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Rapid advancements and automation in customer engagement technologies and growing internet penetration are key factors driving market revenue growth

VANCOUVER, BC, CANADA, January 3, 2023 /EINPresswire.com/ -- The global customer engagement solutions market size was USD 18.05 Billion in 2021 and is expected to register a revenue CAGR of 10.81% during the forecast period, according to latest analysis by Emergen Research. Rising advancements in technologies such as Artificial Intelligence (AI) is a major factor expected to support revenue growth of the market during the forecast period. There is a risk that simply producing more content will only contribute to the ‘digital noise,’ as more business owners send more targeted advertising across more channels, even though using AI to start generating messages opens new possibilities for companies to create stuff at scale. Contrarily, AI-generated, tailored language can break through the din of digital advertising with pertinent, compelling messages that aid in conversion for businesses. First-party data having knowledge about linguistic components that can more effectively compel customers can increase its success. Retailers who don't reinvent their digital marketing tactics run the danger of passing up income and profit, which is particularly risky as the retail and macroeconomic environments get more unstable.

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Furthermore, to automate their processes, businesses are using a variety of engagement platforms to respond to this shift in client behavior. Solutions that have centralized customer support, multi-channel interaction, and customer insights with analytics support are becoming more popular. Influencing behavior is a different way of engaging customers. Knowledge and expertise are tools that service firms might use to influence how other people view and favor a service provider. Customers might use word-of-mouth, blogging, or online review sites to spread the word about a certain service or promote it to others.

The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Customer Engagement Solutions market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.

Key Companies Profiled in the Report:

The International Business Machines Corporation (IBM), Microsoft Corporation, Avaya Inc., NICE, Oracle Corporation, Salesforce, Inc., Open Text Corporation, Verint Systems Inc., MoEngage, Inc., WebEngage, Sentimeter, and Alvaria.

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Some Key Highlights From the Report

The solutions segment is expected to register largest revenue CAGR during the forecast period. Customers may quickly obtain information about several products and services through various channels, including the Internet, social networks, and other applications owing to fast-growing internet and smartphone usage. In addition to in-person aid, brands are finding various ways to connect clients with their brands and increase revenues due to the average daily time spent on mobile devices crossing five hours and the accessibility of multiple customer contact points such as social networking sites, websites, chatrooms, and phone calls.

The Banking, Financial Services, and Insurance (BFSI) segment accounted for largest revenue share in 2021. BFSI companies are now pursuing a digital-first approach to make sure that their clients enjoy a pleasant user experience on video, Facebook, and WhatsApp, among other platforms.

The market in North America accounted for largest revenue share in 2021. Adoption of AI by large businesses as a component of their digital revolution is already widespread. For instance, 89% of smartphone users time in the U.S. is spent on just 18 applications in 2020, while millennials will use 67 apps during the same time.

Emergen Research has segmented the global customer engagement solutions market on the basis of component, organization size, deployment, end-use, and region:

Component Outlook (Revenue, USD Billion; 2019–2030)

Solutions

Workforce Optimization

Robotic Process Automation (RPA)

Omnichannel

Analytics and Reporting

Services

Support and Maintenance

Integration and Deployment

Consulting Services

Organization Size Outlook (Revenue, USD Billion; 2019–2030)

Large Enterprises

Small and Medium Enterprises (SMEs)

Deployment Outlook (Revenue, USD Billion; 2019–2030)

Cloud

On-Premises

End-Use Outlook (Revenue, USD Billion; 2019–2030)

Banking, Financial Services, and Insurance (BFSI)

IT and Telecom

Automotive

Media & Entertainment

Transport & Logistics

Retail and Consumer Goods

Healthcare

Education

Others

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Regional Landscape section of the Customer Engagement Solutions report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.

The various regions analyzed in the report include:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

What Questions Should You Ask before Buying a Market Research Report?

How is the Customer Engagement Solutions-market evolving?

What is driving and restraining the Customer Engagement Solutions market?

How will each Customer Engagement Solutions submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2030?

How will the market shares for each Customer Engagement Solutions submarket develop from 2022 to 2030?

What will be the main driver for the overall market from 2022 to 2030?

Will leading Customer Engagement Solutions markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?

How will the market shares of the national markets change by 2030 and which geographical region will lead the market in 2030?

Who are the leading players and what are their prospects over the forecast period?

What are the Customer Engagement Solutions projects for these leading companies?

How will the industry evolve during the period between 2020 and 2030? What are the implications of Customer Engagement Solutions projects taking place now and over the next 10 years?

Is there a greater need for product commercialisation to further scale the Customer Engagement Solutions market?

Where is the Customer Engagement Solutions-market heading and how can you ensure you are at the forefront of the market?

What are the best investment options for new product and service lines?

What are the key prospects for moving companies into a new growth path and C-suite?

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Emergen Research
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