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Contact Center as a Service (CCaaS) Market to Reach $19.8 Bn, Globally, by 2031 at 16.8% CAGR: Allied Market Research

August 2022

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.

PORTLAND, Ore., Sept. 1, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Contact Center as a Service (CCaaS) Market by Offerings (Solutions, Services), by Organization Size (Large Enterprise, SME's), by End Use Verticals (BFSI, IT and Telecommunications, Government, Media and Entertainment, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global contact center as a service (CcaaS) industry was pegged at $4.3 billion in 2021, and is expected to reach $19.8 billion by 2031, growing at a CAGR of 16.8% from 2022 to 2031.

GLOBAL IT TRENDS - 2022

Seamlessly integrate applications and your network

Orchestration ties applications together with other applications, with the data being moved and with the compute, storage and network

infrastructure underneath. Orchestration technology is evolving rapidly to use APIs to connect applications and data with network services. Software- defined networking (SDN) enables the orchestration layer to issue calls to the network, turning up new connections on the fly to wherever data needs to go, and then turning the connection back down again once that data gets there. That helps save money, makes the process work more efficiently and enables greater flexibility.

The goal of the network is to connect to the needs of applications and workloads without manual intervention. Nine in 10 global IT decision makers say that the seamless integration of applications and their network is a top priority.

Drive intelligent production and digital transformation

The increasing creation and consumption of data is driving intelligent production and digital transformation that stands to significantly redefine the ways we live and work. That is one reason why technology leaders in businesses around the world see a very different job market emerging. A large majority of global IT decision makers say the 4th Industrial Revolution will make many current jobs obsolete (Figure 20) and will completely change the types of jobs that are available today (including their own).

As the 4th Industrial Revolution brings about rapid changes in technology, global IT decision makers worry about keeping up: three in four are concerned about keeping pace with technological advances during the 4th Industrial Revolution .

The nature of the IT profession is changing from managing operations to defining and enabling distributed application solutions and experiences that differentiate their businesses from competitors. To keep up, outsourced managed services are becoming imperative.

Most global IT decision makers agree that in the face of these changes, their businesses require the modern skills and capabilities of a global network provider: seven in 10 say that having a global network provider is necessary to meet modern business needs .

In addition, 91 percent of global IT decision makers say they trust technology partners with expansive global networks to help them quickly acquire, analyze, and act on data.

GLOBAL IT TRENDS - 2022

Seamlessly integrate applications and your network

Orchestration ties applications together with other applications, with the data being moved and with the compute, storage and network

infrastructure underneath. Orchestration technology is evolving rapidly to use APIs to connect applications and data with network services. Software- defined networking (SDN) enables the orchestration layer to issue calls to the network, turning up new connections on the fly to wherever data needs to go, and then turning the connection back down again once that data gets there. That helps save money, makes the process work more efficiently and enables greater flexibility.

The goal of the network is to connect to the needs of applications and workloads without manual intervention. Nine in 10 global IT decision makers say that the seamless integration of applications and their network is a top priority (Figure 19).

The Lumen Platform is grounded in a fiber-based, global Adaptive Network that intelligently adjusts to real-time capacity needs to deliver scalable, high-bandwidth connectivity for data and applications. The network is

a flexible, on-demand foundation that allows full-service control and automated performance response. By having a high-performance adaptive network, your business can offer customers unique and trusted experiences. Ultimately, more efficient management of critical application data enables your business to identify market trends  faster  and  respond  more  quickly with the key decisions and innovations that will drive future growth.

GLOBAL IT TRENDS - 2022

“81% of global IT leaders say perimeter-based security is no longer sufficient.”

Make security your top IT priority

The global threat landscape is constantly adapting, evolving and growing, prompting nine in 10 global IT decision makers to say that application and data security is their top IT concern.

When combined with the increasing complexities of business IT environments using emerging applications and technologies, traditional perimeter-based security approaches have become obsolete. 81 percent of global IT decision makers and 85 percent in the US say perimeter-based security is no longer sufficient for their business.

