Global Customer Engagement Solutions Market Report 2019-2024 - Market was Worth $13.78 Billion in 2018 and is Projected to Reach $27.45 Billion by 2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 12, 2019--
The “Customer Engagement Solutions Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The customer engagement solutions market was valued at USD 13.78 billion in 2018, and it is expected to reach USD 27.45 billion by 2024, with a CAGR of 12.65%, during the forecast period (2019-2024).
In 2018, 44% of consumers stopped doing business with a company due to bad service, which is a decrease as compared to 54% of consumers in 2017.
With the increasing smartphone and internet usage, customers can easily access information about different products and services across multiple channels, like the web, social media, and other applications. With an average time spent on mobile phones reaching around 5 hours per day and the availability of multiple customer touchpoints, like websites, social media, live chats, phone calls, apart from the in-person assistance, brands find ample opportunity to engage customers with their brand and generate more revenues.
Customer service is the main reason that empowers customers to exhibit brand loyalty, thus bringing continuous revenues to organizations across industries. As per the Aspects Software report, 66% of consumers did more business with at least one company because of good customer service. Moreover, in 2018, 56% of consumers used AI for their customer service interactions at least once a week.
Customer engagement software helps to manage customer communications and interactions throughout a variety of channels and touchpoints. For instance, the watchmaker, Titan Company, has adopted the IBM Watson Customer Engagement solution to design its marketing campaigns, targeted at individual customers.
Vendors in the market are offering individual solutions for each of the functionalities mentioned above and also a unified solution that addresses the customer engagement needs of an enterprise. For instance, Calabrio, a US-based customer engagement platform provider’s flagship offering, Calabrio ONE, is a unified workforce optimization (WFO) and employee engagement suite. The suite includes call recording feature, quality and workforce management, analytics based on voice-of-the-customer, and advanced-reporting capabilities.
In addition to the cloud-based solutions, the integration of AI is another trend that is becoming a standard offering by the vendors in the market. According to Pegasystems, a prominent vendor in the market, in 2018, 67% of customer experience leaders that embraced AI believed that it is not only a tool to make the customer experience more efficient, but also to create more meaningful relationships with consumers. However, Data security and privacy issues can hinder the growth of the customer engagement solutions market.
Key Market Trends
Retail & Consumer Goods Industry Have the Significant Market Share
North America Holds the Largest Share in the Customer Engagement Solutions Market
The customer engagement solutions market is fragmented due to the market consists of various new and major vendors with a strong focus on the small and medium enterprises that compete in the large enterprise segment. Some of the major players are Avaya Inc., Aspect Software Inc., Calabrio Inc., Genesys, IBM Corporation, Verint Systems Inc, Nice Systems, Nuance Communications Inc., OpenText Corporation, Oracle Corporation, Pegasystems Inc., among others.
For more information about this report visit https://www.researchandmarkets.com/r/b4oysh
View source version on businesswire.com:https://www.businesswire.com/news/home/20191112005961/en/
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SOURCE: Research and Markets
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PUB: 11/12/2019 01:48 PM/DISC: 11/12/2019 01:48 PM