Increasing use of customer engagement solutions, widespread adoption of E-commerce and M-commerce platforms among people worldwide, increasing focus on delivering enhanced customer engagement is expected to drive the growth of the global customer engagement solutions market. The increase in demand for digital support, fraud detection solutions, and other solutions during the COVID-19 pandemic has had a positive impact on the market.
/EIN News/ — Portland, OR, Sept. 02, 2022 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, the global market of customer engagement solutions generated $18.5 billion in 2021, and is expected to reach $48.4 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031. The report offers detailed analysis of leading winning strategies, changing market trends, size and estimates, value chains, key investment pockets, drivers and opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing the necessary strategies for the future and taking important steps to significantly strengthen and expand their market position.
Report scope and details:
| Report Scope | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $18.5 billion |
| Market Size in 2031 | $48.4 billion |
| CAGR | 10.2% |
| Number of Pages in Report | 325 |
| Segment Coverage | Offering, Deployment Mode, Enterprise Size, Industry Vertical, And Region. |
| Drivers | Rising standard of living |
| Wide use of E-commerce and M-commerce platforms among people | |
| Opportunities | Increasing use of customer engagement solutions |
| Increased focus on delivering improved customer engagement | |
| Prevented | Data security and privacy concerns |
| Limited to specific buyers |
COVID-19 situation:
- The outbreak of COVID-19 has had a positive impact on the growth of the global customer engagement solutions market.
- Lockdowns have resulted in the closure of various manufacturing facilities, shopping malls, physical stores, etc. which has subsequently increased the need for customer engagement solutions.
- This is mainly because people are increasingly effectively using e-commerce and m-commerce platforms to purchase various items.
- As a result of the outbreak caused by the COVID-19 pandemic, strict restrictions on social distancing have been imposed by the government to prevent the spread of the virus during the pandemic. Thus, increasing use of e-commerce platforms among people has significantly expanded the growth of the market.
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The report offers detailed segmentation of the global customer engagement solutions market based on offering, deployment mode, business size, industry vertical, and region. The report provides a comprehensive analysis of each segment and its respective sub-segment with the help of graphical and tabular representation. This analysis can help market players, investors, and new entrants in identifying and developing strategies based on the fastest growing segments and highest revenue generation mentioned in the report.
Based on the offering, the solution segment holds the dominant market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The services segment, on the other hand, is expected to post the fastest CAGR of 11.1% during the forecast period.
Based on deployment mode, the on-premise segment held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The cloud segment, on the other hand, is expected to post the fastest CAGR of 11.1% during the forecast period.
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Based on business size, the large business segment holds the dominant market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The SMEs segment, on the other hand, is expected to cite the fastest CAGR of 11.8% during the forecast period.
Based on region, the market across North America holds the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to post the fastest CAGR of 11.8% during the forecast period.
Reviewed by major global players customer engagement solutions industry The report includes Avaya Inc., Alvaria, Creatio, CRMNEXT, eGain Corporation, Enghouse Systems, IBM Corporation, Microsoft Corporation, NICE, Oracle Corporation, Open Text Corporation, Pegasystem Inc, SAP SE, Salesforce, Inc, ServiceNow, Verint Systems Inc , Zendesk.
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The report examines these key players in the global customer engagement solutions market. Players in this market have made effective use of strategies such as joint ventures, collaborations, expansions, new product launches, partnerships, and others to maximize their foothold and efficiency in the industry. The report helps in analyzing recent developments, product portfolios, business performance and operational segments of prominent market players.
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