Portland, OR, Sept. 02, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global customer engagement solutions market generated $18.5 billion in 2021, and is projected to reach $48.4 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $18.5 billion |
| Market Size in 2031 | $48.4 billion |
| CAGR | 10.2% |
| No. of Pages in Report | 325 |
| Segments Covered | Offering, Deployment Mode, Enterprise Size, Industry Vertical, And Region. |
| Drivers | Increase in the standard of living |
| Extensive use of E-commerce and M-commerce platforms among people | |
| Opportunities | Increase in the adoption of customer engagement solutions |
| Rise in focus on delivering enhanced customer engagement | |
| Restrains | Data security and privacy concerns |
| Limited to specific consumers |
COVID-19 Scenario:
- The outbreak of COVID-19 has had a positive impact on the growth of the global customer engagement solutions market.
- Lockdowns resulted in the closure of various manufacturing facilities, shopping malls, physical stores, and others which subsequently increased the demand for customer engagement solutions.
- This is mainly because people were increasingly making effective use of e-commerce and m-commerce platforms to purchase various items.
- As a result of the outbreak caused by the COVID-19 pandemic, stringent social distancing restrictions were imposed by the government to curb the spread of the virus during the pandemic. Thus, increased use of e-commerce platforms among people significantly expanded market growth.
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The report offers detailed segmentation of the global customer engagement solutions market based on offering, deployment mode, enterprise size, industry vertical, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on offering, the solution segment held the dominating market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The service segment, on the other hand, is expected to cite the fastest CAGR of 11.1% during the forecast period.
Based on deployment mode, the on-premise segment held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The cloud segment, on the other hand, is expected to cite the fastest CAGR of 11.1% during the forecast period.
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Based on enterprise size, the large enterprises segment held the dominating market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The SMEs segment, on the other hand, is expected to cite the fastest CAGR of 11.8% during the forecast period.
Based on region, the market across North America held the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 11.8% during the forecast period.
The key players analyzed in the global customer engagement solutions industry report include Avaya Inc., Alvaria, Creatio, CRMNEXT, eGain Corporation, Enghouse Systems, IBM Corporation, Microsoft Corporation, NICE, Oracle Corporation, Open Text Corporation, Pegasystem Inc, SAP SE, Salesforce, Inc, ServiceNow, Verint Systems Inc, Zendesk.
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The report analyzes these key players in the global customer engagement solutions market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
