[250 Pages Report] Newly-released Customer Engagement Solutions Market analysis report by Future Market Insights shows that global sales of the Customer Engagement Solutions Market in 2021 were held at US$ 17.4 Billion. With 10.9% projected growth from 2022 to 2032, the market is expected to reach a valuation of US$ 55 Billion by 2032. Revenue through customer engagement services is expected to grow at a CAGR of over 10.8% from 2022 to 2032.
Attributes | Details |
---|---|
Customer Engagement Solutions Market Size (2022) | US$ 19.5 Billion |
Customer Engagement Solutions Market Size (2032) | US$ 55.0 Billion |
Customer Engagement Solutions Market CAGR (2022 to 2032) | 10.9% |
USA Market CAGR (2022 to 2032) | 9.7% |
Key Companies Covered |
|
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
As per the Global Customer Engagement Solutions Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Customer Engagement Solutions Market increased at around 10.9% CAGR. With an absolute dollar opportunity of US$ 35.5 Billion, the market is projected to reach a valuation of US$ 55 Billion by 2032.
Due to the widespread use of the internet, it is projected that the market for customer engagement solutions would grow fast in the forthcoming years. Customer engagement solutions use the internet to reply to consumer inquiries digitally using media such as email, social media, live chat, and messaging programs. According to Internet World Stats, a US-based provider of internet statistics, the number of internet users worldwide climbed from 4.5 Billion in June 2019 to 5.1 Billion in March 2021, with a penetration rate of 65.6%. The typical internet user logs on for 6 hours and 43 minutes per day. Therefore, the increased usage of the internet is driving the demand for client engagement solutions.
The food industry aggressively uses big data to grow and maintain its competitiveness. The growth of the e-commerce industry has increased the availability of data regarding online consumer behavior. These statistics show that more customer engagement technologies are being adopted by the food and beverage industry. Consumer purchase trends are being examined and researched using data analytics. Businesses employ big data technologies to enhance customer interactions and personalize experiences.
One of the key factors of the higher customer churn rate is poor customer experience. A negative customer experience could become a positive brand image for the business with the help of customer engagement tools. Interacting with customers directly as well as through a range of touchpoints, such as social media, surveys, marketing campaigns, and direct communication, is known as customer engagement. Customer analytics, a component of customer engagement solutions, guarantees effective client relationship management while routinely disseminating analytical data on customer attrition rates. By deploying customer engagement technologies, businesses may increase customer loyalty and retention.
According to HubSpot's 2021 State of Inbound study, more than 50% of organizations are using inbound marketing to generate leads. Increasing customer satisfaction will continue to be a key marketing objective, as it has been in recent years. A 5% improvement in client retention rates usually results in a 25-95% gain in revenue, according to a Harvard Business School study.
Owing to the increase in smartphone and internet usage, customers can easily find out information about various products and services through a variety of channels, including the web, social media, and other applications. Brands have many possibilities to interact with their target audience and boost sales given that consumers use their mobile phones on average for five hours per day and that there are many customer touchpoints, including websites, social media, live chats, phone calls, and in-person help.
Customer service is the key driver for consumer brand loyalty, which results in continued sales for companies across all industries. Around 66% of clients grew their business with at least one company as a result of receiving exceptional customer service. Additionally, 56% of customers are engaged in customer support conversations using AI at least once each week in 2018.
There is software available for managing customer communications and engagement across a variety of touchpoints and channels. As an example, the watchmaker Titan Company develops marketing efforts that are especially targeted at each customer using IBM Watson Customer Engagement technology.
Both distinct solutions for each of the aforementioned functionalities and a combined solution that fits an enterprise's goals for client engagement are offered by suppliers. For instance, the company's main product, Calabrio ONE, is a suite for workforce optimization and employee engagement with US headquarters. In-depth reporting capabilities, quality and workforce management, analytics based on customer’s voice, and call recording functionality are all included in the suite.
