An increase in the adoption of customer engagement solutions, extensive use of E-commerce and M-commerce platforms among people across the globe, rise in focus on delivering enhanced customer engagement are expected to drive the growth of the global customer engagement solutions market. Surge in demand for digital support, fraud detection solutions, and other solutions during the COVID-19 pandemic had a positive impact on the market.
According to the report published by Allied Market Research, the global customer engagement solutions market generated $18.5 billion in 2021, and is projected to reach $48.4 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape.
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The report offers detailed segmentation of the global customer engagement solutions market based on offering, deployment mode, enterprise size, industry vertical, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on offering, the solution segment held the dominating market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The service segment, on the other hand, is expected to cite the fastest CAGR of 11.1% during the forecast period.
Based on deployment mode, the on-premise segment held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The cloud segment, on the other hand, is expected to cite the fastest CAGR of 11.1% during the forecast period.
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Based on enterprise size, the large enterprises segment held the dominating market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The SMEs segment, on the other hand, is expected to cite the fastest CAGR of 11.8% during the forecast period.
Based on region, the market across North America held the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 11.8% during the forecast period.
The key players analyzed in the global customer engagement solutions industry report include Avaya Inc., Alvaria, Creatio, CRMNEXT, eGain Corporation, Enghouse Systems, IBM Corporation, Microsoft Corporation, NICE, Oracle Corporation, Open Text Corporation, Pegasystem Inc, SAP SE, Salesforce, Inc, ServiceNow, Verint Systems Inc, Zendesk.
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The report analyzes these key players in the global customer engagement solutions market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
COVID-19 Scenario:
- The outbreak of COVID-19 has had a positive impact on the growth of the global customer engagement solutions market.
- Lockdowns resulted in the closure of various manufacturing facilities, shopping malls, physical stores, and others which subsequently increased the demand for customer engagement solutions.
- This is mainly because people were increasingly making effective use of e-commerce and m-commerce platforms to purchase various items.
- As a result of the outbreak caused by the COVID-19 pandemic, stringent social distancing restrictions were imposed by the government to curb the spread of the virus during the pandemic. Thus, increased use of e-commerce platforms among people significantly expanded market growth.
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