Customer Engagement Solutions Market
The Customer Engagement Solutions Market was valued at USD 12.56 billion in 2017, and it is expected to reach USD 21.95 billion by 2023, with a CAGR of 9.77%, during the forecast period (2018 - 2023). The report profiles the Deployment Type by Cloud and On-premise of the customer engagement solutions market for various end users.
The market for customer engagement solutions is increasing at a significant rate, due to the increasing adoption of AI and machine learning, rapid deployment of IoT and connected infrastructure, rising adoption of smartphones and tablets, and proliferation of digital automated devices. Customer engagement solutions comprise of CRM systems, social media, marketing personalization, web chat, and customer self-service. Customer engagement software helps to manage customer communications and interactions throughout a variety of channels and touchpoints. For instance, the watchmaker, Titan Company, has adopted the IBM Watson Customer Engagement solution to design its marketing campaigns, targeted at individual customers.
Public Cloud Is Expected To Experience High Growth in the Market
The public cloud is based on the standard cloud computing platforms these type of services is comparatively inexpensive to the private cloud, as the cloud is shared among multiple users. Companies are now shifting toward public clouds to reduce the cost and overhead expenses. Conversely, security concerns over data are hindering the growth in this segment. However, with continuous development and innovations in the technology, service providers are offering better security with end-to-end encryption and monitoring services.
North America Holds the Largest Share in Customer Engagement Solutions Market
The North American region is projected to experience the largest growth in demand, during the forecast period (2018-2023), due to the early adoption of cloud-based technologies and IoT by the United States. However, benefits, such as improved agility and flexibility as well as being able to deploy new applications, also hold significance.
Additionally, the market for the Customer Engagement Solutions in North America is predominantly driven by the presence of market leaders, such as IBM Corporation, Microsoft Corporation, Nuance Communications, Oracle Corporation, and Salesforce.com Inc. Customer engagement solutions have gained universal acceptance in the United States, as the country was an early adopter of Social, Mobile, Analytics, and Cloud (SMAC) technologies. There have been a series of collaborations and mergers and acquisitions in North America to take the advantage of this opportunity.
For instance, IBM Corporation has partnered with Performance Bicycle, the nation’s largest independent bicycle retailer, which is using Watson Customer Engagement solutions, running on the IBM Cloud, to help create personalized customer experiences that extend from online to each of its brick-and-mortar stores. With these series of investments, communications, retail, healthcare, and manufacturing applications in North America are expected to witness a significant growth rate, over the forecast period.
Key Developments in the Customer Engagement Solutions Market
- May 2018: Pegasystems has upgraded its product portfolio by introducing new AI Features in Its Customer Engagement software, and it will provide banks with complete AI control and transparency, ensuring banks remain in regulatory compliance while driving additional revenue and providing exceptional customer experiences.
Customer Engagement Solutions Market Major Players:
- Avaya Inc.
- Aspect Software Inc.
- Calabrio Inc.
- International Business Machines Corporation
- Microsoft Corporation
- Nice Systems
- Nuance Communications Inc.
- OpenText Corporation
- Oracle Corporation
- Pegasystems Inc.
- Salesforce.com Inc.
- SAP SE
- ServiceNow Inc.
- Verint Systems
- Zendesk Inc.
- eGain Corporation
- Freshworks Inc.
- Lithium Technologies
Customer Engagement Solutions Market - Report Summary
Customer Engagement Solutions Market
Market Size in 2017
USD 12.56 billion
Market Size in 2023
USD 21.97 billion
The report on Customer Engagement Solutions Market offers the latest trends, growth prospects, industry competitiveness, major players, value/supply chain, regional market share, and forecast, till 2023.
Reasons to Purchase Customer Engagement Solutions Market Report
- Provides latest insights into the global customer engagement solutions market
- Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis
- To understand the dominating technology in the market
- The region that is expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by major market players
- 3-month analyst support, along with the Market Estimate sheet (in Excel)
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1.1 Key Deliverables of the Customer Engagement Solutions Market Study
1.2 Customer Engagement Solutions Market Study Assumptions
1.3 Scope of Customer Engagement Solutions Market
2. Research Approach and Methodology
3. Executive Summary
4. Customer Engagement Solutions Market Dynamics
4.1 Customer Engagement Solutions Market Overview
4.2 Factors Driving the Customer Engagement Solutions Market
4.2.1 Increasing Use of E-commerce and M-commerce Platforms
4.2.2 Increasing Focus on Delivering Enhanced Customer Engagement through Omnichannel
4.3 Factors Restraining the Customer Engagement Solutions Market
4.3.1 Data Security and Privacy Issues
4.5 Industry Attractiveness – Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products or Services
4.5.5 Competitive Rivalry among Existing Competitors
5. Global Customer Engagement Solutions Market - Segmentation
5.1 Customer Engagement Solutions Market – Segmented by Component
5.1.1 By Solution
126.96.36.199 Omni Channel
188.8.131.52 Workforce Optimization
184.108.40.206 Others (Robotic Process Optimization, Self Service)
5.2 Customer Engagement Solutions Market – By Deployment
5.2.2 Cloud based
5.3 Customer Engagement Solutions Market – By Size of Enterprise
5.3.1 Small and Medium Enterprises
5.3.2 Large Enterprises
5.4 Customer Engagement Solutions Market – Segmented by Geography
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East & Africa
6. Customer Engagement Solutions Market Competitive Intelligence – Company Profiles
6.1 Avaya Inc.
6.2 Aspect Software Inc.
6.3 Calabrio Inc.
6.5 IBM Corporation
6.6 Verint Systems Inc
6.7 Nice Systems
6.8 Nuance Communications Inc.
6.9 OpenText Corporation
6.10 Oracle Corporation
6.11 Pegasystems Inc.
6.12 Salesforce.com Inc.
6.13 SAP SE
*List Not Exhaustive
7. Investment Analysis of the Customer Engagement Solutions Market
8. Future Outlook in the Global Customer Engagement Solutions Market