Chicago, Feb. 10, 2023 (GLOBE NEWSWIRE) -- The Global Customer Engagement Solutions Market is projected to grow from USD 19.3 billion in 2022 to USD 32.2 billion by 2027, at a CAGR of 10.8% during the forecast period, according to a new report by MarketsandMarkets™. The global Customer Engagement Solutions Market is gaining traction, with increase in use of eCommerce and mCommerce platforms, though it may not be feasible to use these platforms to directly monitor customer behaviour. The inability to monitor customer behaviour has led to increased customer issues, impacting businesses. The website is the first phase wherein customers start their interactions; if customer expectations are not met in the initial stages, it creates scope for market growth.
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312 - Tables
54 - Figures
299 - Pages
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Scope of the Report
|Base year for estimation||2022|
|Forecast units||Value (USD Billion)|
|Market size value in 2022||USD 19.3 billion|
|Revenue forecast in 2027||USD 32.2 billion|
|Growth Rate||CAGR of 10.8%|
|Segments covered||By component, organization size, deployment mode, verticals, and region|
|Regions covered||North America, Europe, APAC, MEA, Latin America|
|Companies covered||Avaya (US), IBM (US), Microsoft (US), NICE Systems (Israel), Oracle (US), Salesforce (US), SAP (Germany), Zendesk (US), Pegasystems (US), ServiceNow (US), Open Text (Canada), Precisely (US), Verint Systems (US), eGain Corporation (US), Enghouse Systems (US), Alvaria (US), Genesys (US), Freshworks (California), IFS-mplsystems (Sweden), Calabrio (US), Khoros (US), Creatio (US), CRMNEXT (California), SugarCRM (Canada), WebEngage (India), Upshot (Texas), MoEngage (US), ChurnZero (US), and Sentimeter (US).|
The Managed services segment is expected to grow at the highest CAGR during the forecast period. Managed services assist clients in outsourcing customer engagement solutions to service providers to efficiently manage their key business operations. Managed services help to ease different processes on the cloud as well as manage the cost and security challenges efficiently and continuously. The companies offering managed services have the requisite knowledge and infrastructure to manage activities end-to-end.
Managed services help in reducing costs; strengthening infrastructure; and simplifying complex processes, such as data recovery and automatic upgrades. They also warrant better response time and 24/7 supervision. For companies that do not have internal budgets or analytical skills to implement and manage customer engagement solutions, these services are very useful.
The Banking, financial services and insurance (BFSI) segment is estimated to hold the highest market share The BFSI sector is building trust and transparency by adopting a customer-centric approach keeping existing customers satisfied with the help of customer engagement solutions. Customer self-service is one of the fastest-growing banking customer experience trends, and this is driving the market.
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By region, North America is estimated to hold the highest market share during the forecast period. In North America, call center services are majorly adopted by BFSI, telecommunication, and travel & hospitality firms for effective customer engagement. North America has the largest call center industry in the world. Skilled customer executives, personalized services, and user-friendly web portals & mobile applications are the three most important touchpoints that banks can use to retain customers. Moreover, the travel & hospitality industry in North America is highly competitive, wherein guests are increasingly using technology to plan travel and lodging.
Major vendors covered in the Customer Engagement Solutions Market include Avaya (US), IBM (US), Microsoft (US), NICE Systems (Israel), Oracle (US), Salesforce (US), SAP (Germany), Zendesk (US), Pegasystems (US), ServiceNow (US), Open Text (Canada), Precisely (US), Verint Systems (US), eGain Corporation (US), Enghouse Systems (US), Alvaria (US), Genesys (US), Freshworks (California), IFS-mplsystems (Sweden), Calabrio (US), Khoros (US), Creatio (US), CRMNEXT (California), SugarCRM (Canada), WebEngage (India), Upshot (Texas), MoEngage (US), ChurnZero (US), and Sentimeter (US).
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