As per the latest FMI analysis, the global customer communications management market is forecasted to register a 10.2% CAGR over the estimated period. The industry’s size is predicted to reach a market value of US$ 1,542.7 million in 2023 and US$ 4,086.9 million by 2033.
Enterprises across the globe are significantly adopting technical solutions to elevate their service and product delivery and capture new customers. CMM plays a critical role in the modern competitive world, as efficient communication with customers results in customer satisfaction, and eventually, customer loyalty and retention.
CCMs are deployed for the delivery, storage, creation, and retrieval of outbound communications with users. Therefore, surging demand for controlling the customer churn rate is fueling the overall market, significantly.
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The customer communications management (CCM) software is observing steady growth, in tandem with customer experience management and multi-channel marketing. All these solutions empower organizations to manage, generate, and offer customer communications throughout all channels with personalized and consistent customer experience.
The customer communications management industry is witnessing healthy growth due to the increasing number of companies adopting individualized, and highly competitive customer service programs. This is being done to retain customers and to enhance the customer experience. CCM also allows consistency and agility in customer communications to acknowledge market opportunities, thus boosting its importance in various end-use industries.
Regionally, North America and Europe have accumulated a large share of the customer communications management industry. Going forward, this trend is projected to continue. Key players are partnering with their contemporaries, and expanding their reach geographically to escalate their sales.
Top Highlights from the FMI’s Analysis of Customer Communications Management Market:
- North America’s CCM industry is expected to attain a value share of more than 26.5% in 2023.
- The United States CCM industry is projected to emerge as an important market over the review period. As per FMI statistics, the country is assessed to contribute a market share exceeding 18.2% in 2023.
- Europe represented 23.4% value share in 2022.
- Germany is a distinguished country in Europe, which has acquired a market share of 7.3% in the year 2022.
- Another important EU market is the United Kingdom, which is projected to expand at a CAGR of 9.1% from 2023 to 2033.
- Japan’s customer communications management industry has supported 5.1% market share, globally.
- India’s market depicts a prominent CAGR of 11.2% over the estimated periods.
- China’s CCM industry is estimated to showcase a CAGR of 9.8% in the next 10 years.
- Based on component, the solutions segment gained a 59.4% value share in 2022.
- Based on deployment mode, on-premise acquired a 63.2% market share in 2022.
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Market Update: New Innovations in the CCM Market
- In May 2023, precisely, a leading company in data integrity, stated that it is going to introduce EngageOne RapidCX. In doing so, the company aims to offer the latest innovation in CCM in the market.
- In May 2023, BetaNXT, a company that offers wealth management infrastructure software, announced that it is going to roll out improved Client Communications Solutions to help transform client communications of financial services firms.
- In February 2023, Elixir, a long-standing leader in the category of customer communications launched an entirely new category in the CCM space.
Key Players Operating in the Market
- Adobe
- Oracle
- Pitney Bowes India Private Limited
- Capgemini
- Newgen Software Technologies Limited
Key Segments in the Market
By Component:
- Solutions
- Services
By Deployment Mode:
- On-premises
- Cloud
By Organization Size:
- Large Enterprises
- SMEs
By Verticals:
- IT and Telecom
- Retail and eCommerce
- BFSI
- Healthcare
- Travel and Hospitality
- Government
- Utilities
- Other
By Region:
- North America
- Europe
- Asia Pacific
- The Middle East and Africa
- Latin America
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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