FACTS AT A GLANCE
Edition: 8; Released: January 2022
Executive Pool: 36026
Companies: 444 – Players covered include Aspect Software, Inc.; Avaya, Inc.; Bpmonline; Calabrio, Inc.; crmnext; eGain Corporation; Eptica; Freshworks Inc.; Genesys; IBM Corporation; Ifs-Mplsystems; Lithium Technologies, LLC.; Microsoft Corporation; NICE Systems Ltd.; Nuance Communications, Inc.; OpenText Corporation; Oracle Corporation; Pegasystems, Inc.; Pitney Bowes, Inc.; Salesforce.com, Inc.; SAP SE; ServiceNow, Inc.; SugarCRM, Inc.; Verint Systems, Inc.; Zendesk, Inc. and Others.
Coverage: All major geography and key segments
Segments: Component (Solutions, Services); Vertical (BFSI, Telecommunication, Retail & Consumer Goods, Other Verticals)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of the World.
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Global Customer Engagement Solutions Market to Reach US$31.3 Billion by the Year 2026
Customer engagement refers to the process that can be utilized by brands for maximizing their interaction with customers through various channels for building and strengthening customer relationships. Customer engagement can be accomplished through various different methods, marketing campaigns, creation and posting of new content on websites, and outreach through social media platforms, mobile devices, and wearables. Customer engagement is emerging as one of the most effective methods of customer retention and becoming a key focus area for small as well as large organizations across the globe. Against the backdrop of widespread digitalization of marketing, the ability of companies to interact with potential and existing customers through various digital channels to build relationships is growing in importance, so much so, it has become crucial for competitive success in the marketplace. Fully engaged customers demonstrate loyalty and buy more even during tough economic conditions. Few of the popular digital channels of engagement include email, text messaging, social media, live chats, webinars, podcasts, augmented reality (AR) and Virtual reality (VR), IoT, mobile apps, chatbots and voice assistants, among others. AI chatbots and voice assistants give immediate response to customers’ service or product inquiry, thus providing a gratifying engagement experience. Big data technologies help in making engagements more personal and tailored to individual preferences.
Amid the COVID-19 crisis, the global market for Customer Engagement Solutions estimated at US$15 Billion in the year 2020, is projected to reach a revised size of US$31.3 Billion by 2026, growing at a CAGR of 12.5% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to grow at a 11.2% CAGR to reach US$22.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 15.5% CAGR for the next 7-year period. This segment currently accounts for a 28.3% share of the global Customer Engagement Solutions market.
The US Market is Estimated at $5.5 Billion in 2021, While China is Forecast to Reach $4 Billion by 2026
The Customer Engagement Solutions market in the US is estimated at US$5.5 Billion in the year 2021. The country currently accounts for a 32.3% share in the global market. Chinathe world’s second largest economy, is forecast to reach an estimated market size of US$4 Billion in the year 2026 trailing a CAGR of 15% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.7% and 11.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.1% CAGR while Rest of European market (as defined in the study) will reach US$1.4 Billion by the end of the analysis period. More
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