Originally published on Technavio: Market Analysis of Customer Engagement Solutions Across Global Regions (North America, Europe, APAC, Middle East and Africa, South America) - Forecast 2023-2027

 

Introduction:

Published in October 2023, this report by Technavio provides a comprehensive analysis of the Customer Engagement Solutions Market across North America, Europe, APAC, Middle East and Africa, and South America. Covering key regions such as the US, China, Japan, UK, and France, the report forecasts market size and trends for the period 2023-2027.

 

Snapshot:

The report spans 168 pages and is identified by the SKU IRTNTR72553. Technavio offers an Enterprise License with complimentary customization on priority.

 

Market Forecast 2023-2027:

The market is anticipated to grow by USD 11.60 billion at a CAGR of 10.8% between 2022 and 2027. Factors contributing to this growth include the rising adoption of e-commerce business models, increasing emphasis on customer services, and the integration of AI with customer engagement solutions.

 

Market Overview:

The primary driver for market growth is the increasing adoption of e-commerce business models. This trend is fueled by the popularity of smartphones and related apps, with e-commerce giants like Amazon leading the way. Traditional retailers are also adapting by reducing store counts and focusing on omnichannel presence. Rising internet usage and e-commerce adoption are expected to drive market growth.

 

Key Trends:

A significant trend is the surge in smartphone and internet usage, allowing customers to access product and service information through various channels. This accessibility contributes to brand loyalty, emphasizing the importance of customer service. Increased customer data availability, coupled with storage challenges, is fostering alignment, consistency, and collaboration across enterprises, thereby promoting market growth.

 

Key Restraint:

The availability of free and open-source software poses a challenge to market growth. Small and medium-sized enterprises (SMEs) with limited IT budgets are turning to open-source solutions due to the high cost of Software as a Service (SaaS). This adoption is hindering the market's growth during the forecast period.

 

Market Dynamics:

The BFSI industry sees the market as imperative, leveraging AI and digital transformation to optimize customer touchpoints. In banking, organizations embrace workforce optimization and quality management, while fintech markets explore e-payment technology, contributing to the shift towards a cashless economy.

 

Market Segmentation by Component:

The solutions segment is expected to show significant growth, offering various solutions to enhance Net Promoter Scores and facilitate seamless, personalized, omnichannel communications. Analytics integration into customer loyalty solutions is a key driver for solution segment growth.

 

Market Segmentation by Deployment:

The cloud-based segment is anticipated to rise significantly, driven by advantages such as regular payments, recurring costs for maintenance and updates, and flexibility in scaling. Cloud-based solutions are expected to fuel market growth during the forecast period.

 

Market Analyst Overview:

Innovation in tools and strategies is thriving in the customer engagement solutions market. From CRM software to customer feedback tools, businesses are utilizing various platforms to strengthen customer relationships. Loyalty programs, personalized marketing, social media engagement, and email marketing contribute to enriching customer experiences.

 

Regional Overview:

North America is estimated to contribute 32% to global market growth during the forecast period. Advanced technology infrastructure, multiple cloud service providers, and the adoption of cloud-based services are driving market growth in the region.

 

Market Customer Landscape:

The report includes the adoption lifecycle, covering innovators to laggards, and focuses on adoption rates in different regions based on penetration. Key purchase criteria and drivers of price sensitivity are also included in the report.

To Learn deeper into this report , View Sample PDF

Companies such as Avaya LLC, Calabrio Inc., and Freshworks Inc. are implementing various strategies to enhance their presence in the market. The report includes detailed analyses of 20 market companies, providing insights into their strengths and weaknesses.

The report forecasts market growth by revenue at global, regional, and country levels, providing an analysis of trends and growth opportunities from 2017 to 2027.

For more information please contact.

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/