According to a market research report "Cloud-based Contact Center Market by Component (Solutions and Services), Deployment Model (Public Cloud and Private Cloud), Organization Size, Industry (BFSI, Telecommunications, and Retail and Consumer Goods), and Region - Global Forecast to 2025", published by MarketsandMarkets, the global cloud-based contact center market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period, to reach USD 36.1 billion by 2025 from USD 11.5 billion in 2020. The increase in the need to improve consumer experience and the rise in the number of enterprises harnessing the benefits of contact center have propelled the adoption of cloud-based contact center solutions. Cloud-based contact center offerings provide cost-effective contact center solutions for Small and Medium-sized Enterprises (SMEs). This is expected to further fuel the demand for these solutions among the end-users.