The customer engagement solutions market size is expected to grow from USD 19.3 billion in 2022 to USD 32.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period. The major factors driving the customer engagement solutions market include the rising adoption of customer engagement solutions which helps in reducing customer churn rate, greater focus on delivering enhanced omnichannel customer engagement, increase in use of eCommerce and mCommerce platforms, and the shift toward providing exclusive virtual experiences in the post-COVID-19 era.
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The omnichannel solution segment is expected to lead the Customer engagement solutions market in 2022.
Through omnichannel, customers can access companies’ products, offers, and support services or prospects on all platforms, channels, and devices. It helps create a seamless brand experience for customers and enhances customer experience. The deployment of omnichannel solutions in the BFSI, consumer goods and retail, and telecommunication verticals is high, as the interaction and problems faced by customers are high in these verticals. The key players offering omnichannel solutions are Avaya (US) and SAP (Germany), among others.
Small and medium sized enterprises is expected to grow with the fastest growth rate during the forecast period.
The implementation of customer engagement solutions can help SMEs to reduce costs and improve business efficiency. Customer experience is very critical for SMEs, as it strengthens their business growth prospects. Adoption of customer engagement solutions would enable real-time monitoring capabilities, consistency, scalability, flexibility, cost-effectiveness, accessibility, and increased agility and productivity, which would warrant enhanced customer experience and growth for the SMEs.
The major vendors covered in the Customer engagement 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 Sentimeter (US). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches to expand their presence in the customer engagement solutions market.
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Avaya is a global leader in digital communication products, solutions, and services, delivering its technology through software and services. Avaya builds innovative open, converged unified communication and collaboration (“UCC”) and contact center (“CC”) software solutions to enhance and simplify communications and collaboration in cloud, on-premises, or a hybrid of both. Avaya has shifted its entire comprehensive software portfolio to Avaya OneCloud, which offers significant capabilities across 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-premises or via a public, private, or hybrid cloud. With their open, extensible development platform, customers and third parties can easily create custom applications and automated workflows for their unique needs and integrate Avaya’s capabilities into the customers existing infrastructure and business applications.
NICE Systems is an established player in the customer engagement solutions market. It provides cloud platforms for AI-driven digital business solutions that serve two main markets: Customer Engagement and Financial Crime and Compliance. It caters to the different requirements of diverse industry verticals, such as BFSI, energy & utilities, hospitality, healthcare, retail, travel & transportation, metals & mining, government, media & 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, 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 engaging employees, optimizing operations, and automating processes.
Salesforce is a leading customer relationship management (CRM) platform. 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 don’t require IT experts to set up or manage. The company offers intuitive solutions, which can be deployed, customized, and integrated with other software applications.
With its customer 360 platforms, the company delivers a single source of truth, connecting customer data across systems, apps, and devices to help companies sell, service, market, and conduct commerce from anywhere. Its customer 360 service offerings are designed to be flexible, scalable, and easy to use. They can generally be easily configured and rapidly deployed and integrated with other platforms and enterprise applications. The company sells its businesses worldwide, primarily on a subscription basis, through its direct sales efforts and indirectly through partners. It also enables third parties to use its platform and developer tools to create additional functionality and new applications that run on its platforms.
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