New York, June 02, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Customer Communications Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Service), Deployment (Cloud-Based and On Premise), Enterprise Size (Small & Medium-Size Enterprises and Large Enterprises), and Industry (BFSI, IT and Telecom, Manufacturing, Retail, Energy & Utilities, Government, and Others)”, The global customer communications management market growth is driven by increasing usage of analytics for CCM enables improved customer communication & the growing adoption of advanced technologies such as natural language processing for better consumer experience.
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| Market Size Value in | US$ 1.32 Billion in 2021 |
| Market Size Value by | US$ 2.75 Billion by 2028 |
| Growth rate | CAGR of 11.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 191 |
| No. Tables | 115 |
| No. of Charts & Figures | 94 |
| Historical data available | Yes |
| Segments covered | Component, Deployment, Enterprise Size, and Industry |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Customer Communications Management Market: Competitive Landscape and Key Developments:
Adobe, Capgemini, Crawford Technologies, Smart Communications, Cedar CX Technologies, Newgen Software Technologies Limited, Open Text Corporation, Oracle, Messagepoint, and Doxim Inc. are among the key players profiled in the customer communications management market report. In addition, several other essential customer communications management market players were studied and analyzed to get a holistic view of the market and its ecosystem. The customer communications management market report provides detailed market insights, which helps the key players to strategize the growth.
- In 2022, Newgen Software, a global provider of low-code digital transformation platforms, released OmniOMS 10.0, an enhanced version of their Omnichannel Customer Engagement Platform (CCM)
- In 2022, Smart Communications, a leading technology company focused on helping businesses for meaningful customer conversations, and Duck Creek Technologies, a leading provider of SaaS insurance core systems, announced a partnership to help leading insurers provide exceptional digital-first conversational experiences for their customers.
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Customer analytics includes the information and behavior of the customer to identify, attract and retain profitable customers. Customers in the digital era find products fulfilling their needs; therefore, the paying mode, purchasing trend, lifestyle preferences, and desired brand are the major factors catered by the customer analytics tools to understand customers. The customer analytics data tools help acquire and retain future customers. It also identifies high-value customers and suggests proactive ways to interact with them. Thus, increasing usage of analytics for CCM enables improved customer communication, which is driving the customer communications management market dynamics. Further, growing interest in digital channels has increased due to changing consumer preferences caused by the COVID-19 pandemic. As a result, various organizations have switched their focus to digital customer experiences. Hence, to augment the business growth, several companies are adopting customer analytics tools, increasing the demand for customer communications management software. Thus, this is supporting the customer communications management market growth. The customer communications management market analysis helps to understand the upcoming trends, new technologies, and macro and micro factors that influences the market growth in coming years.
The integration of CCM platforms with cloud-based applications has been the key focus of enterprises. It enables communications across many channels, such as analog and digital, including emails, printed documents, PDFs, SMS text messages, and interactive documents. Cloud solutions have emerged as a crucial technology for brands to incorporate in processes and fast-track business growth. Cloud computing empowers businesses with the flexibility to leverage cloud services and IT resources anytime and anywhere. It relieves businesses from the burden of owning and maintaining data centers and servers on premise by providing cloud and hybrid solutions on the basis of demand from cloud service providers. The advanced CCM is a tool to interact with customers and partners to deliver personalized communication to customers across channels. Personalization of customer’s data which includes buying habits, preferred brand, and payment mode requires access to customer data via an integration with a cloud platform, leading to an enhanced customer experience. Furthermore, adding a personal feature to communication creates more influence on customers mind which in turn adopts advanced CCM solutions. CCM platforms can add variable data and content in structured templates. A tool that integrates NLP into a CCM solution provides a remarkable customer experience. Further, applying intelligence to content and optimization helps enterprises make better, more interactive, and faster content. The NLP-driven CCM solutions provide better planning and coordination; increase operational efficiency; ensure seamless interaction via omnichannel; and offer a larger, deeper, and more precise customer insight to produce better and more relevant content. This will result in increased customer retention and revenue. Thus, the ongoing deployment of NLP in various organizations is expected to offer a potential growth opportunity for the customer communications management market over the forecast period.
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Customer Communications Management Market: Industry Overview
The customer communications management market, by industry, is segmented into BFSI, IT & telecom, manufacturing, retail, energy & utilities, government, and others. The IT & Telecom segment accounted for the largest customer communications management market share in 2021. The market growth for the industry segment is primarily attributed to the growing adoption of customer communications management solutions in the banking and insurance sector to enhance the customer communication. Moreover, the market for the retail segment is projected to grow at the fastest pace during the forecast period. Also, wide scope application of CCM solutions in the IT & Telecom industry is contributing to the growth of the market.
In North America, the demand for customer communications management is increasing due to the faster adoption of innovative technologies in the US, Canada, and Mexico. The growing demand from small and medium-sized enterprises (SMEs), the growth of social media and smartphones, significant developments in technology, and modernization in the communication systems are the key factors attributable to the growth of the customer communications management market in the region. For instance, OpenText Exstream, a multichannel CCM solution, enhances the customer experience with meaningful, relevant communications delivered through the customer's preferred channels such as web, email, SMS, and print. It also provides enterprises to produce fully customized high-volume bills & statements, on-demand marketing, and self-service web applications. Thus, such booming availability of customization in CCM solutions is further propelling the customer communications management market growth in North America over the projected period.
The market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America. North America dominated the market in 2021 and is also expected to continue its dominance during the forecast period. The growth of the customer communications management market in North America is attributed to the increasing adoption rate of numerous advanced technologies. The latest tools in customer data analytics and real-time reporting are widely used in the region. Furthermore, it incorporates new technologies, allowing businesses in the US and Canada to excel in the customer communications management market. Several organizations in North America use various digital channels to collect customer feedback data from web portals, social media, contact centers, and mobile phones. The customer communications management market analysis helps understand the upcoming trends, new technologies, and macro and micro factors that influences the market growth. Thus, adoption of advanced tools coupled with growing usage of data analytics is further propelling the demand for CCM solutions which augments the customer communications management market size during the forecast period. The market report provides detailed market insights, which enables the leading players to invest in the market.
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