Since it makes it simpler for individuals to interact with organizations, customer information is crucial for promoting customer engagement. Due to the intricacy of the touchpoints in the customer feedback process, businesses have been able to gather a significant amount of data regarding customer expectations and behavior. Customer contact centers generate significant data, and businesses have trouble syncing it when it is not synchronized with other systems. Businesses are obliged to group the information they collect from different touchpoints according to the wants and expectations of their clients.
Since the data that businesses obtain from various touchpoints, such as company websites, the web, mobile devices, social media, and emails, is diverse, it is difficult for businesses to organize it. Evaluating significant structured and unstructured data requires a large number of resources, including money, time, and expertise. This poses issues that could restrict the possible return on investment for consumer engagement solutions.
During the projection period, the Customer Engagement Solutions Market in North America is projected to lead throughout the analysis period. Adobe, Microsoft, and C3.ai, for instance, are working together to improve CRM systems with AI. This collaboration of Adobe Experience Cloud, Microsoft Dynamics 365, C3.ai, and AI models, industry-specific data models, and connectors creates a comprehensive set of AI-enabled CRM solutions for marketing, customer support, and sales in each industry.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The USA is expected to account for the highest market of US$ 17.2 Billion by the end of 2032. Also, the market in the country is projected to account for an absolute dollar growth of US$ 10.9 Billion. The USA was a pioneer in the adoption of Social, Mobile, Analytics, and Cloud technologies, and consumer engagement solutions are now widely used there.
For instance, IBM Corporation and Performance Bicycle, the largest independent bicycle retailer in the country, have partnered to use Watson Customer Engagement solutions, which are hosted on the IBM Cloud, to help create tailored customer experiences that span the business' website and each of its physical stores. It is estimated that the USA would see significant growth in manufacturing, healthcare, retail, and communications applications owing to these expenditures over the forecast period.
Market revenue through customer engagement services is forecasted to grow at a CAGR of over 10.8% from 2022 to 2032. To boost customer conversion and retention rates and build more successful sales teams, businesses are heavily investing in customer engagement technologies. CRM software helps collect customer data and analyze previous customer interactions in order to enhance customer service and relationships, which will consequently lead to higher sales and revenue.
The federal government currently places a high priority on the customer experience as a result of the changes in customer expectations over the past 10 years, which have raised the bar for customer service standards. For instance, in February 2021, Oracle Customer Experience made improvements to its Oracle Marketing, Oracle Sales, and Oracle Service platforms to assist users in accelerating sales cycles, resolving customer inquiries and issues, and developing engaging customer loyalty programs. The enhanced marketing capabilities are intended to help companies increase consumer engagement, retention, and lifetime value through personalized experiences.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in the Customer Engagement Solutions market are focused on alliances, technology collaborations, and product launch strategies.
Some of the recent developments of key Customer Engagement Solutions providers are as follows:
Similarly, recent developments related to companies in Customer Engagement Solutions Market have been tracked by the team at Future Market Insights, which are available in the full report.
The global Customer Engagement Solutions Market is worth more than US$ 19.5 Billion at present.
The value of the Customer Engagement Solutions Market is projected to increase at a CAGR of around 10.9% from 2022 to 2032.
The value of the Customer Engagement Solutions Market increased at a CAGR of around 12.5% from 2017 to 2021.
The growth of the market for Customer Engagement Solutions in the US is projected to expand at a CAGR of around 9.7% from 2022 to 2032.
The growth of market for Customer Engagement Solutions in China is projected to expand at a CAGR of around 11.8% from 2022 to 2032.
While the market in South Korea is expected to grow at nearly 11.3%, the market in Japan is projected to register a CAGR of nearly 11.7% from 2022 to 2032.
