Overview and Scope
Customer engagement solutions refer to solutions that can improve and automate customer self-service options. It helps the live agent concentrate on other requests, such as calls or chat requests. This also helps to improve customer loyalty. Customer engagement solutions used to solve problems without requiring a support team.
Sizing and Forecast
The customer engagement solution market size has grown rapidly in recent years. It will grow from $19.45 billion in 2023 to $21.74 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to social media impact, customer data utilization, automation for efficiency, focus on customer retention, customer feedback management..
The customer engagement solution market size is expected to see rapid growth in the next few years. It will grow to $34.29 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to predictive analytics for anticipation, enhanced security measures, focus on accessibility and inclusivity, personal data control for customers, environmental sustainability.. Major trends in the forecast period include personalization at scale, data-driven insights for customer understanding, proactive customer engagement, customer journey mapping and orchestration, real-time engagement and feedback, integration with crm and marketing automation..
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Segmentation & Regional Insights
The customer engagement solution market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Type: On-Premise, Cloud
3) By Organization Size: Small and Medium Enterprises, Large Enterprises
4) By Vertical: BFSI, Consumer Goods and Retail, Telecommunication, Healthcare and Life Sciences, Automotive and Transportation, Media and Entertainment, Travel and Hospitality, Manufacturing, Other Verticals
North America was the largest region in the customer engagement solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer engagement solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The high penetration of the internet is expected to propel the growth of the customer engagement solutions market going forward. The Internet refers to a worldwide network that helps to transmit a variety of data and media across interconnected devices. The Internet is used in customer engagement solutions for answering customer questions digitally using tools such as email, social media, live chat, and messaging apps. For instance, in March 2021, according to Internet World Stats, a US-based internet statistics providing company, internet users are 5.1 billion in 2021 worldwide with a penetration rate of 65.6%. In addition, on an average global Internet, users are spending 6 hours and 43 minutes online every day. Therefore, the high penetration of the internet is driving the customer engagement solutions market share.
Key Industry Players
Major companies operating in the customer engagement solution market report are Aspect Software Inc., Avaya Inc., Calabrio Inc., Genesys Telecommunications Laboratories Inc., IBM Corporation, Microsoft Corporation, NICE Systems Ltd., Nuance Communications Inc., OpenText Corporation, Oracle Corporation, Pegasystems Inc., Pitney Bowes Inc., Salesforce Inc., SAP SE, ServiceNow Inc., SugarCRM Inc., Verint Systems Inc., Zendesk Inc., Bpmonline Inc., Crmnext Inc., eGain Corporation, Eptica S. A., Freshworks Inc., IFS-Mplsystems Ltd., Lithium Technologies LLC., SpotOn Transact LLC., MessageGears Inc., Yellow Messenger Pte. Ltd., Kevit Technologies Pvt. Ltd., Helpshift Technologies Pvt. Ltd.
The customer engagement solution market report table of contents includes:
1. Executive Summary
2. Customer Engagement Solution Market Characteristics
3. Customer Engagement Solution Market Trends And Strategies
4. Customer Engagement Solution Market – Macro Economic Scenario
5. Global Customer Engagement Solution Market Size and Growth
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31. Global Customer Engagement Solution Market Competitive Benchmarking
32. Global Customer Engagement Solution Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Customer Engagement Solution Market
34. Customer Engagement Solution Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Aspect Software Inc
Avaya Inc
Genesys Telecommunications Laboratories Inc
IBM Corporation
Microsoft Corporation
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