Increasing use of e-commerce and m-commerce platforms and growing focus on delivering enhanced customer engagement through omnichannel are factors expected to drive the customer engagement solutions market.
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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. Factors such as increasing adoption of customer engagement solutions to reduce customer churn rate, increasing use of e-commerce and m-commerce platforms, and growing focus on delivering enhanced customer engagement through omnichannel are key factors driving the customer engagement solutions market. Data synchronization between customer engagement solutions and other technologies is restraining the growth of the market.
Based on deployment type, the cloud segment is estimated to lead the customer engagement solutions market in 2018.
Based on deployment type, the cloud segment is estimated to lead the customer engagement solutions market in 2018.Cloud-based deployment of customer engagement solutions has enabled businesses to operate without a server infrastructure or office location, thereby allowing employees to work remotely.
This, in turn, has helped reduce the total cost of ownership and increase data storage capabilities for organizations.
The Asia Pacific customer engagement solutions market is expected to grow at the highest CAGR during the forecast period.
Based on region, the customer engagement solutions market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.The Asia Pacific customer engagement solutions market is projected to grow at the highest CAGR during the forecast period.
The growth of the Asia Pacific customer engagement solutions market can be attributed to the increased adoption of cloud computing by different organizations in this region. Small & medium enterprises across various countries such as Australia, Malaysia, Japan, and Singapore are investing in information technology to compete, secure, and capture digital opportunities present in the market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various organizations operating in the customer engagement solutions market.
• By Company Type: Tier 1: 14%, Tier 2: 43%, and Tier 3: 43%
• By Designation: C-Level: 37%, Director Level: 13%, and Others: 50%
• By Region: North America: 37%, Europe: 25%, Asia Pacific: 25%, and Rest of the World: 13%
Key vendors profiled in the report are:
• Aspect Software (US)
• Avaya (US)
• Calabrio (US)
• Genesys (US)
• IBM (US)
• Microsoft (US)
• NICE Systems (Israel)
• Nuance Communications (US)
• OpenText (Canada)
• Oracle (US)
• Pegasystems (US)
• Pitney Bowes (US)
• Salesforce (US)
• SAP (Germany)
• ServiceNow (US)
• Verint Systems (US)
• Zendesk (US)
• eGain Corporation (US)
• BPMonline (US)
• CRMnext (India)
• Eptica (France)
• Freshworks (US)
• IFS-mplsystems (UK)
• Lithium Technologies (US)
• SugarCRM (US)
Research Coverage
The customer engagement solutions market has been segmented on the basis of component, organization size, deployment type, vertical, and region.Based on component, the customer engagement solutions market has been segmented into solutions and services.
Based on deployment type, the market has been segmented into cloud and on-premises.Based on organization size, the customer engagement solutions market has been segmented into large enterprises and small & medium enterprises.
Based on vertical, the market has been segmented into BFSI, consumer goods & retail, telecommunication, healthcare & life sciences, automotive & transportation, media & entertainment, travel & hospitality, manufacturing, and others (power, utilities, education, and logistics). Based on region, the customer engagement solutions market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Key benefits of buying the report:
The report will help market leaders and new entrants in the customer engagement solutions market in the following ways:
• The report will help market leaders/new entrants in this market by providing them the closest approximations of revenues of the customer engagement solutions market and its subsegments.
• This report will also help stakeholders better understand the competitor landscape, gain more insights to position their businesses, and implement suitable go-to-market strategies.
• The report will help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
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