI) is becoming more prevalent. Machine learning (ML) enables human-like communications and is driving common AI applications like chatbots. Sales teams can employ bots to answer basic product questions and help customer success. It can also assist the sales teams in managing prospective and existing clients. Virtual support agents (VSAs) provide IT support in an IT service management (ITSM) scenario together with the IT service desk. It can also help in establishing customer relationships through intelligent activity tracking and messaging and using guided selling to improve sales execution and increase revenue.
Using AI in CCaaS has many benefits including a seamless omnichannel experience, cost savings, and improved customer satisfaction. Success with CCaaS involves becoming proactive, anticipating problems, and making sure that customers can engage via multiple channels based on their preferences and priorities. AI is capable of identifying intent, providing guidance, offering predictions, and being proactive before a customer or employee needs something.
The future of customer service is bright, and with the help of AI, it’s only going to get better. CCaaS providers that don’t implement AI will find it difficult to keep up with the competition. The benefits of using AI are many and businesses would be wise to take advantage of them. With AI in your corner, you can ensure that your customers will be able to provide a seamless omnichannel experience to their end users that meets their needs and exceeds their expectations.