As we continue to transition to UCaaS / CCaaS, the market keeps developing and strengthening
Q4 is upon us, and we’re entering the home stretch for the year—and the decade. Businesses of all sizes are looking back on 2019 to audit crucial infrastructure and evaluate performance and cost-effectiveness to inform both their short-term organizational investments as well as long-term planning.
The adoption of cloud computing will sustain its acceleration through the new year as organizations continue to explore and fine-tune the mixture of on-premise and managed cloud services and applications that work best. In the past year, an increasing number of businesses have opted for multi-cloud and hybrid IT environments to leverage the strength of various cloud solutions and deployment models based on data and application requirements as well as cost, compliance, performance, and future sustainability.
Nearly 90% of businesses predict their IT budgets will grow or stay steady over the next year. Over $20 billion was reportedly spent in one quarter in 2018; companies are spending on cloud solutions to improve customer experiences, drive operational efficiencies and improve employee productivity. Cloud communications solutions such as CCaaS and UCaaS, for example, are not just tools for communications; in fact, streamlining communications—even with true omnichannel capabilities—is only a small portion of the collection of benefits organizations see. Other benefits include reduced IT workloads and scalability and enhanced analytics. PricewaterhouseCoopers reports “nearly 80% of consumers say that speed, convenience, knowledgeable help, and friendly service are the most important elements of a positive customer experience.”
Innovation on the horizon for cloud communication solutions includes the increasing maturity of artificial intelligence and its ability to interpret large quantities of unstructured data. For example, a contact center might field thousands of calls in a given day; AI can analyze every interaction and, based on trends, potentially identify opportunities in real-time. Be it quick fixes or new product features, AI can reduce the lead time it takes a business to adapt and deliver value back to the customer.
Lastly, in deference to customer experience, surveys have shown that customers have a strong preference for self-service solutions over agent support. As such, self-assist tools, including FAQs and tutorials that help customers to self-troubleshoot generic issues, have gained favor from consumers because they can quickly resolve most simple concerns before a live agent needs to be involved. A rise in the adoption of self-assist tools is predicted in 2020, as most organizations are working to free up their agents to focus on more time and resource-intensive tasks.
MarketsandMarkets reports that UCaaS will grow to over $28 billion by 2021. The market is only 16% penetrated and cloud-based contact center is growing at 25.2 CAGR resulting in a 20.9 billion market by 2022.
To find out what your UCaaS or CCaaS future might look like in 2020, schedule a consultation with CallTower today: