NEW YORK, Oct. 6, 2023 /PRNewswire/ — The “customer engagement solutions market by component (solutions and services), deployment (cloud and on-premises), and geography (North America, Europe, APAC, Middle East and Africa, and South America) – Forecast and Analysis 2023-2027″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the customer engagement solutions market from 2022 to 2027 is USD 11.60 billion. Increasing adoption of e-commerce business models is the key factor driving market growth. To take advantage of the growing popularity of smartphones and related applications, new customer acquisition solution providers are turning to e-commerce business strategies. Additionally, to stay competitive, many offline stores are reducing the number of stores and focusing on a smaller number of stores. These sellers are leveraging Internet commerce (e-commerce) platforms as a new revenue source and building an omnichannel presence. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Market Challenge
The availability of free and open-source customer engagement solutions software is a significant challenge restricting market growth. This is due to the high cost of SaaS customer engagement solutions, free and open-source customer engagement solution software is becoming increasingly popular, especially among small and medium businesses with low IT budgets. . Small and medium-sized businesses can adopt and configure software licenses and subscriptions that fit their business model using available open-source customer engagement solutions. Additionally, open-source customer engagement solution systems with customizable architectures are being deployed by small and medium-sized businesses. Hence, these factors are expected to restrict market growth during the forecast period.
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The customer engagement solutions market is segmented by component (solutions and services), deployment (cloud and on-premises), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The market share growth by the solutions segment will be significant during the forecast period. Customer engagement solutions are defined as providing a variety of solutions that enable businesses to make better decisions, increase Net Promoter Score (NPS), and create seamless, personalized, multi-channel communications across all vehicles at any time when supported by the Service. and know-how. Additionally, customer engagement solutions can range from live chat tools that communicate with customers through service channels to enterprise-grade software for every touchpoint a user has throughout their sales experience with the company. Hence, these factors are expected to drive segment growth during the forecast period.
- North America is estimated to contribute 32% to the growth of the global market during the forecast period.
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Key Companies in the Customer Engagement Solutions Market:
Accenture Plc, Avaya LLC, Calabrio Inc., Crmnext, eGain Corp., Enghouse Systems Ltd., Freshworks Inc., Genesys Telecommunications Laboratories Inc., IFS World Operations AB, International Business Machines Corp., Microsoft Corp., NICE Ltd., Open Text Corp., Oracle Corp., Pegasystems Inc., Pitney Bowes Inc., Salesforce Inc., SAP SE, ServiceNow Inc., and Verint Systems Inc.
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Component
Market Segmentation by Deployment
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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