1. Executive Summary | Customer Engagement Solutions Market 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021 4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Component 2017 to 2021 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component 2022 to 2032 5.3.1. Solution 5.3.1.1. OMillioni Channel 5.3.1.2. Workforce Optimization 5.3.1.3. Others 5.3.2. Services 5.3.2.1. Managed Services 5.3.2.2. Professional Services 5.4. Y-o-Y Growth Trend Analysis By Component 2017 to 2021 5.5. Absolute $ Opportunity Analysis By Component 2022 to 2032 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Deployment 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Deployment, 2017 to 2021 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Deployment, 2022 to 2032 6.3.1. On-Premises 6.3.2. Cloud 6.4. Y-o-Y Growth Trend Analysis By Deployment, 2017 to 2021 6.5. Absolute $ Opportunity Analysis By Deployment, 2022 to 2032 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Organization Size 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) Analysis By Organization Size, 2017 to 2021 7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Organization Size, 2022 to 2032 7.3.1. Small and Medium Enterprises 7.3.2. Large Enterprises 7.4. Y-o-Y Growth Trend Analysis By Organization Size, 2017 to 2021 7.5. Absolute $ Opportunity Analysis By Organization Size, 2022 to 2032 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-User Industry 8.1. Introduction / Key Findings 8.2. Historical Market Size Value (US$ Million) Analysis By End-User Industry, 2017 to 2021 8.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End-User Industry, 2022 to 2032 8.3.1. Banking, Financial Services, and Insurance 8.3.2. Telecom and IT 8.3.3. Retail and Consumer Goods 8.3.4. Media and Entertainment 8.3.5. Other 8.4. Y-o-Y Growth Trend Analysis By End-User Industry, 2017 to 2021 8.5. Absolute $ Opportunity Analysis By End-User Industry, 2022 to 2032 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1. Introduction 9.2. Historical Market Size Value (US$ Million) Analysis By Region, 2017 to 2021 9.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2022 to 2032 9.3.1. North America 9.3.2. Latin America 9.3.3. Europe 9.3.4. Asia Pacific 9.3.5. Middle East and Africa (MEA) 9.4. Market Attractiveness Analysis By Region 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 10.2.1. By Country 10.2.1.1. United States of America 10.2.1.2. Canada 10.2.2. By Component 10.2.3. By Deployment 10.2.4. By Organization Size 10.2.5. By End-User Industry 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Component 10.3.3. By Deployment 10.3.4. By Organization Size 10.3.5. By End-User Industry 10.4. Key Takeaways 11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 11.2.1. By Country 11.2.1.1. Brazil 11.2.1.2. Mexico 11.2.1.3. Rest of Latin America 11.2.2. By Component 11.2.3. By Deployment 11.2.4. By Organization Size 11.2.5. By End-User Industry 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Component 11.3.3. By Deployment 11.3.4. By Organization Size 11.3.5. By End-User Industry 11.4. Key Takeaways 12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 12.2.1. By Country 12.2.1.1. Germany 12.2.1.2. United Kingdom 12.2.1.3. France 12.2.1.4. Spain 12.2.1.5. Italy 12.2.1.6. Rest of Europe 12.2.2. By Component 12.2.3. By Deployment 12.2.4. By Organization Size 12.2.5. By End-User Industry 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Component 12.3.3. By Deployment 12.3.4. By Organization Size 12.3.5. By End-User Industry 12.4. Key Takeaways 13. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 13.2.1. By Country 13.2.1.1. China 13.2.1.2. Japan 13.2.1.3. South Korea 13.2.1.4. India 13.2.1.5. Malaysia 13.2.1.6. Singapore 13.2.1.7. Australia 13.2.1.8. New Zealand 13.2.1.9. Rest of APAC 13.2.2. By Component 13.2.3. By Deployment 13.2.4. By Organization Size 13.2.5. By End-User Industry 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Component 13.3.3. By Deployment 13.3.4. By Organization Size 13.3.5. By End-User Industry 13.4. Key Takeaways 14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 14.2.1. By Country 14.2.1.1. GCC Countries 14.2.1.2. South Africa 14.2.1.3. Israel 14.2.1.4. Rest of MEA 14.2.2. By Component 14.2.3. By Deployment 14.2.4. By Organization Size 14.2.5. By End-User Industry 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Component 14.3.3. By Deployment 14.3.4. By Organization Size 14.3.5. By End-User Industry 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. United States of America 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2021 