Customer Engagement Solutions Market

Customer Engagement Solutions Market Size & Growth Analysis (2022 - 2027)

The Customer Engagement Solutions Market was worth US$ 13.65 billion in the year 2021, and it is estimated to reach a valuation of US$ 29.54 billion by the end of 2026, expanding at an annual growth rate of 10.08% between 2021 and 2026. The increasing adoption of customer engagement solutions to reduce the customer churn rate is a factor that is expected to lead the Customer Engagement Solutions market during the forecast period.

The business communication and interaction which adopts the various stages in order to widen and retain their consumers is known as the Customer Engagement Solutions. It also includes the software that can manages the marketing personalization, customer services, web chat, Omni channels and others in which this solution is widely applicable for the optimization of the development of engagement application and automation as well as workforce.

Market Drivers

Several benefits such as increasing use of e commerce and m commerce platforms owing to the adoption of smartphones, laptops and tablets, increasing focus on delivering enhanced customer engagement through Omni channel is expected to play an essential role in the growth of market of Customer Engagement Solutions across the globe. Another factor such as high penetration across these devices which influence the growth of Customer Engagement Solutions market during the forecast period. Combined use of digitally automated devices together with the high uptake of artificial intelligence machine learning and automation are some of the major driving factors which promotes the growth of the revenue rate of Customer Engagement Solutions market during the forecast period.

Market Restraints

Individualized customer’s expectation is one of the important barriers to market growth. Also, the issues related to the synchronization of the data between the customer engagement solutions and other technologies acts as an important deterrent to the growth of the Customer Engagement Solutions market.

CUSTOMER ENGAGEMENT SOLUTIONS MARKET REPORT COVERAGE:

Market Segmentation

The Customer Engagement Solutions market is segmented based on organization size, based on component, based on deployment type and based on vertical.

Customer Engagement Solutions Market - By Component:

the Customer Engagement Solutions Market is divided into solutions and services. The solutions segment is further bifurcated into Omni channel, workforce optimization, robotic process automation, analytics and reporting whereas the services segment is further classified into professional services and managed services. The analytics and reporting segment holds the major share of the market whereas the analytics is a technology that uses multiple algorithms to process and also obtain data from speech and text based information and also this analytics and reporting allows the organizations to use artificial intelligence to help them offer the tailored solutions.

Customer Engagement Solutions Market - By Deployment Type:

the Customer Engagement Solutions Market is divided into two types, on cloud deployment mode and on premises deployment mode. The cloud based deployment mode segment holds the major share of the market due to the implementation of cloud based customer engagement solutions which resulted in increased revenues, desired business outcomes and also improved business efficiency for small and medium sized industries.

Customer Engagement Solutions Market - By Organization Size:

the Customer Engagement Solutions Market is divided into large enterprises, small enterprises and medium enterprises. The small and medium sized enterprises since the cost effectiveness is important for small and medium sized enterprises as they have limited budget and the small and medium sized enterprises segment is expected to hold the dominance during the forecast period.

Customer Engagement Solutions Market - By Vertical:

the Customer Engagement Solutions Market is divided into government and defence, financial services, banking, insurance, IT and telecom, healthcare, travel and hospitality, retail, education, power and logistics. The banking and financial services segment held prominent share of the market among the other segments due to the increased adoption of customer engagement solutions in the BFSI vertical as these solutions help BFSI companies to automate their customer interaction processes through catboats by reducing the service delivery time.

Regional Analysis

On the basis of region, the Customer Engagement Solutions market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.

Asia Pacific region hold the prominent share of the customer engagement solutions market due to the factors such as increased adoption of cloud computing by different organizations in the region especially in some of the countries such as India and China helps the growth of the market. Furthermore, increasing of investments by the small and medium sized enterprises across various countries such as Japan, Australia and Singapore in information technology to compete, secure, and also capture the digital opportunities.

North America region is also expected to increase the customer engagement solutions market growth due to the increasing focus on delivering enhanced customer engagement through Omni channel.

Europe region will also increase the market rate followed by Asia Pacific region and North America region during the outlook period.

Leading Company

Oracle Company from US is the leading company in Customer Engagement Solutions market.

Key Players

Key market participants of Customer Engagement Solutions market are eGain Corporation (US), Genesys (US), IBM (US), Eptica (France), Freshworks (US),  Microsoft (US), NICE Systems (Israel), Nuance Communications (US), BPMonline (US), CRMnext (India),OpenText (Canada), Oracle (US), Pegasystems (US), Pitney Bowes (US), Salesforce (US), Aspect Software (US), Avaya (US), Calabrio (US), SAP (Germany), ServiceNow (US), Verint Systems (US), Zendesk (US), IFS-mplsystems (UK), Lithium Technologies (US), and SugarCRM (US).

Impact of COVID 19 on Customer Engagement Solutions market

The industries all around the world has suffered a lot due to the unprecedented COVID pandemic. Most of the people lost their lives due to the virus and most of them are remain in the hospital. As we all know that due to this pandemic all the industries have stopped their manufacturing units to reduce the spread of the virus which resulted in reduction of supply chain. But as per the analysis from the market experts, the customer engagement solutions market is expected to increase the market revenue rate due to the increase of artificial intelligence in various small and medium size industries.