Avaya (US), IBM (US), Microsoft (US), NICE Systems (Israel), Oracle (US), Salesforce (US), SAP (Germany), Zendesk (US), Pegasystems (US), ServiceNow (US) ), Open Text (Canada), Precisely (US), Verint Systems (US), eGain Corporation (US), Enghouse Systems (US), Alvaria (US), Genesys (US), Freshworks (California), IFS-mplsystems ( Sweden), Calabrio (US). ”
Customer Engagement Solutions Market by Component (Solutions and Services), Deployment Type (Cloud and On-premises), Organization Size, Vertical (BFSI, Telecom and IT, and Retail and Consumer Goods) and Region-Global Forecast to 2027
The market size of customer interaction solutions is expected to grow from USD 19.3 billion in 2022 to USD 32.2 billion in 2027, at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period. Key factors driving the market of customer interaction solutions include the increasing use of customer interaction solutions that help reduce customer churn rate, greater focus on enhanced delivery omnichannel customer engagement, increase in use of eCommerce and mCommerce platforms, and the move towards providing exclusive virtual experiences during the post-COVID-19 era.
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The omnichannel solution segment is expected to lead the market of Customer interaction solutions by 2022.
Through omnichannel, customers can access companies ’products, offers, and support services or prospects across all platforms, channels, and devices. It helps create a seamless brand experience for customers and enhances the customer experience. The deployment of omnichannel solutions in the BFSI, consumer goods and retail, and telecommunication verticals is high, due to the high interaction and problems faced by customers in these verticals. The major players offering omnichannel solutions are Avaya (US) and SAP (Germany), among others.
Small and medium sized businesses are expected to grow with the fastest growth rate during the forecast period.
Implementing customer interaction solutions will help SMEs reduce costs and improve business efficiency. The customer experience is very important for SMEs, as it boosts their business growth prospects. The adoption of customer interaction solutions will enable real-time tracking capabilities, consistency, scalability, flexibility, cost-effectiveness, accessibility, and increased agility and productivity, which will guarantee an enhanced customer experience and growth for SMEs.
Major vendors covered in the Customer interaction solutions market include Avaya (US), IBM (US), Microsoft (US), NICE Systems (Israel), Oracle (US), Salesforce (US) , SAP (Germany), Zendesk (US). ), Pegasystems (US), ServiceNow (US), Open Text (Canada), Precisely (US), Verint Systems (US), eGain Corporation (US), Enghouse Systems (US), Alvaria (US), Genesys (US) , Freshworks (California), IFS-mplsystems (Sweden), Calabrio (US), Khoros (US), Creatio (US), CRMNEXT (California), SugarCRM (Canada), WebEngage (India), Upshot (Texas), MoEngage ( US), ChurnZero (US), and Centimeter (US). These players have adopted various growth strategies, such as partnerships, business expansion, agreements, and collaborations, new product launches to expand their market presence of communication solutions. customer relationship.
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Avaya is a global leader in digital communications products, solutions, and services, delivering its technology through software and services. Avaya develops innovative open, converged unified communication and collaboration (“UCC”) and contact center (“CC”) software solutions to enhance and simplify communications and collaboration across cloud, on-premises, or hybrid both. Avaya has moved its entire comprehensive software portfolio to Avaya OneCloud, which offers significant capabilities in contact centers (OneCloud CCaaS), unified communications and collaboration (OneCloud UCaaS), and communications platform as a service (OneCloud CPaaS). Avaya offers a range of software sales and licensing models that can be deployed on-premise or through the public, private, or hybrid cloud. With their open, expandable development platform, customers and third parties can easily create custom applications and automated workflows for their unique needs and integrate Avaya’s capabilities with customers. existing infrastructure and business applications.
NICE Systems is a solid player in the market of customer interaction solutions. It provides cloud platforms for AI -driven digital business solutions that serve two key markets: Customer Engagement and Financial Crime and Compliance. It addresses the diverse needs of diverse industry verticals, such as BFSI, energy and utilities, hospitality, healthcare, retail, travel and transportation, metals and mining, government, media and entertainment, and education. In the customer engagement market, it enables organizations to transform experiences with solutions aimed at meeting consumers wherever they choose to begin their journey, providing digital-centric self-service capabilities, making understanding consumers ’journeys, creating smarter hyper-personalized connections, and guiding seamless omnichannel interactions. The company helps organizations transform their workforce experience with solutions aimed at interacting with employees, optimizing operations, and automating processes.
Salesforce is a leading customer relationship management (CRM) platform. The company also offers a technology platform for customers and developers to create and run their applications. Its cloud-based CRM applications for sales, service, marketing, and more do not require IT experts to set up or manage. The company offers intuitive solutions, which can be deployed, customized, and integrated with other software applications.
Using its customer 360 platform, the company delivers a source of truth, connecting customer data to systems, apps, and devices to help companies sell, serve, market, and conduct commerce anywhere. . Its customer’s 360 service offerings are designed to be flexible, scalable, and easy to use. In general, they are easy to configure and quick to deploy and integrate with other enterprise platforms and applications. The company sells its businesses worldwide, primarily on a subscription basis, through its direct selling efforts and indirectly through partners. It also allows third parties to use the platform and its developer tools to create additional functionality and new applications running on its platforms.
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