15.1.2.1. By Component 15.1.2.2. By Deployment 15.1.2.3. By Organization Size 15.1.2.4. By End-User Industry 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2021 15.2.2.1. By Component 15.2.2.2. By Deployment 15.2.2.3. By Organization Size 15.2.2.4. By End-User Industry 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2021 15.3.2.1. By Component 15.3.2.2. By Deployment 15.3.2.3. By Organization Size 15.3.2.4. By End-User Industry 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2021 15.4.2.1. By Component 15.4.2.2. By Deployment 15.4.2.3. By Organization Size 15.4.2.4. By End-User Industry 15.5. Germany 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2021 15.5.2.1. By Component 15.5.2.2. By Deployment 15.5.2.3. By Organization Size 15.5.2.4. By End-User Industry 15.6. United Kingdom 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2021 15.6.2.1. By Component 15.6.2.2. By Deployment 15.6.2.3. By Organization Size 15.6.2.4. By End-User Industry 15.7. France 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2021 15.7.2.1. By Component 15.7.2.2. By Deployment 15.7.2.3. By Organization Size 15.7.2.4. By End-User Industry 15.8. Spain 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2021 15.8.2.1. By Component 15.8.2.2. By Deployment 15.8.2.3. By Organization Size 15.8.2.4. By End-User Industry 15.9. Italy 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2021 15.9.2.1. By Component 15.9.2.2. By Deployment 15.9.2.3. By Organization Size 15.9.2.4. By End-User Industry 15.10. China 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2021 15.10.2.1. By Component 15.10.2.2. By Deployment 15.10.2.3. By Organization Size 15.10.2.4. By End-User Industry 15.11. Japan 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2021 15.11.2.1. By Component 15.11.2.2. By Deployment 15.11.2.3. By Organization Size 15.11.2.4. By End-User Industry 15.12. South Korea 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2021 15.12.2.1. By Component 15.12.2.2. By Deployment 15.12.2.3. By Organization Size 15.12.2.4. By End-User Industry 15.13. Malaysia 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2021 15.13.2.1. By Component 15.13.2.2. By Deployment 15.13.2.3. By Organization Size 15.13.2.4. By End-User Industry 15.14. Singapore 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2021 15.14.2.1. By Component 15.14.2.2. By Deployment 15.14.2.3. By Organization Size 15.14.2.4. By End-User Industry 15.15. Australia 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2021 15.15.2.1. By Component 15.15.2.2. By Deployment 15.15.2.3. By Organization Size 15.15.2.4. By End-User Industry 15.16. New Zealand 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2021 15.16.2.1. By Component 15.16.2.2. By Deployment 15.16.2.3. By Organization Size 15.16.2.4. By End-User Industry 15.17. GCC Countries 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2021 15.17.2.1. By Component 15.17.2.2. By Deployment 15.17.2.3. By Organization Size 15.17.2.4. By End-User Industry 15.18. South Africa 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2021 15.18.2.1. By Component 15.18.2.2. By Deployment 15.18.2.3. By Organization Size 15.18.2.4. By End-User Industry 15.19. Israel 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2021 15.19.2.1. By Component 15.19.2.2. By Deployment 15.19.2.3. By Organization Size 15.19.2.4. By End-User Industry 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Component 16.3.3. By Deployment 16.3.4. By Organization Size 16.3.5. By End-User Industry 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. Microsoft Corporation 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.2. Oracle Corporation 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.3. SAP Group 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.4. Salesforce, Inc. 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.5. Nice Ltd. 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.6. ServiceNow Inc. 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.7. ChurnZero Inc. 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.8. Pegasystems Inc 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.9. IBM Corporation 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.10. Aspect Software Inc. 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 17.1.11. Verint Systems Inc. 17.1.11.1. Overview 17.1.11.2. Product Portfolio 17.1.11.3. Profitability by Market Segments 17.1.11.4. Sales Footprint 17.1.11.5. Strategy Overview 17.1.11.5.1. Marketing Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Technology Insights
View Reports