A new report published by Fortune Business Insights has revealed that the global Cloud Contact Center market is expected to grow to 56.37 billion by 2027 with a CAGR of 22.7% for the forecasted period of 2022-2027.
The Cloud Contact Center market also continued to steadily grow from 2016 – 2022. According to a report from Zion Market Research, the market size in 2016 was ~4 billion and in 2022 it was ~15 billion.
What’s fueling this growth?
Organizations worldwide are recognizing the importance of CX and the impact it has on their success in the future. When it comes to the image and reputation of a brand, customer service plays a major role. Customers who are treated like they’re important and receive tailored service stay loyal to the brand. Not only are organizations focusing on CX, but also EX. Employee experiences drive better efficiencies and better service to your customers. With the right tools and training, employees feel they can perform their best with less frustration.
The main goals for the organizations who decide to adopt or are currently adopting a Cloud Contact Center solution are to increase revenue, boost customer experiences, boost employee experiences and reduce the costs of operating a contact center.
Forward-thinking organizations are competing to provide the best customer experiences. Providing better CX has been proven to bring in more revenue and increase customer loyalty. A study published by Forbes revealed that brands with superior CX bring in 5.7 times more revenue.
What are the main benefits of a Cloud Contact Center?
Organizations want to offer more options for their customers to reach out for service, but also have all communications centralized. This eliminates inefficiencies from managing multiple systems, increases productivity from an agent’s perspective, and allows for channel switching without losing the context of the conversation.
Scaling up or down with a cloud solution is much easier and doesn’t require nearly as many resources or time as an on-premise solution. This allows companies to be flexible based on demand and save on costs.
Understandably, there has been an increasing demand to gain insight into customer satisfaction, and contact center performance. With an on-premise solution, it’s difficult and requires a lot of legwork to gather data on contact center & agent performance, and that data is only showing a sliver of the whole picture. A Cloud Contact Center provides a holistic and complete view of data for all channels and in real-time. Data provided from a Cloud Contact Center solution is a very important aspect since it provides actionable data that drives key decisions to improve CX.
No one wants to feel like “just another customer”. Customers want to feel unique and have service interactions tailored to their specific needs. With the ability to integrate with CRM systems, agents gain better insight and context per interaction, allowing seamless conversations. Cloud Contact Center solutions prevent “cookie-cutter” service that drives down customer loyalty and CX.
The ability to use predictive routing and predictive engagement also drives more personalized experiences. Predictive routing has the capability to understand the customer’s intent and route a customer to an agent they have previously interacted with or an agent with the highest satisfaction rating. Predictive engagement uses the tracking of customer journeys to engage with customers at the right time with the right agent and information when they seem to need assistance.
Managing agent schedules and forecasting with minimal data has proven to be difficult with on-premise solutions. Cloud Contact Center solutions usually include a WFM solution that uses data to forecast demand on all channels to create accurate staffing plans. These plans also take agent skills and skill levels into account, so your customers will always have the best experiences no matter the volume of interactions. Agents can also request time off and select working hours without having an effect on the optimized schedules.
Since Cloud Contact Center solutions are accessible through a web browser, adding WFH agents has never been easier. All functionalities are available through the web browser and all channels are supported. Also, remote agents are easily monitored for performance since all data is accessible in real-time by supervisors.
Chatbots play a key role in reducing operating costs in a contact center. They can handle common inquiries that wouldn’t require a live agent. Chatbots provide quicker service for customers and can free more agent time for more complex inquiries. As more live agents are available, naturally, wait times are also reduced. Another point to mention is that customers like to use self-service options. A study published by Bizreport has shown that 73% of customers want the ability to solve product or service issues on their own vs. speaking with an agent.
Thank you for taking the time to read this blog! Do you have further insight or have any questions? Please do share in the comments below!