Customer Engagement Solution Global Market Report 2024

Customer engagement solutions refer to solutions that can improve and automate customer self-service options. It helps the live agent concentrate on other requests, such as calls or chat requests. This also helps to improve customer loyalty. Customer engagement solutions used to solve problems without requiring a support team.

The main types of components in customer engagement solutions are solutions and services. A customer engagement solution can range from a live chat tool that allows communicating with customers through your service channel(s) to enterprise-level software that covers every single touchpoint a user has during their sales journey with your company. The different deployment types include on-premise, cloud, and involve various organization sizes such as small and medium enterprises, large enterprises. it is employed in BFSI, consumer goods and retail, telecommunication, healthcare and life sciences, automotive and transportation, media and entertainment, travel and hospitality, manufacturing, and other verticals.

The customer engagement solutions market research report is one of a series of new reports that provides customer engagement solutions market statistics, including customer engagement solutions industry global market size, regional shares, competitors with a customer engagement solutions market share, detailed customer engagement solutions market segments, market trends and opportunities, and any further data you may need to thrive in the customer engagement solutions industry. This customer engagement solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The customer engagement solution market size has grown rapidly in recent years. It will grow from $19.45 billion in 2023 to $21.74 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to social media impact, customer data utilization, automation for efficiency, focus on customer retention, customer feedback management.

The customer engagement solution market size is expected to see rapid growth in the next few years. It will grow to $34.29 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to predictive analytics for anticipation, enhanced security measures, focus on accessibility and inclusivity, personal data control for customers, environmental sustainability. Major trends in the forecast period include personalization at scale, data-driven insights for customer understanding, proactive customer engagement, customer journey mapping and orchestration, real-time engagement and feedback, integration with crm and marketing automation.

The high penetration of the internet is expected to propel the growth of the customer engagement solutions market going forward. The Internet refers to a worldwide network that helps to transmit a variety of data and media across interconnected devices. The Internet is used in customer engagement solutions for answering customer questions digitally using tools such as email, social media, live chat, and messaging apps. For instance, in March 2021, according to Internet World Stats, a US-based internet statistics providing company, internet users are 5.1 billion in 2021 worldwide with a penetration rate of 65.6%. In addition, on an average global Internet, users are spending 6 hours and 43 minutes online every day. Therefore, the high penetration of the internet is driving the customer engagement solutions market share.

The rising use of social media platforms is expected to propel the growth of the customer engagement solutions market going forward. A social media platform is a communication platform that uses the internet, and users engage in conversations, exchange information, and produce content for the web via social media platforms. Customer engagement solutions use social media platforms as a direct channel for real-time interaction between businesses and customers, enhancing the customer experience and building stronger relationships with consumers. For instance, in February 2023, according to Meltwater, a Netherlands-based software company, in the UK, there were 35 million LinkedIn members and 28.75 million Instagram users. Therefore, the rising use of social media platforms is driving the growth of the customer engagement solutions market.

Technological innovations are the key trends gaining popularity in the customer engagement solutions market. Major companies operating in the customer engagement solutions sector are introducing new technological innovations to reinforce their position in the market. For instance, In October 2022, CSG International, a US-based business support systems software and services provider, launched CSG Xponent Ignite, a customer engagement solution built from industry-specific expertise that enables businesses to quickly deploy, engage and deliver quantifiable experiences aligned with their goals. It can hyper-personalize customer communications on their preferred engagement channels. It can also provide patients with the extraordinary experiences they get from their favorite consumer brands.

Major companies operating in the customer engagement solutions market are leveraging data to gain actionable insights into customer behavior. Data analytics and insights in customer engagement solutions involve the use of data to understand customer behavior and preferences, enabling businesses to make informed decisions and enhance customer interactions. For instance, in February 2023, GoTo,a US-based software company, launched GoTo Customer Engagement. GoTo Customer Engagement provides businesses with a platform for collecting and analyzing customer data. This improves customer satisfaction by providing timely and relevant responses to customer inquiries. The soliution also enables firms to develop and distribute surveys to clients, which may aid in understanding customer needs and gathering feedback. Businesses may receive rapid feedback on NPS ratings, product improvements, brand perception, and other topics by including customized surveys in SMS campaigns.

In November 2021, Exotel, an India-based cloud telephony platform that powers communication for enterprises, such as startups and small and medium enterprises, acquired Cognos AI for an undisclosed amount. This acquisition helps Exotel to expand its business into new markets such as the Middle East and Southeast Asia. Congo AI is an India-based company that provides customer engagement solutions.

Major companies operating in the in the customer engagement solution market report are Aspect Software Inc., Avaya Inc., Calabrio Inc., Genesys Telecommunications Laboratories Inc., IBM Corporation, Microsoft Corporation, NICE Systems Ltd., Nuance Communications Inc., OpenText Corporation, Oracle Corporation, Pegasystems Inc., Pitney Bowes Inc., Salesforce Inc., SAP SE, ServiceNow Inc., SugarCRM Inc., Verint Systems Inc., Zendesk Inc., Bpmonline Inc., Crmnext Inc., eGain Corporation, Eptica S. A., Freshworks Inc., IFS-Mplsystems Ltd., Lithium Technologies LLC., SpotOn Transact LLC., MessageGears Inc., Yellow Messenger Pte. Ltd., Kevit Technologies Pvt. Ltd., Helpshift Technologies Pvt. Ltd.

North America was the largest region in the customer engagement solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer engagement solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the customer engagement solution market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The customer engagement solutions market includes revenues earned by entities by providing services such as SMS and email solutions, interactive personalized video solutions, chatbot solutions, digital self-service solutions, print-to-digital solutions, and digital archiving solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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