U.S. Customer Communication Management Market Analysis and Forecast 2020: By Keyplayers Newgen Software, Adobe Systems Inc., Xerox Corporation, Cincom Systems Inc., Pitney Bowes, Inc., Doxee S.p.A., Oracle Corporation, EMC Corporation (Dell), OpenText Cor

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Market Overview

Customer communications management (CCM) is a type of software that enables organizations for the management of customer communications across a variety of media. It includes email, printed documents, text messages, and web pages. In layman’s terms, customer communications management is described as an advanced derivative of enterprise content management (ECM) technology. CCM includes an automated process to deliver communication and to provide segmentation of messages as per different customer profiles and contexts. Customer communication management technology consists of various components including data extraction, transform & load software, data hygiene database software, document composition software, portal technology, email marketing software, printer management software, envelop inserter machine, etc. 

The U.S. customer communication management market was estimated to account for US$ 573.4 Mn in terms of in 2019 and is expected to grow at a CAGR of 11.0% during the forecast period (2019 – 2027).

Competitive Section

Key players operating in the U.S. customer communication management market are Newgen Software, Adobe Systems Inc., Xerox Corporation, Cincom Systems Inc., Pitney Bowes, Inc., Doxee S.p.A., Oracle Corporation, EMC Corporation (Dell), OpenText Corp., and HP Enterprise. 

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Market Dynamics- Drivers

1. Increasing focus on diverse and divergent communication channels is expected to drive growth of the U.S. customer communication market during the forecast period

Advent of novel and cutting-edge communication channels has made customer communication more and more dynamic. Currently, various organizations are focused on diverse and different communication channels, in order to reinforce their presence across various platforms. As a result of this, customers can be connected across the world. Moreover, growing demand for customer communication systems across the globe. The U.S. is a major adopter and innovator in terms of technology adoption and supporting infrastructure, the region acts as a lucrative market for CCM as well. Hence, these factors are expected to drive the U.S. customer communication management market growth during the forecast period. For instance, EMC Corporation facilitates organizations to enhance and achieve an enterprise-wide strategy to augment their customer experience by providing a multi-channel customer communication management system. Apart from this, CCM software also enables organizations to easily and independently create and manage documents and templates.

2. Growing focus on context-enriched information and multi-channel output is expected to propel the U.S. customer communication management market growth over the forecast period

CCM service providers are focused on delivering high-quality information to their users. Increasing technological advancements and high penetration of cloud technologies across various industries are boosting the demand for context-enriched information through social analytics. Moreover, growing demand for personalization in customer communication is expected to boost growth of the market in the near future. Increasing developments in the market, in order to accomplish a customer-centric approach, is expected to provide multi-channel output across the industries related to customer requirements. Hence, these factors are expected to drive the U.S. customer communication management market growth over the forecast period.

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Market Opportunities

1. Integration of CCCM technology with the cloud is expected to provide major business opportunities

The cloud-based platform is constantly evolving, which provides the deployment of software applications without the complexity and cost of managing and acquiring the underlying software and hardware layers. Small and mid-sized enterprises are laying emphasis on enhanced customer interactions, in order to add value to their offerings. CCM software platform is expected to evolve in a cloud-based environment to cater to the large enterprises as well as SMEs. As a result of this, enterprises are expected to switch to cloud environment, in order to inculcate flexibility in a communication system.

2. Increasing adopting of CCM software in BFSI sector to pose significant growth opportunities
Banking, financial services, and insurance (BFSI) sector is increasingly adopting customer communication management platforms. This is done to enhance customer interaction and add value to the service portfolio. Various private, as well as government financial institutions, are focused on incorporating CCM software, in order to reduce operating costs and enhance customer service so that the organizations can focus on their core business. This, in turn, is expected to provide major growth opportunities over the forecast period.

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Market Trends

1. Increasing demand for customizable CCM solution

Customer communications management system simplifies and automates document-associated business procedures, in order to enhance business performance and efficiency. The demand for customized CCM solutions is increasingly rampant, as these solutions are designed to encounter the enterprise or departmental requirements. For instance, OpenText Exstream is a multichannel CCM solution, which has the capability to improve the customer experience with meaningful, relevant communications delivered through the customer's preferred channels such as email, web, SMS, and print. Apart from this, Exstream enables enterprises to produce fully customized high-volume bills & statements, on-demand marketing, and self-service web applications.

2. Growing emphasis on automated on-demand content delivery with the use of natural language processing

Natural language processing (NLP) is one of the critical components of artificial intelligence, which enables computer to understand the human speech. There is an increasing demand for NLP integrated CCM software from various sectors, in order to leverage numerous benefits of NLP. NLP, integrated with CCM, providers various advantages such as automatic summarization, coreference solution, and discourse analysis. Key players in the market are focused on integrating NLP with CCM, in order to provide enhanced services.

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