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Customer Engagement Solutions Market - Global Forecast to 2023DUBLIN, July 25, 2018 /PRNewswire/ -- The "Customer Engagement Solutions Market by Component (Solutions, Services), Deployment Type (Cloud, On-premises), Organization Size, Vertical (BFSI, Telecommunication, Consumer Goods & Retail), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering. The customer engagement solutions market is projected to grow from USD 14.08 billion in 2018 to USD 23.19 billion by 2023, at a CAGR of 10.5% during the forecast period. The increasing adoption of customer engagement solutions to reduce customer churn rate, increasing use of e-commerce and m-commerce platforms, and increasing focus on delivering enhanced customer engagement through omnichannel are significant factors projected to drive the growth of the market. The customer engagement solutions market has been segmented based on component, deployment type, organization size, vertical, and region. Based on component, the market has been segmented into solutions and services. The solutions component segment of the market has been further classified into omnichannel, workforce optimization, robotic process automation, and analytics & reporting. The services component segment of the market has been further classified into professional services and managed services. The analytics & reporting subsegment of the solutions segment is projected to grow at the highest CAGR during the forecast period. Analytics is a technology that uses multiple algorithms to process and obtain data from speech and text-based information. Analytics & reporting allow organizations to use artificial intelligence to help them offer tailored solutions. The increasing use of the Internet of Things (IoT) in business processes helps organizations increase the use of analytical capabilities. All the above-mentioned factors are expected to drive the demand for analytics & reporting solutions. Based on deployment type, the customer engagement solutions market has been segmented into on-premises and cloud. Based on organization size, the small & medium enterprises segment of the market is projected to grow at a higher CAGR during the forecast period as compared to the large enterprises segment. Cost-effectiveness is important for SMEs, as they have a limited budget. Hence, the implementation of cloud-based customer engagement solutions is expected to result in increased revenues, desired business outcmes, and improved business efficiency for SMEs. The large enterprises segment is projected to lead the market during the forecast period. Based on vertical, the BFSI segment is projected to lead the customer engagement solutions market from 2018 to 2023. The growth of the BFSI segment can be attributed to the increased adoption of customer engagement solutions in the BFSI vertical, as these solutions help BFSI companies automate their customer interaction processes through chatbots, thereby reducing the service delivery time. Key Topics Covered: 1 Introduction For more information about this report visit https://www.researchandmarkets.com/research/sjtkvr/customer?w=5 Media Contact: Laura Wood, Senior Manager View original content:http://www.prnewswire.com/news-releases/customer-engagement-solutions-market---global-forecast-to-2023-300686293.html SOURCE Research and Markets |