The Worldwide Customer Engagement Solutions Industry is Expected to Reach $32.2 Billion by 2027

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Nov 18, 2022, 13:00 ET

DUBLIN, Nov. 18, 2022 /PRNewswire/ -- The "Customer Engagement Solutions Market by Component (Solutions and Services), Deployment Type (Cloud and On-premises), Organization Size, Vertical (BFSI, Telecom & IT, and Retail & Consumer Goods) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global Customer engagement solutions market size is expected to grow from USD 19.3 billion in 2022 to USD 32.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period.

The Analytics and reporting solution segment to have a higher CAGR during the forecast period

Customer engagement analytics solutions offered by enterprises allow businesses to gain in-depth insights into customer activities, which would help enhance customer loyalty and increase sales.

It allows organizations to use artificial intelligence in the response to customers and help organizations offer personalized solutions. IBM (US), Microsoft (US), Salesforce (US), and Zendesk (US) are among the leading providers of analytics and reporting solutions.

The large enterprises segment is estimated to account for a larger market size during the forecast period

Retailers Large enterprises are adopting new strategic approaches for customer engagement to stand out in a competitive environment. The brands are choosing AI-powered chatbots, which are the increasingly emerging tools for enterprises looking to offer personalized, day-and-night, self-service support to customers.

Among regions, APAC to hold a higher CAGR during the forecast period

The growth of the Customer engagement solutions market in APAC is highly driven by the rapid digitalization of enterprises across the region. Enterprises across APAC are working effortlessly on taking up digital transformation, majorly for streamlining their operations and improving the customer experience.

Indicating that spending on software is also expected to grow to keep with up with rising customer demands in terms of online accessibility of services from enterprises. Hence, this rapid investment in technologies and providing online services to the customer is expected to drive the growth of the Customer engagement solutions market in APAC.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Customer Engagement Solutions Market Overview
4.2 North America: Market, by Solutions and Services (2022)
4.3 Geographical Snapshot of the Market

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rise in Adoption of Customer Engagement Solutions to Reduce Customer Churn Rate
5.2.1.2 Increase in Use of Ecommerce and Mcommerce Platforms
5.2.1.3 Greater Focus on Delivering Enhanced Omnichannel Customer Engagement
5.2.1.4 Shift Toward Providing Exclusive Virtual Experiences in the Post-COVID-19 Era
5.2.2 Restraints
5.2.2.1 Data Synchronization Between Customer Engagement Solutions and Other Technologies
5.2.2.2 Personalized Expectations of Customers
5.2.3 Opportunities
5.2.3.1 Increased Applicability of Big Data and Machine Learning
5.2.3.2 Growth in Investments in Artificial Intelligence (Ai)
5.2.3.3 Surge in Cross-Selling and Upselling Activities
5.2.3.4 End-To-End Business Reorientation Catalyzed by COVID-19
5.2.4 Challenges
5.2.4.1 Managing Security with Multiple Customer Touchpoints
5.2.4.2 Choosing the Proper Mix of Technology and Personnel
5.3 Impact of COVID-19 on Market Dynamics
5.3.1 Drivers and Opportunities
5.3.2 Restraints and Challenges
5.3.3 Cumulative Growth Analysis
5.4 Customer Engagement Solutions Market: Supply Chain Analysis
5.5 Ecosystem
5.6 Pricing Model of Market Players
5.7 Technology Analysis
5.8 Case Study Analysis
5.8.1 Case Study 1: Petric Used Avaya's Solution to Enhance Customer Satisfaction and Business
5.8.2 Case Study 2: with Conversation Intelligence in Dynamics 365 Sales, Investec Enhanced Sales Calls
5.8.3 Case Study 3: Banco Santander Brasil Delivered Exceptional Client Service at Speed with the Pega Platform
5.8.4 Case Study 4: Cisco Delivered Strong Digital Customer Engagement with Pega
5.8.5 Case Study 5: the City of Mesa Opted for Aspect Unified Ip Solutions from Alvaria to Offer Strong Interaction Choices
5.8.6 Case Study 6: the University of California at Berkeley Offered Excellent Student Services with Salesforce Service Cloud Solution
5.8.7 Case Study 7: Synergy Enterprise Adopted the Freshsales' Solution to Enhance Customer Engagement
5.9 Revenue Shift for the Customer Engagement Solutions Market
5.10 Patent Analysis
5.11 Porter's Five Forces Analysis
5.12 Regulatory Landscape
5.13 Key Stakeholders & Buying Criteria
5.14 Key Conferences & Events in 2022-2023

