Showing posts with label Customer Engagement Solutions Market Opportunities. Show all posts
Showing posts with label Customer Engagement Solutions Market Opportunities. Show all posts

Monday, May 16, 2022

Customer Engagement Solutions Market Type, Application, Industry Key Features, Drivers, Competitive Landscape, Future Plans and Trends by Forecast 2027

According to a research report "Customer Engagement Solutions Market Analysis, by Component (Solutions and Services), Deployment Type (Cloud and On-premises), Organization Size, Vertical (BFSI, Telecom & IT, and Retail & Consumer Goods) and Region - Global Forecast to 2027" published by MarketsandMarkets, the Customer engagement solutions market size is expected to grow from USD  19.3 billion in 2022 to USD 32.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period. Companys focus on delivering enhanced omnichannel customer engagement is one of the key factors driving the growth of the market. The omnichannel suite helps organizations facilitate personalized conversations across multiple channels, including voice, web, mobile, and social media.

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The omnichannel solution segment is expected to lead the Customer engagement solutions market in 2022.

Through omnichannel, customers can access companies’ products, offers, and support services or prospects on all platforms, channels, and devices. It helps create a seamless brand experience for customers and enhances customer experience. The deployment of omnichannel solutions in the BFSI, consumer goods and retail, and telecommunication verticals is high, as the interaction and problems faced by customers are high in these verticals. The key players offering omnichannel solutions are Avaya (US) and SAP (Germany), among others.

Small and medium sized enterprises is expected to grow with the fastest growth rate during the forecast period.

The implementation of customer engagement solutions can help SMEs to reduce costs and improve business efficiency. Customer experience is very critical for SMEs, as it strengthens their business growth prospects. Adoption of customer engagement solutions would enable real-time monitoring capabilities, consistency, scalability, flexibility, cost-effectiveness, accessibility, and increased agility and productivity, which would warrant enhanced customer experience and growth for the SMEs.

Solution segment is expected to be the largest and fastest-growing during the forecast period

Enterprises are adopting Customer engagement solutionss to provide customers with connected personalized experiences across a wide range of physical, mobile, and web-based platforms. Organizations require Customer engagement solutionss that support them throughout the pre-sales, sales, and post-sales journey. Companies require automated engagement campaigns for higher productivity and in-depth customer analytics for facilitating relevant communications and solutions that offer a means for proactive engagement.

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Asia Pacific likely to emerge as the fastest growing segment during the forecast period.

 

The growth of the customer engagement solutions market in Asia Pacific is highly driven by the rapid digitalization of enterprises across the region. According to the Computer Weekly/TechTarget IT Priorities survey of 2019, 42% of nearly 1,000 IT decision-makers in Asia Pacific revealed that they are looking to upgrade their IT infrastructure to support digital transformation initiatives, while 35% expect to harness technologies that improve employee experience and productivity. This indicates spending on software is also expected to grow to keep up with rising customer demands in terms of online accessibility of services from enterprises. Hence, this rapid investment in technologies and providing online services to the customer is expected to drive the growth of the customer engagement solutions market in Asia Pacific.

 

Market Players

 

The major vendors covered in the Customer engagement solutions market include Avaya (US), IBM (US), Microsoft (US), NICE Systems (Israel), Oracle (US), Salesforce (US), SAP (Germany), Zendesk (US), Pegasystems (US), ServiceNow (US), Open Text (Canada), Precisely (US), Verint Systems (US), eGain Corporation (US), Enghouse Systems (US), Alvaria (US), Genesys (US), Freshworks (California), IFS-mplsystems (Sweden), Calabrio (US), Khoros (US), Creatio (US), CRMNEXT (California), SugarCRM (Canada), WebEngage (India), Upshot (Texas), MoEngage (US), ChurnZero (US), and Sentimeter (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Mr. Aashish Mehra
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