DUBLIN--(BUSINESS WIRE)--The "Global Customer Communications Management Market by Component (Solutions and Services), Deployment Type, Organization Size, Vertical (IT and Telecom, BFSI, Retail & eCommerce, Travel & Hospitality, Healthcare), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
Global post-COVID-19 CCM market size to grow from USD 1.3 billion in 2021 to USD 2.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period.
The major growth drivers for the market include increasing adoption of CCM solutions and services in various verticals such as IT and telecom, retail and eCommerce, healthcare, BFSI, travel and hospitality, government, utilities, and other verticals.
Among component, solution segment to hold a larger market size during the forecast period
The solution segment is expected to hold the largest market size during the forecast period. Enterprises deploy CCM solutions to provide customers highly connected personalized experiences across a wide range of websites, stores, call centers, mobile apps, social media, emails, virtual assistants, and other touchpoints.
Customer queries would be resolved through automatic response processes and solutions wherein customers receive real-time feedback on their queries.
Enterprises are aware of the importance of each interaction, which carries customers' perception of products or brands.
Solutions such as omnichannel, ML, analytics, and workforce optimization are the backbone of modern customer services, which offer brands and products a competitive edge.
Among Verticals, IT and Telecom vertical to grow at the highest CAGR during the forecast period
CCM market is segmented into IT and telecom, retail and eCommerce, BFSI, travel and hospitality, healthcare, government, utilities, and other verticals. CCM solutions help simplify IT infrastructure through a single, comprehensive solution for batch automation and interactive communications generation.
In this way, companies can utilize data while creating documents. This enables them to create valuable content and contribute directly to objectives of their customer experience strategy. Therefore, telecommunications and IT companies have started investing in CCM solutions that would help them deliver high-quality services to their customers.
Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC countries are increasingly investing in CCM projects. The CCM market in APAC has been sub-segmented into China, Japan, India, and the rest of APAC. These countries act as a major driver for the growth of the market in the region.
The increasing internet penetration and per user online consumption have led organizations to enhance their offerings in the CCM market. This rapid growth is because of its growing technology adoption rate.
The growth of SMEs in the region has increased their spending on advanced technologies, such as AI, ML, and data analytics, to compete in the market and capture more opportunities.
The implementation of CCM solutions has become more plausible for these businesses. Cloud computing is adopted on a large scale by organizations in the region's developed economies, such as Japan, ANZ, and Singapore.
As the cloud technology is used as a repository of data for further analysis, its increased adoption is expected to drive the growth of the CCM market.
Premium Insights
- Attractive Opportunities in the Customer Communications Management Market: Rapid Adoption of Customer Engagement Platforms to Reduce Customer Churn Rate Drives the Market Growth
- Market: Top Three Verticals: Healthcare Vertical to Grow at the Highest CAGR from 2021 to 2026
- North America to Account for the Largest Share in the Market in 2021
Market Dynamics
Drivers
- CCM Solutions Help in Keeping Customer Engagement Through Omnichannel
- Technological Advancements in NLP
- CCM Solutions Help in Reducing Customer Churn Rates
Restraints
- Data Synchronization and Complexities
- Lack of Skilled Professionals to Hamper the Growth of the CCM Market
Opportunities
- Integration of CCM Technology with the Cloud to Provide Major Business Opportunities
- More Engagement on Messaging Channels
- Need for Reducing Response Times
Challenges
- Increased Focus on Data Privacy and Security
- Difficulty in Getting Consistent CX Feedback Through All Channels
Case Study Analysis
- Acuity Saves Time and Secures Compliance with OpenText Exstream
- Newgen's CCM Implementation Helped General Insurance Company in Delivering Holistic and Effective Customer Communication
- CCM Solution Built on Uniserve NXT Platform Helped a Leading Bank
- Schwan's Company Uses Oracle Cross-Channel Marketing
- Quadient Inspire Solutions Helped NCP Solutions
- Transformation of Customer Communication Management Technology with a Cloud-Based Robust Customer Communication Management Solution
Customer Communication Management Market: COVID-19 Impact
Patent Analysis
- Methodology
- Document Type
- Patents Filed
- Innovation and Patent Applications
- Top Applicants
Technology Analysis
- Ai and Customer Communications Management
- AR/VR and Customer Communications Management
- 5G and Customer Communications Management
- Blockchain and Customer Communications Management
Porter's Five Forces Analysis
Companies Mentioned
- Adobe
- AdventSys
- Bitrix24
- Braze
- Capgemini
- Cedar CX Technologies
- Doxee
- Doxim
- Ecrion
- Front
- HelpCrunch
- Hyland
- Messagepoint
- Napersoft
- Newgen Software
- OpenText
- Oracle
- Papyrus Software
- Pitney Bowes
- Podium
- Quadient
- Sefas
- Smart Communications
- Topdown
- Trengo
- Zendesk
For more information about this report visit https://www.researchandmarkets.com/r/g1okrq
