Global Customer Engagement Solutions Market By Component (Solutions (Omnichannel, Workforce Optimization, Robotic Process Automation, Analytics & Reporting), Services), Deployment Type (Cloud, On-premises), Organization Size(Small & Medium Enterprises, Large Enterprises), By Vertical (BFSI, Telecommunication, Consumer Goods & Retail, Automotive & Transportation, Media & Entertainment, Travel & Hospitality, Manufacturing, Others); By Region (U.S., Canada, Mexico, Rest of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, the Netherlands, Luxembourg), Rest of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa, Brazil, Argentina, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021-2030Industry: Information & Technology
The Global Customer Engagement Solutions Market size was USD 13.8 Billion in 2021 and is projected to reach USD 26.2 Billion by 2030, exhibiting a CAGR of 10.7% during the forecast period. Customer engagement refers to firms' use of techniques to keep and expand their customer base. It accounts for a significant portion of business communication and contact. Customer service, social networking, CRMs, marketing personalisation, web chat, and other customer interaction technologies are all available. Customer engagement solutions generally offer a platform for interaction, as well as analytics, reporting, workforce optimization, self-service, engagement application development, and automation. The worldwide customer engagement solutions market is expected to increase significantly in the future years as the demand for customer satisfaction and meaningful involvement grows.
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Significant factors expected to fuel market expansion include increased adoption of customer engagement solutions to reduce customer attrition, increased use of e-commerce and m-commerce platforms, and increased focus on delivering greater customer engagement through omnichannel. Customers can readily obtain information about different products and services across many channels, such as the web, social media, and other applications, thanks to the rise in smartphone and internet usage. With an average of 5 hours per day spent on mobile phones and the availability of many client touchpoints, including as websites, social media, live chats, and phone calls, in addition to in-person help, brands have plenty of opportunities to connect customers and create more income.
Global Customer Engagement Solutions Market Report Coverage
|Market Size in 2021:||USD 13.8 Billion|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||10.7%|
|2030 Value Projection:||USD 26.2 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||190|
|Tables, Charts & Figures:||119|
|Segments covered:||By Component, By Organization, By Vertical, By Region|
|Companies Covered:||Aspect Software, Avaya, Calabrio, Genesys, IBM, Microsoft, NICE Systems, Nuance Communications, OpenText, Oracle, Pegasystems, Salesforce, SAP SE, Zendesk, Lithium Technologies, Eptica .|
|Growth Drivers:||1) The cloud segment is expected to dominate the market share 2) The small and medium enterprises segment is expected to dominate the market share|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The component is further bifurcated into solutions and services. The solutions are bifurcated into omnichannel, workforce optimization, robotic process automation, analytics & reporting. The analytics & reporting segment is expected to dominate the market share in 2020 of global customer engagement solutions market owing to extracts data from speech and text-based information using numerous algorithms. Organizations may employ artificial intelligence to assist them offer personalised solutions using analytics and reporting. The growing use of the Internet of Things (IoT) in business processes is assisting firms in enhancing their analytical skills. The need for analytics and reporting solutions is projected to be driven by all of the aforementioned factors.
Deployment Type Outlook
The cloud segment is expected to dominate the market share in 2020 of global customer engagement solutions market. Noweadays, cloud storage is becoming more popular among businesses. The public cloud, in particular, is projected to become a popular choice. This could be due to the fact that it has fewer overhead costs. Another significant element likely to enhance the global customer engagement solutions market in the future years is this. The rise of the internet of things (IoT) is expected to boost the market's growth even more. In the next years, the integration of IoT with customer engagement solutions is expected to be a major trend in the worldwide customer engagement solutions market.
Organization Size Outlook
The small and medium enterprises segment is expected to dominate the market share in 2020 of global customer engagement solutions market owing to SMEs have a restricted budget, cost-effectiveness is critical. As a result, SMEs should expect greater revenues, desired business outcomes, and improved company efficiency as a result of implementing cloud-based customer interaction solutions.
The retail and consumer goods segment are expected to dominate the market share in 2020 of global customer engagement solutions market owing to growing popularity of smartphones, new players are embracing an e-commerce business strategy. With e-commerce behemoths like Amazon raking in USD 71.84 billion in online sales, traditional retailers like Walmart and Macy's are fighting to stay up. To stay competitive, a few brick-and-mortar businesses are reducing store locations and focusing on a smaller number of storefronts. These merchants are also using the internet business platform to develop an omnichannel presence and generate new revenue sources.
The BFSI segment is anticipated to emerge as the fastest-growing region of global customer engagement solutions market over the forecast period owing to growing use of customer engagement solutions in the BFSI vertical, as these solutions assist BFSI organizations in automating their customer interaction procedures via chatbots, lowering service delivery time.
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North America is expected to dominate the market share in 2020 of global customer engagement solutions market owing to the early adoption of cloud-based technology and the Internet of Things. However, advantages such as increased agility and flexibility, as well as the ability to deploy new applications, are important. Because the country was an early user of Social, Mobile, Analytics, and Cloud (SMAC) technologies, it was fueled by the presence of market leaders such as IBM Corporation, Microsoft Corporation, Nuance Communications, Oracle Corporation, and Salesforce.com Inc. For instance, IBM Corporation has collaborated with Performance Bicycle which run on the IBM Cloud, are being used to help build individualized customer experiences that span from online to each of the company's physical locations.
The Asia Pacific segment is anticipated to emerge as the fastest-growing region of global customer engagement solutions market over the forecast period owing to rising usage of cloud computing by various enterprises. Small and medium businesses in nations like Australia, Malaysia, Japan, and Singapore are investing in information technology to compete, secure, and capitalise on the market's digital potential.
Key Companies & Recent Developments
Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities. For instance, in June 2019, Calabrio has acquired Teleopti to build the market-leading, genuine multi-tenant SaaS customer experience intelligence platform. In addition, product differentiation and developments, as well as service expansion, are projected to help organizations thrive in the market. For instance, in May 2019, Verint Systems has launched Voice of Customer (VoC) empowering firms to choose and act on the CX activities that have the greatest financial impact to suit the specialised needs of CX leaders
Market Segmentation of Global Customer Engagement Solutions Market
- Workforce Optimization
- Robotic Process Automation
- Analytics & Reporting
By Deployment Type
By Organization Size
- Small & Medium Enterprises
- Large Enterprises
- Consumer Goods & Retail
- Automotive & Transportation
- Media & Entertainment
- Travel & Hospitality
- Aspect Software
- NICE Systems
- Nuance Communications
- SAP SE
- Lithium Technologies
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