According to our latest market study on “Customer Communications Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Enterprise Size, and Industry,” the customer communications management market size was valued at US$ 1,325.6 million in 2021 and the customer communications management market size projected to reach US$ 2,752.4 million by 2028; it is expected to grow at a CAGR of 11.4% from 2022 to 2028.
Maintenance of Customer Engagement through Omnichannel by Using Customer Communications Management (CCM) Solutions Fuels Market Growth
There is an increasing demand for keeping customers engaged through various communication channels, such as phone calls, email, web, SMS, chatbots, social media, and print, to increase the customer base for improving the business growth. Customers are technology-driven and expect to communicate with companies through channels of their preferred choice, such as voice, web, mobile, email, short message service (SMS), and social media, at their convenience. Thus, to remain competitive, companies are facilitating customer interactions through omnichannel. The omnichannel communication enables the businesses to collect data from several sources and provide appropriate responses, even if customers are approached with the same query through a different channel. It also helps enhance multichannel correspondence and collect customer profile details on other platforms after their consent. Thus, versatility in communication channels enhances operational efficiency and customer engagement, enabling omnichannel communication, which is driving the customer communications management market growth.
Key Players Influencing the Market
- Adobe Systems Inc.
- Canon Cyprus
- Dell Technologies
- DocCentrics
- Hewlett Packard Enterprise Development LLC
- Newgen Software Technologies Limited
- Open Text Corporation
- Oracle Corporation
- Pitney Bowes Inc.
- Xerox Corporation
The cloud-based platform is constantly evolving, wherein various organizations are adopting the CCM solutions integrated with cloud platforms, which enhances customer communications efficiency. SMEs emphasize enhanced customer interactions to add value to their product offerings. Thus, increasing adoption of advanced technology is accelerating the customer communications management market growth. Machine learning-based tools help enterprises process customer data efficiently and generate highly personalized offers to fulfill customers’ demands. A tool that integrates Natural Language Processing (NLP) into a CCM solution provides a remarkable customer experience.
Key Findings of Study:
The Customer Communications Management market is segmented on the basis of component, deployment, enterprise size, industry, and geography. Customer Communications Management market analysis by component, the customer communications management market is segmented into solution and service. Customer Communications Management market analysis by deployment, the customer communications management market is bifurcated into cloud and on premises. Customer Communications Management market analysis by enterprise size, the customer communications management market is bifurcated into small and medium enterprises, and large enterprises. Based on industry, the customer communications management market is segmented into BFSI, IT and Telecom, Manufacturing, Retail, Energy and Utilities, Government, and Others segment. The global customer communications management market analysis by region is segmented into five key regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America. North America held the largest market share in 2021.
With the growing competitive rivalry in the market, businesses across Europe are turning to CCM solutions to develop a transparent communication model with their customers. The model also assists businesses in generating insights by researching client purchasing and preference patterns, which aids in the launch of enhanced products and services. Customers can quickly switch brands, making it crucial for businesses to engage with their customers. As a result, the customer communication management market in Europe is expected to grow rapidly during the forecast period. In June 2021, Doxim launched an omnichannel customer communication solution in the UK to help its clients succeed at omnichannel communications and maximize customer interactions in the enterprise. In the UK, the market is growing due to higher adoption of BYOD policies in offices. Most of the companies are focusing on business strategies and core competencies, which are fueling the utilization and adoption of BYOD (bring-your-own-device). For instance, as per the survey conducted in 2018 by the Department for Digital, Culture, Media, and Sport (UK), around 45% of UK businesses supported BYOD policy. Among the total number of businesses in the country, 60% of finance or insurance firms (105 firms out of the 1,519 businesses) were also firms where BYOD occurred. These factor accelerates the adoption of CCM solution which propels the market growth during the forecast period.
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