Global Customer Engagement Solutions Market - 2023-2030

Global Customer Engagement Solutions Market - 2023-2030
Global Customer Engagement Solutions Market reached US$ 19.1 billion in 2022 and is expected to reach US$ 33.2 billion by 2030, growing with a CAGR of 10.7% during the forecast period 2023-2030. A successful customer engagement system seamlessly integrates with the channels like social media, websites, mobile apps and offline stores and ensures a consistent experience across all platforms. Data-driven decision-making process of the solutions improves efficiency and enhances customer experience.

Asia-Pacific is expected to grow at the highest CAGR in the global customer engagement solutions market during the forecast period. Mobile devices are the primary means of accessing the internet for many consumers in Asia-Pacific. As consumers become more tech-savvy and their expectations for personalized interactions with brands have increased. It also offers solutions that enable businesses which captures the voices of customers with feedback surveys and sentiment analysis of each individual.

For instance, on 6 January 2021, Verint, The Customer Engagement Company, has confirmed its position as the leading vendor in Contact Centre Workforce Management (WFM), Quality Monitoring (QM) and Analytics in Asia-Pacific. The company is a leading firm in WFM, QM and Analytics segments in various countries such as India and China.

Market Dynamics

Rising Demand in Healthcare Industry

Customer engagement solutions in healthcare aim to enhance the overall patient experience, improve communication and provide personalized interactions between doctors and patients. The solutions provide technology, such as artificial intelligence, mobile apps and patient portals, to streamline processes and make healthcare services more accessible and convenient for patients.

For example, Ushur, an AI-powered customer experience automation platform, introduced UshurX on April 25, 2023, a range of pre-packaged solutions aimed at resolving common customer engagement difficulties in healthcare. UshurX can automate processes such as Medicaid Redetermination, helping healthcare organizations efficiently handle these critical tasks.

Growing Technologies in Financial Services Industry

In the financial services industry, customer engagement solutions majorly build strong relationships with clients and improve customer satisfaction. The solutions leverage technology and data analytics to deliver personalized and seamless experiences to customers across various digital channels and physical branches.

For instance, on 27 July 2023, Aditya Birla Capital, a financial solutions firm of the Aditya Birla Group, has collaborated with Hexaware, a technology and business process services company, to introduce OneVerse, a virtual metaverse lounge in the Indian non-banking financial industry. OneVerse provides customers an immersive and interactive experience related to protecting, investing, financing and advising solutions.

Data Breach and Security Concerns

Customer engagement solutions often involve collecting and storing customer data. Ensuring the security and privacy of this data is crucial and any data breaches or mishandling can result in serious consequences for both the organization and its customers. Data breaches generate negative impacts and damage the organization's reputation. Such incidents may deter potential customers from engaging with the business.

A significant data breach cause operational disruptions, as the organization may need to suspend services temporarily to address the breach and implement security measure, this result in revenue loss and decreased customer satisfaction, leading to existing customers seeking alternatives. Due to this, there is a downfall in the growth of the market.

COVID-19 Impact Analysis

Customer engagement solutions that offered personalized experiences gained significance during the pandemic. Understanding customer needs and preferences became critical as businesses sought to address individual concerns and build stronger relationships. Due to this, the factor market witnessed growth during pandemic.

The pandemic led to the cancellation of events, so businesses adapt to host virtual events and webinars. Virtual event platforms became valuable customer engagement solutions for conducting conferences, product launches and training sessions. The pandemic also accelerated the adoption of contactless support solutions such as QR code services for easy payments.

AI Impact

NLP enables AI systems to comprehend and respond to human language. With NLP, customer engagement solutions can interpret and respond to customer inquiries in a more human-like manner that improves communication and understanding. In NLP sentiment analysis can be done on customers, so that companies understand the sentiments of customers.

Avimee Herbal relies on SemRush to extract relevant keywords for effective brand marketing on platforms like Instagram and YouTube. By using machine learning and AI to monitor and analyze the multiple metrics, both businesses can optimize their marketing approaches and AI tools enhance customer engagement.

For instance, on 6 April 2023, Singapore-based voice AI company WIZ.AI has introduced the TalkGPT customer engagement solution, which combines the extensive language model of ChatGPT with WIZ.AI's localized expertise. ChatGPT's ability to generate conversational responses that sound human-like and remember past conversations sets it apart from traditional chatbots. By incorporating voice AI into customer experience, businesses can reduce operational costs and increase customer loyalty.

Russia-Ukraine War Impact

Cybersecurity threats increase during times of conflict, as hackers and cybercriminals exploit vulnerabilities for gaining money. Customer engagement solutions may become more susceptible to data breaches and other security risks. DoS attack launched against customer engagement systems that create massive amount of traffic in network.

In conflict-affected areas, there may be a higher demand for remote and digital solutions to maintain business operations and customer interactions. Customer engagement platforms that enable virtual communication and self-service options may become more critical. Due to this, the factor market witnessed a downfall during war.

Segment Analysis

The global customer engagement solutions market is segmented based on component, deployment mode organization size, end-user and region.

Rise in Demand for E-commerce and Retail Industry

Retail and e-commerce segment is expected to hold around 1/4th of the global market share in 2022. The E-commerce and retail industry use customer engagement solutions to collect and analyze customer data, such as their browsing history, purchase behavior and preferences. The data collected from customers is then used to create personalized shopping experiences, product recommendations and targeted marketing campaigns that increase the chances of purchases.

For instance, on 27 February 2023, Mastek and Netail announce their partnership to address the needs of e-Commerce and Omnichannel retailers in optimizing their retail value chain and enhancing their customer engagement. Mastek, a trusted digital engineering and cloud transformation partner, brings deep expertise in digital commerce and data analytics. The collaboration aims to provide retailers solution that leverages AI-powered insights to attract and retain digital consumers.

Geographical Penetration

North America Witnessed Growth in the E-Commerce Industry

North America is expecetd to hold more than 1/3rd of the global customer engagement solutions market during the forecast period. The region witnessed growth in the e-commerce industry and has a significant presence of online service providers. As consumers increasingly shift towards online shopping and digital services, businesses are investing more in customer engagement systems to enhance the overall customer experience.

Companies in the region are adopting various strategies which boost the market growth. For instance, on 5 April 2023, Dallas-based Brierley Partners has been acquired by Capillary Technologies, an India-based global customer loyalty and engagement SaaS platform. The company earned recognition for its innovative solutions that drive customer engagement and retention. Capillary's SaaS platform is equipped with AI capabilities and serves over 1 billion customers across various industries.

Competitive Landscape

The major global players include IBM Corporation, Aspect Software Inc., Calabrio Inc., Verint Systems Inc., Nice Systems, Nuance Communications Inc., OpenText Corporation, Salesforce.com Inc., Pegasystems Inc. and Oracle Corporation.

Why Purchase the Report?
• To visualize the global customer engagement solutions market segmentation based on component, deployment mode organization size, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of customer engagement solutions market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global customer engagement solutions market report would provide approximately 69 tables, 68 figures and 181 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies