“Avaya (US), IBM (US), Microsoft (US), NICE Systems (Israel), Oracle (US), Salesforce (US), SAP (Germany), Zendesk (US United States), Pegasystems (United States), ServiceNow (United States), Open Text (Canada), Precisely (United States), Verint Systems (United States), eGain Corporation (United States), Enghouse Systems (USA), Alvaria (USA), Genesys (USA), Freshworks (California), IFS-mplsystems (Sweden), Calabrio (USA).
Customer Engagement Solutions Market by Component (Solutions and Services), Deployment Type (Cloud and On-Premise), Organization Size, Vertical (BFSI, Telecom and IT, and Retail and Consumer Goods), and Region – Global forecasts until 2027
The customer engagement solutions market size is expected to grow from USD 19.3 billion in 2022 to USD 32.2 billion by 2027, at a compound annual growth rate (CAGR) of 10.8% during the forecast period. Major factors driving the customer engagement solutions market include growing adoption of customer engagement solutions that help reduce customer churn, greater focus on improving omnichannel customer engagement, the increase in the use of e-commerce and mCommerce platforms and the transition to the provision of proprietary virtual services. experiences in the post-COVID-19 era.
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The omnichannel solutions segment is expected to dominate the customer engagement solutions market in 2022.
With omnichannel, customers can access products, offers, and support services or business leads across all platforms, channels, and devices. It helps create a seamless brand experience for customers and enhances customer experience. The deployment of omnichannel solutions in the BFSI, Consumer Goods & Retail, and Telecom verticals is high as customer interaction and issues are high in these verticals. The main players offering omnichannel solutions are Avaya (US) and SAP (Germany), among others.
Small and medium enterprises are expected to witness the fastest growth rate during the forecast period.
Implementing customer engagement solutions can help SMBs reduce costs and improve business efficiency. Customer experience is very important for SMEs, as it enhances their prospects for business growth. Adopting customer engagement solutions would enable real-time monitoring capabilities, consistency, scalability, flexibility, cost-effectiveness, accessibility, and increased agility and productivity, which would justify customer experience and improved growth for SMEs.
The major vendors covered in the customer engagement solutions market are Avaya (US), IBM (US), Microsoft (US), NICE Systems (Israel), Oracle (US), Salesforce ( United States), SAP (Germany), Zendesk (United States). ), Pegasystems (US), ServiceNow (US), Open Text (Canada), Precisely (US), Verint Systems (US), eGain Corporation (US), Enghouse Systems (US) United States), Alvaria (United States), Genesys (United States), Freshworks (California), IFS-mplsystems (Sweden), Calabrio (United States), Khoros (United States), Creatio (United States), CRMNEXT (California), SugarCRM (Canada), WebEngage (India), Upshot (Texas), MoEngage (US), ChurnZero (US), and Sentimeter (US). These players have adopted various growth strategies such as partnerships, business expansions, agreements and collaborations, new product launches to expand their presence in the customer engagement solutions market.
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Avaya is a global leader in digital communications products, solutions and services, delivering technology through software and services. Avaya develops innovative, open and converged Unified Communication and Collaboration (“UCC”) and Contact Center (“CC”) software solutions to improve and simplify communications and collaboration in the cloud, on-premises or a hybrid of of them. Avaya has migrated its entire comprehensive software portfolio to Avaya OneCloud, which offers important functionality in contact centers (OneCloud CCaaS), unified communications and collaboration (OneCloud UCaaS) and the communication platform as service (OneCloud CPaaS). Avaya offers a range of software sales and licensing models that can be deployed on-premises or through a public, private or hybrid cloud. With their open and extensible development platform, customers and third parties can easily create custom applications and automated workflows for their unique needs and integrate Avaya’s capabilities into companies’ existing infrastructure and business applications. clients.
NICE Systems is a recognized player in the customer engagement solutions market. It provides cloud platforms for AI-powered digital business solutions that serve two main markets: customer engagement and financial crime and compliance. It meets the different requirements of various verticals, such as BFSI, Energy & Utilities, Hospitality, Healthcare, Retail, Travel & Transportation, Metals & Mining, Government , media and entertainment and education. In the customer engagement market, it enables organizations to transform experiences with solutions aimed at meeting consumers wherever they choose to start their journey, providing digital-centric self-service capabilities, understanding consumer journeys, creating smarter hyper-personalized connections and guiding seamless omnichannel. interactions. The company helps organizations transform their work experience with solutions to engage employees, optimize operations and automate processes.
Salesforce is a leading customer relationship management (CRM) platform. The company also offers a technology platform for customers and developers to build and run their applications. Its cloud-based CRM applications for sales, services, marketing, and more. don’t require IT experts to configure or manage them. The company offers intuitive solutions, which can be deployed, customized and integrated with other software applications.
With its 360 Customer Platforms, the company offers a single source of truth, connecting customer data across systems, apps and devices to help businesses sell, service, market and trade from anywhere. Its 360 customer service offerings are designed to be flexible, scalable and easy to use. They can usually be easily configured and quickly deployed and integrated with other enterprise platforms and applications. The company sells its business worldwide, primarily by subscription, through its direct sales efforts and indirectly through partners. It also allows third parties to use its platform and developer tools to create additional features and new applications that run on its platforms.
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