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).
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