Market Overview

Customer Engagement Solutions Market - Global Forecast to 2023


Customer Engagement Solutions Market - Global Forecast to 2023

PR Newswire

DUBLIN, July 25, 2018 /PRNewswire/ --

The "Customer Engagement Solutions Market by Component (Solutions, Services), Deployment Type (Cloud, On-premises), Organization Size, Vertical (BFSI, Telecommunication, Consumer Goods & Retail), and Region - Global Forecast to 2023" report has been added to's offering.

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The customer engagement solutions market is projected to grow from USD 14.08 billion in 2018 to USD 23.19 billion by 2023, at a CAGR of 10.5% during the forecast period.

The increasing adoption of customer engagement solutions to reduce customer churn rate, increasing use of e-commerce and m-commerce platforms, and increasing focus on delivering enhanced customer engagement through omnichannel are significant factors projected to drive the growth of the market.

The customer engagement solutions market has been segmented based on component, deployment type, organization size, vertical, and region. Based on component, the market has been segmented into solutions and services. The solutions component segment of the market has been further classified into omnichannel, workforce optimization, robotic process automation, and analytics & reporting. The services component segment of the market has been further classified into professional services and managed services.

The analytics & reporting subsegment of the solutions segment is projected to grow at the highest CAGR during the forecast period. Analytics is a technology that uses multiple algorithms to process and obtain data from speech and text-based information. Analytics & reporting allow organizations to use artificial intelligence to help them offer tailored solutions. The increasing use of the Internet of Things (IoT) in business processes helps organizations increase the use of analytical capabilities. All the above-mentioned factors are expected to drive the demand for analytics & reporting solutions.

Based on deployment type, the customer engagement solutions market has been segmented into on-premises and cloud. Based on organization size, the small & medium enterprises segment of the market is projected to grow at a higher CAGR during the forecast period as compared to the large enterprises segment. Cost-effectiveness is important for SMEs, as they have a limited budget. Hence, the implementation of cloud-based customer engagement solutions is expected to result in increased revenues, desired business outcomes, and improved business efficiency for SMEs. The large enterprises segment is projected to lead the market during the forecast period.

Based on vertical, the BFSI segment is projected to lead the customer engagement solutions market from 2018 to 2023. The growth of the BFSI segment can be attributed to the increased adoption of customer engagement solutions in the BFSI vertical, as these solutions help BFSI companies automate their customer interaction processes through chatbots, thereby reducing the service delivery time.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Customer Engagement Solutions Market
4.2 North America: Market By Component
4.3 Europe: Market By Deployment Type
4.4 Middle East & Africa: Market By Organization Size
4.5 Asia Pacific: Market By Vertical
4.6 Market By Vertical & Region

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Increasing Adoption of Customer Engagement Solutions to Reduce Customer Churn Rate Increasing Use of E-Commerce and M-Commerce Platforms Increasing Focus on Delivering Enhanced Customer Engagement Through Omnichannel Rising Adoption of Smartphones and Tablets
5.2.2 Restraints Data Synchronization Between Customer Engagement Solutions and Other Technologies Personalized Expectations of Customers
5.2.3 Opportunities Increased Applicability of Big Data and Machine Learning Increased Investments in Artificial Intelligence (AI) Increased Cross-Selling and Upselling Activities
5.2.4 Challenges Managing Security With Multiple Customer Touchpoints Choosing the Proper Mix of Technology and Personnel
5.3 Industry Trends
5.3.1 Case Studies Case Study 1: Mma Enhances Existing Sales Strategy With Online Chat to Increase Global Conversion Rates Case Study 2: Dixons Carphone Ramps Up Its Live Helpdesk Functionality With the Help of Nuance Live Chat Solution Case Study 3: Citi Mortgage Accelerated Interaction With Potential Buyers With the Help of Nuance Proactive Engagement Platform

6 Customer Engagement Solutions Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Omnichannel
6.2.2 Workforce Optimization
6.2.3 Robotic Process Optimization
6.2.4 Analytics & Reporting
6.3 Services
6.3.1 Professional Services Implementation & Integration Services Support & Maintenance Services Consulting Services
6.3.2 Managed Services

7 Market By Deployment Type
7.1 Introduction
7.2 Cloud
7.3 On-Premises

8 Customer Engagement Solutions Market, By Organization Size
8.1 Introduction
8.2 Small & Medium Enterprises
8.3 Large Enterprises

9 Market By Vertical
9.1 Introduction
9.2 BFSI
9.3 Consumer Goods & Retail
9.4 Telecommunication
9.5 Healthcare & Life Sciences
9.6 Automotive & Transportation
9.7 Media & Entertainment
9.8 Travel & Hospitality
9.9 Manufacturing
9.10 Others

10 Regional Analysis

11 Competitive Landscape
11.1 Overview
11.2 Competitive Situation and Trends
11.2.1 New Product Launches & Product Enhancements
11.2.2 Agreements, Collaborations, and Partnerships
11.2.3 Acquisitions
11.2.4 Expansions
11.3 Market Ranking of Key Players

12 Company Profiles
12.1 Avaya
12.2 Aspect Software
12.3 Calabrio
12.4 Genesys
12.5 IBM
12.6 Microsoft
12.7 Nice Systems
12.8 Nuance Communications
12.9 Opentext
12.10 Oracle
12.11 Pegasystems
12.12 Pitney Bowes
12.13 Salesforce
12.14 SAP
12.15 Servicenow
12.16 Verint Systems
12.17 Zendesk
12.18 Key Innovators
12.18.1 Egain Corporation
12.18.2 Bpmonline
12.18.3 Crmnext
12.18.4 Eptica
12.18.5 Freshworks
12.18.6 Ifs-Mplsystems
12.18.7 Lithium Technologies
12.18.8 Sugarcrm

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