According to our latest market study on “Customer Communications Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Enterprise Size, and Industry,” the customer communications management market size is projected to reach US$ 2,752.4 million by 2028 from US$ 1,325.6 million in 2021; the is expected to grow at a CAGR of 11.4% from 2022 to 2028.
The growing initiatives to maintain customer engagement through omnichannel and increasing usage of analytics and mobility to manage customer communications are among the prominent factors driving the customer communications management market growth. Customer analytics includes the information and behavior of the customer to identify, attract and retain profitable customers. Customers in the digital era find products fulfilling their needs; therefore, the paying mode, purchasing trend, lifestyle preferences, and desired brand are the major factors catered by the customer analytics tools to understand customers. The customer analytics data tools help acquire and retain future customers. It also identifies high-value customers and suggests proactive ways to interact with them. Thus, increasing usage of analytics for CCM enables improved customer communication, which is driving the customer communications management market dynamics. As per the ACM Digital Library, 75% of Netflix viewer activity is driven by recommendations, which saves the company an estimated ~US$ 1 billion per year through focusing on most valuable customers. In addition, the growing interest in digital channels has increased due to changing consumer preferences caused by the COVID-19 pandemic. As a result, various organizations have switched their focus to digital customer experiences. Hence, to augment the business growth, several companies are adopting customer analytics tools, increasing the demand for customer communications management software. The integration of cloud-based customer communications management technology is emerging as a potential opportunity for the customer communications management market. OpenText Exstream, a multichannel CCM solution, enhances the customer experience with meaningful, relevant communications through the customer's preferred channels, such as web, email, SMS, and print. It also provides enterprises to produce fully customized high-volume bills and statements, on-demand marketing, and self-service web applications. Thus, such developments in technology coupled with the growing adoption of CCM solutions would augment the customer communications management market growth in coming years. The rising demand for customizable CCM solutions is also driving the market growth.
The customer communications management market is segmented on the basis of component, deployment, enterprise size, industry, and geography. Customer communications management market analysis by component, the market is segmented into solution and services. The solution segment accounted for a larger market share in 2021. Based on deployment, the customer communications management market is bifurcated into cloud-based and on premises. In 2021, the cloud segment led the market owing to wide scope applications in various industries such as IT & Telecom, BFSI, industries and among others. Based on enterprise size, the market is bifurcated into small and medium enterprises, and large enterprises. In 2021, the large enterprises segment led the market owing to the growing investments from large enterprises in engaging their customers. Based on industry, the market is segmented into BFSI, IT and telecom, manufacturing, retail, energy & utilities, government, and others. The IT and telecom segment accounted for the largest customer communications management market share in 2021, followed by BFSI and retail segment, owing to rise in competition among the leading players to increase their customer base. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. North America held the largest market share in 2021, followed by Europe and APAC. North America is projected to register the highest CAGR in the market from 2022 to 2028. The market analysis helps understand the upcoming trends, new technologies, and macro and micro factors that influence the market growth.
The COVID-19 pandemic has benefited the industry for customer communications management (CCM) solutions. Businesses are facing new challenges due to the pandemic, and the development of remote work environments has positively influenced the global customer communications management market dynamics. During the COVID-19 pandemic, an abrupt increase in internet traffic was witnessed owing to a few factors such as a rise in online shopping, payment portals, and search for hospital availability and an increase in remote businesses. Organizations incorporated CCM software to increases communication efficiency and find better ways to engage customers. As per the data published by Statista, e-commerce sales are expected to surpass US$ 740 billion by 2023 in the US. Thus, such a rise in e-commerce sales is anticipated to hold a potential opportunity for the growth of the market in the coming years. Rising investments in CCM platforms and the growing integration of AI and cloud-based platforms have fueled the adoption of CCM solutions at a faster pace during the pandemic.
Adobe, Capgemini, Crawford Technologies, Smart Communications, Cedar CX Technologies, Newgen Software Technologies Limited, Open Text Corporation, Oracle, Messagepoint, and Doxim Inc. are among the key players operating in the customer communications management market. The market report provides detailed market insights that help the key players to strategize the growth in coming years.
Report : Customer Communications Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Service), Deployment (Cloud-Based and On Premise), Enterprise Size (Small & Medium-Size Enterprises and Large Enterprises), and Industry (BFSI, IT and Telecom, Manufacturing, Retail, Energy & Utilities, Government, and Others)
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