6 Customer Engagement Solutions Market, by Component
6.1 Introduction
6.1.1 Component: Market Drivers
6.1.2 Component: COVID-19 Impact
6.2 Solutions
6.2.1 Omnichannel
6.2.1.1 Customer Engagement Solutions for Seamless Customer Experience with An Omnichannel Approach
6.2.2 Workforce Optimization
6.2.2.1 Increased Employee Efficiency Maintaining the Lowest Possible Operational Cost
6.2.3 Robotic Process Optimization
6.2.3.1 Automation of Business Processes to Increase Productivity and Enhance Customer Experience
6.2.4 Analytics and Reporting
6.2.4.1 In-Depth Insights into Customer Activities to Gain a Competitive Edge
6.3 Services
6.3.1 Professional Services
6.3.1.1 Integration and Deployment Services
6.3.1.1.1 Integration Services Aiding the Smooth Functioning of Customer Engagement Solutions in Highly Complex Network Infrastructures
6.3.1.2 Support and Maintenance Services
6.3.1.2.1 Timely Support and Effective Maintenance Services to Achieve Business Goals and Objectives
6.3.1.3 Consulting Services
6.3.1.3.1 to Enhance Performance, Reduce Risks, and Achieve Customer Satisfaction
6.3.2 Managed Services
6.3.2.1 Improve the Efficiency of Inbound and Outbound Operations Cost-Effectively

7 Customer Engagement Solutions Market, by Organization Size
7.1 Introduction
7.1.1 Organization Size: Market Drivers
7.1.2 Organization Size: COVID-19 Impact
7.2 Small and Medium-Sized Enterprises
7.2.1 Adoption of Digital Solutions to Automate Several Internal Processes
7.3 Large Enterprises
7.3.1 Customer Engagement Solutions for Continuing a Distinguishable Brand Identity

8 Customer Engagement Solutions Market, by Deployment Mode
8.1 Introduction
8.1.1 Deployment Mode: Market Drivers
8.1.2 Deployment Mode: COVID-19 Impact
8.2 Cloud
8.2.1 Cloud Deployment Offers Risk Management and Security Operations Through a Single Provider
8.3 On-Premises
8.3.1 On-Premises Deployment Offers Efficient Customer Service

9 Customer Engagement Solutions Market, by Vertical
9.1 Introduction
9.1.1 Vertical: Market Drivers
9.1.2 Vertical: COVID-19 Impact
9.2 Banking, Financial Services, and Insurance
9.2.1 Automated Customer Onboarding and Ai-Enabled Chatbots
9.3 Retail & Consumer Goods
9.3.1 Increase in Digital Transformation and Customer-Centric Approach in Retail
9.4 Telecom & It
9.4.1 Need to Enhance Customer Experience to Gain a Competitive Edge
9.5 Automotive
9.5.1 Enhanced Customer Experience by Providing Personalized Solutions
9.6 Transportation & Logistics
9.6.1 Need to Provide Quick Solutions to Customers' Queries with Modern Customer Engagement Solutions
9.7 Travel & Hospitality
9.7.1 Adoption of Artificial Intelligence and Chatbots for Smart Rooms and Robots for Housekeeping Promote Travel & Hospitality
9.8 Media & Entertainment
9.8.1 Media Quest for Advanced Analytics and Personalized Content
9.9 Healthcare & Lifesciences
9.9.1 Intelligent Omnichannel Interactions to Drive Healthcare & Lifesciences Vertical
9.10 Manufacturing
9.10.1 Shifting from Manual to Digital End-To-End Solutions to Benefit Manufacturing Vertical
9.11 Other Verticals

10 Customer Engagement Solutions Market, by Region

11 Competitive Landscape
11.1 Introduction
11.2 Ranking of Leading Players
11.3 Historical Revenue Analysis
11.4 Competitive Overview
11.5 Company Product Footprint Analysis
11.6 Company Evaluation Quadrant
11.6.1 Stars
11.6.2 Emerging Leaders
11.6.3 Pervasive Players
11.6.4 Participants
11.7 Startup/SME Evaluation Quadrant
11.7.1 Progressive Companies
11.7.2 Responsive Companies
11.7.3 Dynamic Companies
11.7.4 Starting Blocks
11.8 Competitive Scenario
11.8.1 Product Launches
11.8.2 Deals
11.8.3 Others

12 Company Profiles
12.1 Major Players
12.1.1 Avaya
12.1.2 Nice Systems
12.1.3 Oracle
12.1.4 Salesforce
12.1.5 SAP
12.1.6 IBM
12.1.7 Microsoft
12.1.8 Zendesk
12.1.9 Pegasystems
12.1.10 Servicenow
12.1.11 Opentext
12.1.12 Verint Systems
12.1.13 Egain Corporation
12.1.14 Enghouse Systems
12.1.15 Alvaria
12.1.16 Genesys
12.1.17 Freshworks
12.1.18 Ifs-Mplsystems
12.1.19 Calabrio
12.1.20 Khoros
12.1.21 Precisely
12.2 Startups/SMEs
12.2.1 Creatio
12.2.2 Crmnext
12.2.3 Sugarcrm
12.2.4 Webengage
12.2.5 Upshot
12.2.6 Moengage
12.2.7 Churnzero
12.2.8 Sentimeter