- Based on component, the solutions segment is estimated to lead the market in 2018.
- Based on organization size, the small & medium enterprises segment is expected to grow at a higher CAGR during the forecast period.
- North America is estimated to lead the market in 2018.
According to the new market research “Customer Engagement Solutions Market by Component (Solutions, Services), Deployment Type (Cloud, On-premises), Organization Size, Vertical (BFSI, Telecommunication, Consumer Goods & Retail), and Region – Global Forecast to 2023″, published by MarketsandMarkets, the customer engagement solutions market projected to grow from $14.08 billion in 2018 to $23.19 billion by 2023, at a CAGR of 10.5% during the forecast period.
Major factors projected to drive the growth of the customer engagement solutions market include rising adoption of customer engagement solutions to reduce customer churn rate and increasing use of e-commerce and m-commerce platforms.
Based on component, the solutions segment is estimated to lead the market in 2018.
Based on component, the solutions segment is estimated to lead the customer engagement solutions market in 2018, as enterprises are deploying customer engagement solutions to empower customers with highly connected personalized experiences across a wide range of physical, mobile, and web-based touchpoints.
Based on organization size, the small & medium enterprises segment of the customer engagement solutions market is expected to grow at a higher CAGR during the forecast period.
Based on organization size, the small & medium enterprises segment is projected to grow at a higher CAGR from 2018 to 2023 as compared to the large enterprises segment. The growth of the small & medium enterprises segment can be attributed to the requirement of customer engagement solutions that can help organizations optimize their business processes.
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North America is estimated to lead the market in 2018.
North America is estimated to lead the market in 2018. The growth of the North America customer engagement solutions market is primarily driven by the presence of various key market players such as IBM, Microsoft, Nuance Communications, Oracle, Salesforce, and Verint Systems in this region. Customer engagement solutions have gained wide acceptance in the US, as the country has been the earliest adopter of Social, Mobile, Analytics, and Cloud (SMAC) technologies.
Key players operating in the customer engagement solutions market include Aspect Software (US), Avaya (US), Calabrio (US), Genesys (US), IBM (US), Microsoft (US), NICE Systems (Israel), Nuance Communications (US), OpenText (Canada), Oracle (US), Pegasystems (US), Pitney Bowes (US), Salesforce (US), SAP (Germany), ServiceNow (US), Verint Systems (US), Zendesk (US), eGain Corporation (US), BPMonline (US), CRMnext (India), Eptica (France), Freshworks (US), IFS-mplsystems (UK), Lithium Technologies (US), and SugarCRM (US).
Salesforce (US) provides various customer engagement solutions, such as Salesforce Customer Success Platform, Sales Cloud, Chatter, Marketing Cloud, and Commerce Cloud Digital. The company has adopted new product launches as a key growth strategy to offer innovative and upgraded product offerings. For instance, in March 2018, the company launched Salesforce Integration Cloud, Salesforce Lightning, Einstein Analytics Developer Experience, and Quip Live Apps.
Salesforce focuses on the strategy of partnerships, agreements, and acquisitions to become a key vendor of customer engagement solutions. The company has acquired MuleSoft (US) in May 2018 and Quip in September 2016 to enhance its product portfolio and strengthen its position in the customer engagement solutions market. The company has partnered with BFGoodrich Tires (US) and Arcos Dorados (Uruguay) in June 2018 to expand its customer base across the globe.