Customer Engagement Solutions Market Size to Grow by USD 7.69 Billion | By Component and Geography | Growth, Trends, and Forecasts (2022 - 2026)
NEW YORK, May 19, 2022 /PRNewswire/ -- The Customer Engagement Solutions Market Share is expected to increase by USD 7.69 billion from 2021 to 2026, with an accelerated CAGR of 8.42%- according to the recent market study by Technavio. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
Customer Engagement Solutions Market Facts at a Glance-
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The customer engagement solutions market is fragmented and the vendors are deploying growth strategies such as cloud-based solutions and AI integration offering to compete in the market.
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Regional Market Outlook
29% of the market's growth will originate from North America during the forecast period. The US is the key market for customer engagement solutions in North America. Market growth in this region will be slower than the growth of the market in other regions. The use of public cloud services by enterprises and the increased need to analyze customer-related information will facilitate the customer engagement solutions market growth in North America over the forecast period.
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Latest Drivers & Trends of the Market-
To capitalize on the growing popularity of smartphones and related apps, new players providing customer engagement solutions are embracing e-commerce business strategies. With e-commerce industry titans like Amazon raking in $367.19 billion in online sales in 2021, traditional retailers like Walmart and Macys are fighting to keep up. To remain competitive, many brick-and-mortar businesses are reducing the number of shop locations and focusing on a smaller number of storefronts. These merchants are also utilizing the Internet business platform (e-commerce) for new income sources and for developing an omnichannel presence.
The need for the integration of customer engagement solutions activities with social media services has been increasing in the market, primarily to obtain several insights and create future products. Social interactions primarily consist of two components: Social customer prediction: Its primary purpose is to identify potential social demand by separating prospective buyers from non-potential ones. Social customer conversation: This is about engaging potential buyers and converting them to make an inquiry or move further down the demand requirement process. This approach helps companies analyze social communications in real time and examine the mixture of social contacts using both keyword analysis and predictive algorithms. This trend is gaining traction in the global customer engagement solutions market and will play a crucial role in determining marketing strategies for businesses.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Component
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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