Vancouver, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The global market for customer engagement solutions reached a valuation of USD 18.05 Billion in 2021. According to the latest analysis by Emergen Research, it is projected to achieve a revenue Compound Annual Growth Rate (CAGR) of 10.81% throughout the forecast period. The driving force behind this growth is the continuous evolution of technologies like Artificial Intelligence (AI). This technological progression is expected to play a pivotal role in bolstering the market's revenue trajectory in the coming years.
However, an important consideration emerges in the form of potential "digital noise." The proliferation of content creation has led to a surge in targeted advertising across various communication channels. This trend, while aiming for precision, has inadvertently contributed to information overload for consumers. This is where the utilization of AI-generated messaging introduces a transformative dynamic. By harnessing AI's capabilities, businesses can generate tailored messages on a larger scale. This approach enables companies to stand out amidst the digital clutter, offering relevant and captivating content that facilitates customer conversion.
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In this context, the value of first-party data comes to the forefront. Leveraging insights derived from such data can enhance the effectiveness of linguistic components in compelling customers to take action. Retailers who opt not to reimagine their digital marketing strategies run the risk of missing out on potential revenue and profit gains. This risk is particularly pronounced as the retail landscape and broader macroeconomic conditions continue to display heightened volatility.Top of Form
Moreover, in order to streamline their operations, enterprises are embracing a diverse array of engagement platforms in response to this evolving consumer behavior landscape. Solutions encompassing centralized customer support, multi-channel interaction capabilities, and integrated customer insights backed by analytics are gaining traction. Shaping consumer behavior represents an alternative approach to customer engagement. Proficiency and knowledge serve as potent tools that service-oriented firms can wield to influence how their clientele perceive and prefer a given service provider. This influence can then be disseminated through avenues such as word-of-mouth, blogging, or online review platforms to amplify awareness and endorsement of specific services among a wider audience.
However, certain challenges stand as potential impediments to market revenue growth. These include the absence of robust mechanisms for gauging consumer feedback, inadequacies in implementing comprehensive omnichannel engagement strategies, and the escalating phenomenon of digital noise. These factors collectively pose a threat to the smooth progression of market revenues.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2021 | USD 18.05 Billion |
| CAGR (2021–2030) | 10.81% |
| Revenue Forecast to 2030 | USD 44.99 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2019–2020 |
| Forecast Period | 2022–2030 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2021 to 2030 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Component, organization size, deployment, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | The International Business Machines Corporation (IBM), Microsoft Corporation, Avaya Inc., NICE, Oracle Corporation, Salesforce, Inc., Open Text Corporation, Verint Systems Inc., MoEngage, Inc., WebEngage, Sentimeter, and Alvaria |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global customer engagement solutions market is fragmented with small medium and large-sized companies accounting for majority of market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective customer engagement solutions. Some major companies included in the global customer engagement solutions market report are:
- The International Business Machines Corporation (IBM)
- Microsoft Corporation
- Avaya Inc.
- NICE
- Oracle Corporation
- Salesforce, Inc.
- Open Text Corporation
- Verint Systems Inc.
- MoEngage, Inc.
- WebEngage
- Sentimeter
- Alvaria
Strategic Development
- On 12 December 2022, customer categorization and marketing message personalization are among the capabilities offered by MessageGears, which has raised USD 62 million in a fundraising round led by Long Ridge Equity Partners. The platform, which employs data housed in current data warehouses, can plan the distribution of communications across several channels. With this fund, the company will increase overall client engagement through individualized brand experiences.
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Some Key Highlights From the Report
- The solutions segment is expected to register largest revenue CAGR during the forecast period. Customers may quickly obtain information about several products and services through various channels, including the Internet, social networks, and other applications owing to fast-growing internet and smartphone usage. In addition to in-person aid, brands are finding various ways to connect clients with their brands and increase revenues due to the average daily time spent on mobile devices crossing five hours and the accessibility of multiple customer contact points such as social networking sites, websites, chatrooms, and phone calls.
- The Banking, Financial Services, and Insurance (BFSI) segment accounted for largest revenue share in 2021. BFSI companies are now pursuing a digital-first approach to make sure that their clients enjoy a pleasant user experience on video, Facebook, and WhatsApp, among other platforms.
- The market in North America accounted for largest revenue share in 2021. Adoption of AI by large businesses as a component of their digital revolution is already widespread. For instance, 89% of smartphone users' time in the U.S. is spent on just 18 applications in 2020, while millennials will use 67 apps during the same time. In addition, 55% of millennial-owned companies have their own mobile apps, which is contributing to revenue growth of the market in the region.
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Emergen Research has segmented the global customer engagement solutions market on the basis of component, organization size, deployment, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019–2030)
- Solutions
- Workforce Optimization
- Robotic Process Automation (RPA)
- Omnichannel
- Analytics and Reporting
- Services
- Support and Maintenance
- Integration and Deployment
- Consulting Services
- Solutions
- Organization Size Outlook (Revenue, USD Billion; 2019–2030)
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- Deployment Outlook (Revenue, USD Billion; 2019–2030)
- Cloud
- On-Premises
- End-Use Outlook (Revenue, USD Billion; 2019–2030)
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecom
- Automotive
- Media & Entertainment
- Transport & Logistics
- Retail and Consumer Goods
- Healthcare
- Education
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
- North America
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