Multi-channel Communication Services Market Size 2020: By Keyplayers Ecrion Software, Striata, Xerox Corporation, Quadient, Liquid State, MailTeck, Conduent, Inc., Enghouse Interactive, Paragon Customer Communications, Infobip ltd, and Compart AG among ot

Market Overview

Multi-channel communication can be defined as communications with customers through multiple channels such as print, SMS, e-mail, web portals, and mobile applications. Multi-channel communication involves sending information through multiple channels. Multi-channel communication services facilitate clients to complete end to end information transactions utilizing different multiple channels. Multi-channel communication service involves delivering the right information, at right time, through right communication channel. Moreover, a multi-channel communications strategy does not support interactive or bidirectional communications with customers.

The global multi-channel communication services market is expected to exhibit a CAGR of 21.4% during the forecast period (2019-2027).

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Competitive Section

Key companies operating in the global multi-channel communication services market include Ecrion Software, Striata, Xerox Corporation, Quadient, Liquid State, MailTeck, Conduent, Inc., Enghouse Interactive, Paragon Customer Communications, Infobip ltd, and Compart AG among others.

Market Dynamics- Drivers

1. Increasing adoption of e-commerce in the retail industry is expected to drive growth of the global multi-channel communication services market during the forecast period

Retail e-commerce allows consumers to buy goods from the seller over the internet. Consumers can buy required products by visiting the website. E-commerce is one of the major channel in multi-channel communication platform. Top retailers are adopting retail multichannel communication platform to provide seamless shopping experience to their customers. Moreover, increasing adoption of mobile phones and rising penetration of internet in retail industry are expected to drive growth of the global multi-channel communication services market over the forecast period. For instance, according to Coherent Market Insights, in 2016, there were around 4,900 million mobile phone users worldwide, and the number is expected to reach 5,500 million by 2021.

Market Opportunities

1. Growing demand for cloud-based multi-channel communication platform deployment is expected to create lucrative growth opportunities for market players

Cloud-based solutions have witnessed a higher demand, owing to their wide range of functionalities such as ease in accessibility, pay-per-use model, flexibility, faster set-up time, multiuser support, and low installation & maintenance costs. Moreover, high rate of cell phone and internet penetration in Asia Pacific is expected to offer growth opportunities for market players over the forecast period.�

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Segment Information
Among industry vertical, retail segment held a dominant position in the global multi-channel communication services market in 2018, followed by other sub-segments. The rise in multiple sales channels among retail industry resulted in having greater visibility across the entire order process life cycle. Therefore, the requirement for real-time updates related to the managing, tracking, and processing of orders has resulted in an increased demand for multichannel communication services, which is further expected to drive growth of the market over the forecast period.

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