Contact Center as a Service, better known as “CCaaS,” is a cloud-based service that combines the voice connectivity of the legacy call center with more recent digital channels, including various forms of text messaging and even social media.
A modern CCaaS system includes an intelligent routing engine which routes, manages, delivers, and records a full range of interactions, including voice, chat, messaging, and even social media. In addition, Artificial Intelligence (AI) is increasingly integrated into this technology, providing a truly revolutionary approach to efficient and effective customer interactions. Agents are assigned to various channels based on their specific skills, as well as on the needs of the employer. Thus, “workforce optimization” has become a key component in building an effective and successful CCaaS strategy.
Numbers for the global CCaaS market vary widely, depending upon the source. According to a report published by Fortune Business Insights, the global CCaaS market was USD 3.07 billion in 2019 and is projected to reach USD 10.6 billion by 2027, exhibiting a CAGR of 16.1% during the forecast period. Other projections range as high as $72 billion by 2027. Year-over-year growth has been running at more than 15% since 2015, according to Frost & Sullivan. Verified Market Research pegs the number for the CCaaS software market at $24.8 Billion in 2018 with a projection to reach $35.1 Billion by 2026, growing at a CAGR of 4.4 % from 2019 to 2026.
The following chart shows the rate at which CCaaS adoption is progressing, based on the data presented in the AVANT State of Disruption Report, 2021. As you can see, companies planning to make a CCaaS move over the near term far outnumber those who are planning to make a move at a later date.
A few things figure heavily into this sense of urgency. The move towards a work-from-anywhere business model has bolstered the economic case for CCaaS, given that this cloud-based technology truly enables call center agents to work from home or anywhere else for that matter. Secondly, but no less importantly, advances in Artificial Intelligence have raised contact center capabilities to new levels. Companies that allow themselves to fall behind face far greater risks of being displaced by competitors who leverage technology as a differentiator.
For more information on how CCaaS can benefit your company, contact your Trusted Advisor, and also keep an eye out for AVANT’s 6-12 Report on CCaaS, which is coming soon!