Customer Engagement Solutions Market Outlook (2022–2031) : Market to Expand at 10.2% CAGR to USD 48.4 Billion
Market Size : The global customer engagement solutions market was valued at USD 18.5 billion in 2021 and is projected to reach USD 48.4 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.
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The customer engagement solutions market analysis consists of sales of customer engagement solutions by entities organizations, sole traders, and partnerships that are used to solve problems without requiring a support team. In addition, it refers to solutions that can improve and automate customer self-service options. This also helps to improve customer loyalty. Furthermore, Rise in adoption of customer engagement solutions to reduce customer churn rate and increasing use of E-commerce and M-commerce platforms are driving the growth of customer engagement solution market. Moreover, increase in focus on delivering enhanced customer engagement through omnichannel boosts the customer engagement solution market size. However, data synchronization between customer engagement solutions and other technologies for customer engagement solution systems and data security and privacy concerns restrict the customer engagement solution market growth. On the contrary, growth in investments in Artificial Intelligence (AI) in customer engagement solution is expected to offer remunerative opportunities for expansion during the Customer Engagement Solutions Market Forecast.
Depending on enterprise size, the customer engagement solutions market was dominated by large enterprise size, as it allows businesses to gain in-depth insights into customer activities, which would help enhance customer loyalty and increase sales. However, the SMEs segment is expected to witness growth at the highest rate during the forecast period due to increase demands advance technology for operational efficiency and adoption of AI technology.
Depending on region, the customer engagement solution market was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to increase in technological advancements such as using business intelligence, artificial intelligence and cloud platforms to gain insights on customer behavior and customer preferences, and introduction of digital application. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to surge in number of contact centers and increase in need for real-time cloud-based analytical solutions to improve customer experience.
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With the rapid spread of COVID-19, majority of people faced sudden surges in demand for financial resources, owing to sudden increase in panic among public, which, in turn, increased the number of transactions performed at a time. This, in turn, augmented the demand for AI and advanced technology in customer engagement solution to smoothly regulate the delay.
Furthermore, various companies are collaborating with tech institutes to improve the customer service capabilities. For instance, in February 2022, 8X* Inc. collaborated with BDO with 8x8 Voice for Microsoft Teams to enhance communication, collaboration, and customer engagement for its almost 6,500 UK employees. For Instance, in May 2022, Grant Thornton dGTL collaborated with KoineArth To offer unique solutions through digitization engage and markets platforms. These platforms will deploy blockchain technology to create networks, markets and economies with trusted information and incentives. Thus, these are the factors are driving the growth of the customer engagement solution industry during COVID-19 pandemic.
Key Findings Of The Study :
By offering, the solution segment accounted for the largest customer engagement solutions market share in 2021.
By region, North America generated highest revenue in 2021.
By industry vertical, the BFSI segment generated the highest revenue in 2021.
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The key players that operate in the customer engagement solutions industry are 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the customer engagement solutions industry.
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