The global contact center as a service (CcaaS) industry is forecasted to reach $19.8 billion by 2031, according to a report published by Allied Market Research (AMR).
This equates to a 16.8 percent annual growth rate, building on its $4.3 billion valuation in 2021.
That rate of increase would put the market on track to double in size by 2027.
While the market as a whole is expected to grow, specific product segments, verticals, and geographies are poised to register particularly high growth.
For example, demand for companies' services offerings is expected to grow by almost 22 percent annually, even though as of 2021 demand for solutions accounted for more than 90% of the global CCaaS market.
This growth is due to customers transferring IT resources to the cloud in ever greater numbers, which requires better performing customer feedback management solutions, said AMR.
Increase in demand for enhanced and seamless end-to-end customer experience and decline in operating cost due to adoption of CcaaS have boosted the growth of the global contact center as a service (CcaaS) market.
Regarding deal sizes, large enterprise made up more than two thirds of the global CCaaS market in 2021, but demand from SMEs is projected to grow faster up to 2031. Large enterprise deal flows could be affected in the upcoming months by a slowing global economy and a strong dollar, which dents international profits.