Maintaining data security can be daunting, especially when you’re preparing for the 4th Industrial Revolution: 68 percent of C-suite leaders globally say that’s what keeps them up at night.

In addition, global IT decision makers expect data security and connectivity to become more critical as a result of the current global pandemic: three in five say security will become much more important in the wake of COVID-19, and more than half say that about data connectivity, as well .

To address ever-increasing security threats, the Lumen Platform includes Connected Security built-in. It empowers your business to tailor your own security policies based on individual risk assessments.

GLOBAL IT TRENDS - 2022

“60% of global IT leaders require a latency of <10ms for their apps.”

In addition, 60 percent of global IT decision makers require a latency of 10 milliseconds or less for their applications, and one in five require 5 milliseconds or less (Figure 9).

These factors make edge compute seem like an obvious choice for many workloads; so why are many enterprise IT infrastructures still focused so heavily on-premises and/or in a centralized cloud? Market availability appears to be the only thing holding edge compute back: 90 percent of global IT decision makers say they would move their organization’s applications from on-premises to edge compute if it was available today (Figure 10).

The Lumen Platform will deliver IT agility with edge compute capabilities for high-performance, low-latency data and application experiences. Designed to deliver 5ms or better latency via numerous edge market nodes, organizations using the Lumen Platform have broad capabilities to deploy next-generation technologies and applications.

Edge compute is a critical enabler for 5G

Although many people think of 5G when they think of “the edge,” nearly three in four global IT decision makers agree that 5G needs edge compute more than edge compute needs 5G (Figure 11).

Edge compute is the secret weapon enabling 5G according to 82 percent of global IT decision makers. They say 5G needs edge compute to deliver the performance and experience necessary for their business to succeed (Figure 12).

However, not all global IT decision makers are excited about 5G. Nearly 30 percent of global IT decision makers and 33 percent of U.S. IT decision makers say they are skeptical about their company using 5G networks (Figure 13).

Although 5G does bring some excitement, a majority of global IT decision makers have significant security concerns when it comes to relying on 5G networks .

GLOBLAL IT TRENDS - 2022

“Nine in 10 global C-suite leaders say that fiber infrastructure is essential to connect to a distributed cloud network.”

Connect and manage distributed applications and data with fiber

Optical fiber technology is the medium of choice for securely connecting and managing distributed applications and data. Nine in 10 global C-suite leaders say that fiber infrastructure is essential to connect to a distributed cloud network (Figure 6).

The Lumen network offers global connections to top cloud providers, providing organizations the ability to scale bandwidth up to three times current capacity when needed. Most global IT decision makers agree that having control of an underlying network layer is essential to multi-cloud infrastructure management (Figure 7).

Bring critical applications and data closer with edge compute

IT infrastructures must incorporate high-performance global network capabilities to realize the true business value of emerging applications and technologies. These capabilities include high bandwidth to support massive volumes of data together with ultra-low latency to support near real-time response to market challenges and opportunities. With a high-performance global network, your business can redefine customer experiences, leveraging fiber-connected edge computing to move critical applications, data and workloads closer to where they are processed. In addition to increasing your ability to innovate and grow, you also can optimize network costs and security by prioritizing where workloads are distributed, from your premises to the edge to the cloud.

In a distributed environment, edge compute brings critical applications and data closer to where they are processed. The vast majority* of global IT decision makers say that edge compute is vital to their future—for example, more than 90 percent anticipate implementing edge compute services to keep pace with the expansion of the Internet of Things (IoT) in the coming years.

GLOBAL IT TRENDS - 2022

Drive success and innovation with emerging technologies

Modernize your IT infrastructure

Harnessing the power of the 4th Industrial Revolution requires modernizing your IT infrastructure to securely deliver and orchestrate distributed applications and data. A modern infrastructure enables IT to achieve an optimal level of connectivity proficiency and compute efficacy to maximize value to the business.

A digital business gets value from enterprise data. It’s a continuous cycle of acquiring, analyzing and acting on data that requires secure connectivity across the different sources where data acquisition, analysis and business action occurs. It also requires managed services to orchestrate solutions across these elements. When these managed services are exposed to customers, they can creatively add applications to deliver unique value in their markets.

