Customer Engagement Solutions Market
According to a new market research report Customer Engagement Solutions Market with COVID-19 Analysis, by Component (Solutions and Services), Deployment Type (Cloud and On-Premises), Organization Size, Vertical (BFSI, Telecom and IT, and Retail & Consumer Goods) and Regions – Global Forecast to 2027 “published by MarketsandMarkets ™, 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.
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The company’s focus on delivering enhanced omnichannel customer engagement is one of the key factors driving market growth. The omnichannel suite helps organizations facilitate personalized conversations across multiple channels, including voice, web, mobile, and social media. This allows organizations to strengthen their presence in the region by interacting with customers through multiple touchpoints in real-time.
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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).
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.
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Asia Pacific is likely to emerge as the fastest growing segment during the forecast period.
The growth of the customer interaction solutions market in Asia Pacific is highly driven by the rapid digitalization of businesses across the region. According to the Computer Weekly/TechTarget IT Priorities survey in 2019, 42% of nearly 1,000 IT decision-makers in Asia Pacific stated that they were looking to upgrade their IT infrastructure to support digital transformation initiatives, while 35% were hoping to use evolving technologies. employee experience and productivity. This indicates that software spending is also expected to grow to keep pace with rising customer demand in terms of online accessibility of services from businesses. Therefore, this rapid investment in technologies and providing online services to the customer is expected to drive the growth of the market of customer interaction solutions in Asia Pacific.
Mr. Aashish Mehra
MarketsandMarkets ™ INC.
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