The Customer Engagement Solutions revenues were estimated at US$ 17.4 Bn in 2021 and is anticipated to grow at a CAGR of 10.9% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 55 Bn.
Businesses are making significant investments in customer interaction technologies in order to increase customer conversion and retention rates and create more effective sales teams. In order to improve customer service and connections, which will ultimately result in better sales and revenue, CRM software assists in gathering customer data and analyzing prior customer encounters.
Due to the widespread use of the internet, it is projected that the market for customer engagement solutions would grow fast in the forthcoming years. Customer engagement solutions use the internet to reply to consumer inquiries digitally using media such as email, social media, live chat, and messaging programs.
According to Internet World Stats, a US-based provider of internet statistics, the number of internet users worldwide climbed from 4.5 Bn in June 2019 to 5.1 Bn in March 2021, with a penetration rate of 65.6%. The typical internet user logs on for 6 hours and 43 minutes per day. Therefore, the increased usage of the internet is driving the demand for client engagement solutions.
The food industry aggressively uses big data to grow and maintain its competitiveness. The growth of the e-commerce industry has increased the availability of data regarding online consumer behavior. These statistics show that more customer engagement technologies are being adopted by the food and beverage industry. Consumer purchase trends are being examined and researched using data analytics. Businesses employ big data technologies to enhance customer interactions and personalize experiences.
Competitive Landscape
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in the Customer Engagement Solutions market are focused on alliances, technology collaborations, and product launch strategies.
Some of the recent developments of key Customer Engagement Solutions providers are as follows:
- In March 2022, Microsoft’s acquisition of Nuance Communications, Inc. with their security-focused, cloud-based products supplemented with robust, vertically targeted AI. Microsoft and Nuance will provide organizations across industries with the tools they need to achieve their goals faster. Customers will gain from the improved consumer, patient, clinician, and employee experiences as well as, eventually, from higher productivity and financial success.
- In July 2021, Salesforce acquired Slack. With this acquisition, Salesforce will be able to offer the Slack-first Customer 360, giving companies a single point of accountability for their operations as well as a platform to connect employees, clients, and partners with one another and the daily-use apps they use, all within their existing workflows.
- In June 2019, a new standard for the customer experience sector is being established with the acquisition of Teleopti by Calabrio. The industry-leading, real multi-tenant SaaS customer experience intelligence platform is created by combining the workforce management software from Teleopti and the customer experience solutions from Calabrio.
Customer Engagement Solutions Market Segmentation
By Component:
- Solution
- Omni Channel
- Workforce Optimization
- Others
- Services
- Managed Services
- Professional Services
By Deployment Type:
- On-Premises
- Cloud
By Organization Size:
- Small and Medium Enterprises
- Large Enterprises
By Verticals:
- Banking, Financial Services, and Insurance
- Telecom and IT
- Retail and Consumer Goods
- Media and Entertainment
- Education & Training
- Other End-user Industries
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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