Farmington, May 02, 2023 (GLOBE NEWSWIRE) -- The Global Customer Engagement Solutions Market size was valued at USD 16.89 Billion in 2022 and is projected to reach USD 48.11 Billion by 2030, growing at a CAGR of 12.34% from 2023 to 2030. Customer engagement is the interaction between businesses and their consumers. They employ various strategies to acquire new consumers and retain existing ones. Options for customer engagement include software that manages personalization in marketing, customer service, webchat, and Omni channels, among other things. This response can be utilized in a variety of ways to increase the productivity of the workforce, develop engagement applications, and automate duties.
Customer engagement solutions are business conversations and interactions that use a variety of techniques to acquire new customers and retain existing ones. Software that manages personalization in marketing, customer service, web chat, omni-channel, and other options are also available for customer engagement. This response can be utilized in a variety of ways, including outsourcing tasks, making the most of your employees, and developing applications with your assistance.
Segmentation Overview:
By Type:
In 2020, the cloud segment is expected to dominate the global market for customer engagement solutions. Cloud storage is currently acquiring popularity among businesses. The public cloud is expected to acquire popularity. This may be due to its reduced administrative costs. An additional factor that is anticipated to boost the global market for customer engagement solutions in the coming years. North America is anticipated to dominate the global market for customer engagement solutions in 2020 due to its early adoption of cloud computing and the Internet of Things.
By Application:
Due to the increasing prevalence of smartphones and the adoption of an e-commerce business strategy by new market participants, the retail and consumer goods sector is anticipated to lead the global market for customer engagement solutions in 2020. Amazon's USD 71.84 billion in online sales has made it difficult for traditional retailers such as Walmart and Macy's to compete.
Regional Analysis:
During the forecast period, the market for customer engagement solutions is anticipated to grow at the maximum rate in North America, at a CAGR of 10.5%. The leading software vendors on the continent provide businesses with a variety of consumer engagement solutions to address end-user concerns in a timely manner. These solutions provide metrics and actionable insights that improve the overall customer experience, thereby increasing brand loyalty and reducing customer churn.
In June of 2020, for example, Walgreens Boots Alliance Inc. announced an expansion of its strategic partnership with Microsoft and Adobe to establish a customer insights platform to provide personalized healthcare and general retail offerings. This personalization platform enables Walgreens to offer patients an individualized prescription experience. Additionally, Boots will introduce an improved beauty experience for its consumers by empowering its beauty consultants to make personalized product recommendations.
In addition, North America is a hub for the healthcare, IT & telecom, and energy & utility industries as a result of the increasing use of emerging technologies, such as machine learning and industrial automation, which is a result of the massive transition toward digital transformation among businesses. North America is also a hub for the healthcare, IT & telecommunications, energy, and utilities industries, as business shifts toward digital transformation are fueling the adoption of emerging technologies such as machine learning and industrial automation.
The Asia-Pacific market accounted for the second largest revenue share and is expected to register a rapid revenue growth rate due to increasing investments in the BFSI sector. Digital adoption rates in India are more than double what they will be in 2020, making it one of the fastest-growing Fintech markets. The Reserve Bank of India (RBI) has shifted its attention to the Fintech industry and established a distinct department in charge of Fintech regulations. Officials guarantee that secure and cost-effective e-payment technology will always be available for the growth of a "cashless" economy, which is contributing to the regional market's revenue growth. Due to the increasing demand for mobile engagement services via SMS, e-mail, and others, the regional market is experiencing a revenue expansion. Using a mobile application simplifies interactions, such as greeting users with a send notification or providing assistance. Successful apps use mobile engagement to establish the consumer experience by establishing attentive and purposeful interactions with users.
In 2021, Europe's market was a major revenue contributor. This is the result of a greater emphasis on omnichannel consumer engagement.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 12.34% from 2023 to 2030. |
| Revenue Forecast by 2030 | $ 48.11 Billion |
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| By Application |
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| Regions and Countries Covered |
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| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Drivers: Growing customer desire for products, the use of ML and AI to improve the customer experience.
Increasing customer demand for products, the use of machine learning and artificial intelligence to enhance the customer experience, more people having access to the internet, and more people having smartphones are all expected to drive industry growth and propel e-commerce businesses toward catalog management systems. Mobile has made it simpler for businesses to utilize mobile apps, social media, and online platforms, resulting in an increase in retail and online shopping through these channels. Customer satisfaction has become an essential objective for businesses.
It is anticipated that newer technologies, such as artificial intelligence (AI), will significantly enhance the capabilities of these systems, allowing the market for catalog management systems to expand rapidly. According to the GSMA, mobile device penetration will reach 81% in 2025, up from 64% in 2019. Simultaneously, it is anticipated that by the end of the year, 60 percent of individuals will own a mobile phone. As a consequence, more people in the Asia-Pacific region are purchasing smartphones, which contributes to the expansion of the industry. Also, according to the ITU, approximately 59% of the world's population will use the internet in 2019.
Key Segments Covered:
Top Market Players:
- Avaya Inc.
- Aspect Software Inc.
- Calabrio Inc.
- Genesys
- IBM Corporation
- Verint Systems Inc
- Nice Systems
- Nuance Communications Inc.
- OpenText Corporation
- Oracle Corporation
- and Pegasystems Inc.
- Microsoft
- SAP
By Type:
- Cloud
- On-Premises
By Component:
- Solution
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- Omnichannel
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- Workforce optimization
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- Robotic process optimization
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- Analytics and reporting
- Services
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- Professional services
- Integration and deployment services
- Support and maintenance services
- Consulting services
- Managed services
- Professional services
By Application:
- BFSI
- Telecom and IT
- Retail and Consumer Goods
- Media and Entertainment
- Other End-user Industries
By Verticals:
- Banking, Finance services, and Insurance (BFSI)
- Healthcare and Life Sciences
- Telecom and IT
- Automotive
- Transportation and Logistics
- Retail and Consumer Goods
- Media and Entertainment
- Travel and Hospitality
- Other Verticles (energy and utilities, and education)
By Organization Size:
- Small & Medium Enterprises
- Large Enterprise
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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