New York, NY, Dec. 05, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Customer Engagement Solutions Market by Solution (Omnichannel, Workforce Optimization, Robotic Process Optimization, and Analytics & Reporting), by Service (Professional Services and Managed Services), by Deployment Type (Cloud, On-premise), by Organization Size (Small & Medium Enterprises, Large Enterprises), and by Vertical (BFSI, Consumer Goods & Retail, Telecommunication, Healthcare & Life Sciences, Automotive & Transportation, Media & Entertainment, Travel & Hospitality, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global customer engagement solutions market accounted for USD12.85 billion in 2017 and is expected to reach USD 29.49 billion by 2024, growing at a CAGR of around 12.6% between 2018 and 2024.
Increasing penetration of smart and advanced consumer electronic devices and the internet is the major factor driving the customer engagement solutions market. In addition, continuous introduction of advanced technologies and solutions, such as the internet of things (IoT), is estimated to increase the adoption of customer engagement solutions, due to the assistance provided by IoT in customer engagement solutions. Hence, the integration of IoT with customer engagement solutions is estimated to be a primary factor likely to drive the global customer engagement solutions market. However, the complex issues associated with the implementation of customer engagement software, lack of resources, and data breaches are the major factors that are hindering the growth of this market. Increasing investments made in artificial intelligence is estimated to open all growth opportunities for the market in the upcoming years.
Browse through 69 Tables & 39 Figures spread over 183 Pages and in-depth TOC on “Global Customer Engagement Solutions Market Size 2017: By Technology, Trends, Share, Applications, Analysis, and Forecast to 2024”.
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Omnichannel, robotic process optimization, analytics and reporting, and workforce optimization form the solution segment of the customer engagement solutions market. Analytics and reporting solutions segment is expected to register the highest growth rate in the forecast timeframe, due to the increase in the use of IoT in business, which, in turn, increases the use of analytical capabilities.
By organization size, the customer engagement solutions market is segmented into small and medium enterprises solutions and large enterprises. The small and medium enterprises segment is estimated to register a higher growth rate during the projected years, due to the implementation of cloud-based customer engagement solutions that results in business outcomes and increased revenue.
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Among the verticals analyzed in this report, the BFSI segment is estimated to lead the market from 2018 to 2024. This growth is due to the rise in the adoption of customer engagement solutions in BFSI applications, as it helps BFSI organizations to automate customer communication processes through chatbots, which, in turn, reduces service delivery period.
North America held the largest share in customer engagement solutions market in 2017. This growth is majorly due to the increase in the demand for the customer experience witnessed from the end-users and the rise in the implementation of customer engagement solutions by various organizations in North America. In addition, North America has key market players, such as Oracle, IBM, Microsoft, Salesforce, and Nuance Communications, that contribute to the revenue growth of the market in this region. The U.S. has adopted customer engagement solutions widely in the country, owing to being the earliest adopters of analytics, social, cloud, and mobile technologies.
Browse the full "Customer Engagement Solutions Market by Solution (Omnichannel, Workforce Optimization, Robotic Process Optimization, and Analytics & Reporting), by Service (Professional Services and Managed Services), by Deployment Type (Cloud, On-premise), by Organization Size (Small & Medium Enterprises, Large Enterprises), and by Vertical (BFSI, Consumer Goods & Retail, Telecommunication, Healthcare & Life Sciences, Automotive & Transportation, Media & Entertainment, Travel & Hospitality, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/customer-engagement-solutions-market
European customer engagement solutions market is preliminarily driven by the adoption of customer engagement software in the automotive industry. The prominent players in the European automotive industry, such as BMW, Volkswagen, and Mercedes, have adopted customer engagement solutions to provide the right information to customers at the right time. UK and Germany are estimated to hold significant market shares in the European market.
The Asia Pacific is expected to grow at the highest rate from 2018 to 2024. The growth of this regional market is due to the increasing adoption of cloud computing by various enterprises in the region. Small and medium organizations in Japan, Australia, Malaysia, and Singapore are investing in IT to secure, compete, and gain digital opportunities that are present in the market.
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Latin America is growing steadily in the customer engagement solutions market. This growth is mainly due to the increasing adoption of smartphones and tablets. In addition, the use of mobile devices has become the most preferred online device for customers in this region. Brazil and Argentina are the key contributors to the growth of the customer engagement solutions market.
The Middle East and Africa have a potential market for the future growth of the customer engagement market. This is due to the evolution of the contact center industry in this region, where there is a remarkable digital transformation and adoption of advanced technologies, such as artificial intelligence and cloud, which engages organizations with customers and helps in understanding business preferences.
Some key players in the customer engagement solutions market are Avaya, Aspect Software, Pitney Bowes, Nuance Communications, Calabrio, Oracle, Pegasystems, Genesys, IBM, Microsoft, Nice Systems, OpenText, Salesforce, SAP, ServiceNow, Verint Systems, and Zendesk, among others.
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This report segments the global customer engagement solutions market as follows:
Global Customer Engagement solutions market: Solution Segment Analysis
- Omnichannel
- Workforce Optimization
- Robotic Process Optimization
- Analytics & Reporting
Global Customer Engagement Solutions Market: Services SegmentAnalysis Services
- Professional Services
- Implementation & Integration Services
- Support & Maintenance Services
- Consulting Services
- Managed Services
Global Customer Engagement solutions market: Deployment Type Segment Analysis
- Cloud
- On-premise
Global Customer Engagement solutions market: Organization Size Segment Analysis
- Large Enterprises
- Small & Medium-Sized Enterprises
Global Customer Engagement solutions market: Vertical Segment Analysis
- BFSI
- Consumer Goods & Retail
- Telecommunication
- Healthcare & Life Sciences
- Automotive & Transportation
- Media & Entertainment
- Travel & Hospitality
- Manufacturing
- Others
Global Customer Engagement Solutions Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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