Publication Month: May 2022 | Report Code: TIPRE00007182 | No. of Pages: 191 | Category: Technology, Media and Telecommunications | Status: Published
Customer communications management enables organizations to improve customer communications across various channels. It increases communication efficiency and helps find better ways to engage customers, improve their communication strategy, and strengthen customer relationships. The growing adoption of CCM solutions and services in various verticals such as IT & telecom, retail & e-commerce, healthcare, BFSI, travel & hospitality, government, and utilities, is driving the CCM market growth.
The growing demand for enhanced functionalities of multi-channel-based marketing and customer experience management and the increasing usage of analytics and mobility for customer communications management are among the key factors driving the growth of the customer communications management market. The integration of cloud-based Customer Communications Management technology is emerging as a potential opportunity for the customer communications management market. Further, the growing adoption of advanced technologies such as natural language processing for better consumer experience offers lucrative growth prospects for the market. However, the data synchronizations and complexities in Customer Communications Management software and security issues of such integrated platforms are hampering the customer communications management market growth.
|Market Size Value in||US$ 1,325.6 Million in 2021|
|Market Size Value by||US$ 2,752.4 Million by 2028|
|Growth rate||CAGR of 11.4% from 2022 to 2028|
|No. of Pages||191|
|No. of Tables||115|
|No. of Charts & Figures||94|
|Historical data available||Yes|
|Segments covered||Component, Deployment, Enterprise Size, and Industry|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
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 market dynamics. The COVID-19 outbreak has highlighted the necessity for businesses in various industries to adopt digital technologies and leverage the potential of CCM by helping companies to structure documents and manage other tasks such as sending offers, bills, and account statements without the need for a workforce. Thus, the COVID-19 pandemic positively impacted the customer communications management market size.
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. Further, 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. Thus, this is supporting the customer communications management market growth.
The customer communications management market analysis by component, the market is segmented into solution and service. The solution segment accounted for a larger customer communications management market share in 2021. The growing adoption of CCM solutions by various industries, such as manufacturing, IT & telecom, and retail, to improve the customer experience and retain the customer is driving the market growth for the solution segment.
The customer communications management market analysis by deployment, the market is segmented into cloud-based and on premise. The cloud-based segment accounted for a larger market share in 2021. Ongoing initiatives for integrating the cloud-based platform with the CCM solutions fuel the market growth for the cloud-based segment.
By enterprise size, the market is bifurcated into small & medium enterprises and large enterprises. The large enterprises segment accounted for a larger market share in 2021. The market growth for the small & medium enterprises segment is primarily attributed to the growing adoption of CCM solution by various industries to keep customer engagement through multiple channels. It also helps in reducing customer churn rates, which is driving the CCM market growth.
Based on industry, the customer communications management market is segmented into BFSI, IT and telecom, manufacturing, retail, energy & utilities, government, and others. The IT & Telecom segment accounted for the largest share of the market in 2021. The market growth for the segment is primarily attributed to the growing adoption of CCM solution in banking and insurance sector to enhance the customer communication. Moreover, the market for the retail segment is projected to grow at a faster pace during the forecast period.
Players operating in the customer communications management market are mainly focused on the development of advanced and efficient products.
The List of Companies - Customer Communications Management Market