Customer Engagement Solutions Market worth $32.2 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 13, 2022 /PRNewswire/ -- According to a new market research report "Customer Engagement Solutions Market with COVID-19 Analysis, by Component (Solutions and Services), Deployment Type (Cloud and On-premises), Organization Size, Vertical (BFSI, Telecom & IT, and Retail & Consumer Goods) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Customer Engagement Solutions Market size is expected to grow from USD 19.3 billion in 2022 to USD 32.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period. Company's focus on delivering enhanced omnichannel customer engagement is one of the key factors driving the growth of the market. The omnichannel suite helps organizations facilitate personalized conversations across multiple channels, including voice, web, mobile, and social media. It enables organizations to strengthen their regional presence by reaching out to customers through multiple touchpoints in real-time.
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The omnichannel solution segment is expected to lead the Customer Engagement Solutions Market in 2022.
Through omnichannel, customers can access companies' products, offers, and support services or prospects on all platforms, channels, and devices. It helps create a seamless brand experience for customers and enhances customer experience. The deployment of omnichannel solutions in the BFSI, consumer goods and retail, and telecommunication verticals is high, as the interaction and problems faced by customers are high in these verticals. The key players offering omnichannel solutions are Avaya (US) and SAP (Germany), among others.
Small and medium sized enterprises is expected to grow with the fastest growth rate during the forecast period.
The implementation of customer engagement solutions can help SMEs to reduce costs and improve business efficiency. Customer experience is very critical for SMEs, as it strengthens their business growth prospects. Adoption of customer engagement solutions would enable real-time monitoring capabilities, consitency, scalability, flexibility, cost-effectiveness, accessibility, and increased agility and productivity, which would warrant enhanced customer experience and growth for the SMEs.
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Asia Pacific likely to emerge as the fastest growing segment during the forecast period.
The growth of the Customer Engagement Solutions Market in Asia Pacific is highly driven by the rapid digitalization of enterprises across the region. According to the Computer Weekly/TechTarget IT Priorities survey of 2019, 42% of nearly 1,000 IT decision-makers in Asia Pacific revealed that they are looking to upgrade their IT infrastructure to support digital transformation initiatives, while 35% expect to harness technologies that improve employee experience and productivity. This indicates spending on software is also expected to grow to keep up with rising customer demands in terms of online accessibility of services from enterprises. Hence, this rapid investment in technologies and providing online services to the customer is expected to drive the growth of the Customer Engagement Solutions Market in Asia Pacific.
The major vendors covered in the Customer Engagement Solutions Market include Avaya (US), IBM (US), Microsoft (US), NICE Systems (Israel), Oracle (US), Salesforce (US), SAP (Germany), Zendesk (US), Pegasystems (US), ServiceNow (US), Open Text (Canada), Precisely (US), Verint Systems (US), eGain Corporation (US), Enghouse Systems (US), Alvaria (US), Genesys (US), Freshworks (California), IFS-mplsystems (Sweden), Calabrio (US), Khoros (US), Creatio (US), CRMNEXT (California), SugarCRM (Canada), WebEngage (India), Upshot (Texas), MoEngage (US), ChurnZero (US), and Sentimeter (US).
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