Emerging 4th Industrial Revolution applications require high-bandwidth and ultra-low- latency network performance. By moving critical applications, workloads and data closer to where they are processed, businesses can differentiate themselves and reap a sustainable competitive advantage by redefining their customers’ experiences.

Lumen offers the critical elements necessary to build a flexible platform with Connected Security that bridges network, data center, cloud and Edge Computing with managed services. Businesses on the cusp of modernizing their IT can leverage infrastructure and services across all layer soft hybrid IT stack to build connected systems across domains with a platform that matches workloads to the best execution venue.

GLOBAL IT TREND - 2022

Make your IT Infrastructure ready for the 4th Industrial Revolution

While they know that next-generation applications are vital to business success, the vast majority of global IT decision makers believe their current infrastructures aren’t ready to harness the power of the 4th Industrial Revolution. Nearly three  in  four  say current IT infrastructures are not prepared to support coming increases in users, data volumes and application performance requirements .  

Althoughmanyspentthelastseveralyearsmovingto“thecloud,”mostglobal IT decision makers agree that the cloud is not sufficient. Four in five say that a centralized cloud model cannot support their workload demands.

GLOBAL IT TRENDS - 2022

“91% of IT leaders believe a business’ ability to quickly acquire, analyze and act on data will help determine future tech leaders.”

We find compelling examples of technology leadership across industries: smart factories acquire sensor data from customer warehouses and use predictive analytics applications to manage output by dynamically operating robots on the factory floor; wearable computing, telemedicine and personalized healthcare applications generate, acquire and analyze medical data for early detection, better planning and faster cures; online retail experiences incorporate data-driven processes targeting custom products to select audiences with tailored promotions; and smart cities use weather data to predict power demand and real-time traffic data to optimize the commuter experience and manage incident response.

Gramm Leach Bliley Act

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It’s no secret that auto dealerships are subject to compliance with the Gramm Leach Bliley Act (“GLBA”), especially since they frequently handle customer financing matters. However, the Federal Trade Commission (“FTC”) made amendments to the Safeguards Rule in early 2022 that those in the industry need to know. 

The amendments go into effect on December 9, 2022. Information security teams within any organization required to be compliant with GLBA would be wise to quickly get up to speed and ready to implement updated policies and procedures if they haven’t already. Doing so will ensure solid and consistent compliance.

A Brief GLBA Refresher

Enacted in 1999, GLBA was established as a protective measure to update and modernize the financial industry moving into the 21st century. It requires financial institutions, such as banks, mortgage lenders and non-financial companies that provide financial lending services, to provide customers with clear and accurate information-sharing practices. Ultimately, it allows consumers to opt-out of any interaction if they do not want their sensitive personally identifiable information (“PII”) shared.

What is the Safeguards Rule?

The FTC’s GLBA Safeguards Rule (the rule) took effect in 2003 to protect non-public consumer information collected, stored and used by financial institutions for purposes such as lending and financing. It instructs organizations to implement physical, technical and administrative protections to protect against phishing schemes, email spoofing, cyber-attacks and other cybersecurity risks. 

This rule applies to all industries that feature a financial component, such as those that offer in-house lending and financial counseling, which includes automotive dealerships. Essentially, the Safeguards Rule provides automotive consumers with all the information the auto dealership collects about them and how it will be collected, used and stored. 

Considering the heavy reliance on technology and the ongoing risk-laden cyber landscape, the FTC regularly updates this rule for consumer protection. In January of 2022, the FTC released Safeguards Rule amendments requiring financial institutions to review, revise, and reinforce measures to protect and secure consumers’ PII to ensure data privacy.

Why Are the GLBA Safeguards Rule Updates and Compliance Vital to Auto Dealerships?

The financial industry is a primary target of cybercriminals. Consider the number of cyber attacks targeting the banking sector rose by 238 percent in the first half of 2020 alone, according to VMware. Add to that the financial implications of security violations continues to escalate. IBM and the Ponemon Institute reported that the typical cost of a data breach in the financial sector was $5.72 million in 2021. 

Auto dealerships are just as vulnerable to cyber threats as any other industry. Since auto dealerships also offer loans or serve as intermediaries between customers and banks, their customers need to share sensitive PII for background checks and loan approvals. 

Therefore, auto dealers need to remain compliant with the Safeguards Rule for their customers’ protection and their business’s reputation. 

Along with protecting customers’ PII and the auto dealership’s reputation, it’s crucial to ensure GLBA compliance with the Safeguards Rule to avoid stiff penalties for executives and employees, which include a fine of up to $100,000 per violation. The business’s officers and directors might individually incur penalties up to $10,000 and even suffer imprisonment.

What Can Auto Dealerships Do to Ensure Compliance with the Safeguards Rule?

The most important aspect of the rule is that it is not as flexible as it once was regarding data security. It is critical for all involved to understand that the Safeguards Rule mandates that all financial institutions, including auto dealerships, need to satisfy a substantial list of requirements, regardless of their size, systems and data they maintain. 

Following are five tips that you can flag in your conversations with customers and prospects, to demonstrate your expertise on the topic.

1. Assign a designated coordinator

This IT professional will be able to implement and review the system and controls to ensure everything is in place for securing data.

2. Obtain a risk assessment

A detailed risk assessment will help auto dealerships identify and mitigate any risks that would leave them vulnerable to non-compliance and threats to customers’ PII.

3. Develop and implement Logical Controls

Based on the findings in the risk assessment, the auto dealership must have Logical Controls in place to respond appropriately to those findings. The most common Logical Control used in this capacity is a Managed Detection & Response (MDR) service, providing quick and effective multi-signal visibility, threat containment and total response to any cyber attacks on the auto dealership’s behalf.

4. Appropriate controls with the organization’s vendors

Auto dealership clients must work with vendors to work out appropriate contracts, certifications, and future vendor audits, ensuring that they will report any data or systems breach they suffer to the client as soon as they discover issues.

5. Ongoing process for reviewing and updating security controls

Cybersecurity and data threats are not static or predictable, so it’s vital that IT teams stay on top of reviewing and updating security controls internally and when working with outside vendors.

The GLBA Deadline Opportunity

It’s true. The last 18 months have been busy for auto dealers. Worldwide car sales grew to around 66.7 million automobiles in 2021, up from around 63.8 million units in 2020.

Busy auto dealers can easily miss news about important updates and deadlines like those for the GLBA and Safeguards Rule. This critical update can serve as an opportunity for you to inform or remind them about the GLBA deadline. But more importantly, this moment in time affords you the opportunity to also pitch in to help ensure that they have everything covered and are in compliance. 

You don’t have to do it alone. You have access to a number of security suppliers that can help auto dealership leaders by providing cyber risk assessments, a virtual chief information security officer (vCISO), Managed Detection and Response (MDR), incident response, security awareness training for staff, and other services.

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Unified Communications Solutions

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Direct Connect to your Cloud Supplier

Benefits Of Direct Cloud Connect

• Create a partner ecosystem allowing your customers to access fast, reliable, and scalable backup and disaster recovery services.

• Extended the reach of their network globally to bring high-performance voice and messaging services to the doorstep of the enterprise.

• Achieve significant savings on time as services were immediately available.

• Delivered High-Performance Computing.

• Enabled easy transportation of mission-critical data workloads.

• Build secure and private data connections between their hybrid cloud environments to account for sensitive data.

• Deployed a high-performance website and database on time, under budget, and with the ability to replicate and scale as the company expands.

• Implement a solution that offers customers greater choice in cloud services along with high-performance hybrid and multicloud capabilities.

• Offers customers greater flexibility and control over their cloud connectivity.

• Extend core network and cloud reach across North America and the globe.

•  Implemented a solution that offers customers greater choice in cloud services along with high-performance hybrid and multicloud capabilities.

•  Offers customers greater flexibility and control over their cloud connectivity.

•  Extended its core network and cloud reach across North America.

•  Saved 45-90 days on engineering and provisioning time for each private WAN connection it provides to customers.

•  Saved 75% on resources and hardware costs when onboarding each new client.