Customer Engagement Solutions Market to Witness Huge Growth by 2028 | Microsoft (US), NICE Systems (Israel), Oracle (US), Salesforce (US), SAP (Germany), Zendesk (US), Pegasystems (US)

The Customer Engagement Solutions Market research report includes the competitive landscape that involves leading companies and adopting strategies to introduce new products, announce partnerships, and collaborate to contribute to market growth. Moreover, the report elaborates on numerous customers' journeys related to this industry, regions, and segments. The Customer Engagement Solutions Market research report delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions.

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The global Customer engagement solutions market size is expected to grow from USD 19.3 billion in 2022 to USD 32.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period.

The major vendors in the global Customer engagement solutions market include Avaya (US), IBM (US), Microsoft (US), NICE Systems (Israel), Oracle (US), Salesforce (US), SAP (Germany), Zendesk (US), Pegasystems (US), ServiceNow (US), Open Text (Canada), Precisely (US), Verint Systems (US), eGain Corporation (US), Enghouse Systems (US), Alvaria (US), Genesys (US), Freshworks (California), IFS-mplsystems (Sweden), Calabrio (US), Khoros (US), Creatio (US), CRMNEXT (California), SugarCRM (Canada), WebEngage (India), Upshot (Texas), MoEngage (US), ChurnZero (US), and Sentimeter (US).

Customer engagement solutions are helping companies widen their customer base, reduce customer churn rate, and increase customer retention. Thus, the increasing adoption of customer engagement solutions, owing to their benefits, is one of the most significant factors expected to drive the growth of the customer engagement solutions market across the globe during the forecast period.

In a short time, the COVID-19 outbreak has affected markets and customer behaviors and substantially impacted economies and societies. Healthcare, telecommunication, media and entertainment, utilities, and government verticals function day and night to stabilize conditions and facilitate prerequisite services to every individual. The telecom sector, in particular, is playing a vital role across the globe to support the digital infrastructure of countries amid the COVID-19 pandemic.

According to Fujitsu's Global Digital Transformation Survey, offline organizations were damaged more, while online organizations witnessed growth in online demand and an increase in revenue. 69% of the business leaders from online organizations have indicated that they witnessed an increase in their business revenue in 2020. In contrast, 53% of offline organizations saw a drop in revenues.

The Analytics and reporting solution segment to have a higher CAGR during the forecast period

Customer engagement analytics solutions offered by enterprises allow businesses to gain in-depth insights into customer activities, which would help enhance customer loyalty and increase sales. It allows organizations to use artificial intelligence in the response to customers and help organizations offer personalized solutions. IBM (US), Microsoft (US), Salesforce (US), and Zendesk (US) are among the leading providers of analytics and reporting solutions.

The Large enterprises segment is estimated to account for larger market size during the forecast period

Retailers Large enterprises are adopting new strategic approaches for customer engagement to stand out in a competitive environment. The brands are choosing AI-powered chatbots, which are the increasingly emerging tools for enterprises looking to offer personalized, day-and-night, self-service support to customers.

Among regions, APAC to hold higher CAGR during the forecast period

The growth of the Customer engagement solutions market in APAC is highly driven by the rapid digitalization of enterprises across the region. Enterprises across APAC are working effortlessly on taking up digital transformation, majorly for streamlining their operations and improving the customer experience. Indicating that spending on software is also expected to grow to keep with up with rising customer demands in terms of online accessibility of services from enterprises. Hence, this rapid investment in technologies and providing online services to the customer is expected to drive the growth of the Customer engagement solutions market in APAC.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the Customer engagement solutions market.

By Company: Tier I: 18%,Tier II: 9%, and Tier III: 73%
By Designation: C-Level Executives: 9%, Directors: 18%, and others:73%
By Region: North America: 55%, Europe: 9%, APAC: 36%

Research Coverage

The market study covers the Customer engagement solutions market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment mode, organization size, verticals and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Customer engagement solutions market and its sub segments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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Table Of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.3 Study Scope
1.3.1 Markets Covered
Figure 1 Customer Engagement Solutions Market Segmentation
1.3.2 Geographic Scope
Figure 2 Customer Engagement Solutions Market: Geographic Scope
1.3.3 Inclusions And Exclusions
1.3.4 Years Considered
1.4 Currency
Table 1 Usd Exchange Rates, 2019-2021
1.5 Limitations
1.6 Summary Of Changes
1.7 Stakeholders

2 Research Methodology
2.1 Research Data
Figure 3 Customer Engagement Solutions Market: Research Design
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Interviews With Experts
2.1.2.2 List Of Key Primary Interview Participants
2.1.2.3 Breakdown Of Primaries
2.1.2.4 Primary Sources
2.1.2.5 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
Figure 4 Bottom-Up Approach
Figure 5 Market Size Estimation Methodology, Bottom-Up (Supply-Side): Collective Revenue From All Solutions/Services Of Market
2.2.2 Top-Down Approach
Figure 6 Top-Down Approach
2.2.3 Customer Engagement Solutions Market Estimation: Demand-Side Analysis
Figure 7 Market Size Estimation Methodology: Demand-Side Analysis
2.2.4 Market Estimation: Supply-Side Analysis
Figure 8 Market Size Estimation Methodology: Supply-Side Analysis
2.2.5 Growth Forecast Assumptions
Table 2 Market Growth Assumptions
2.3 Market Breakdown And Data Triangulation
Figure 9 Data Triangulation
2.4 Research Assumptions
2.4.1 Risk Assessment
Table 3 Risk Assessment: Market

3 Executive Summary
Figure 10 Customer Engagement Solutions Market, 2022-2027 (Usd Million)
Figure 11 Market, By Component, 2022 Vs. 2027 (Usd Million)
Figure 12 Market, By Deployment Mode, 2022 Vs. 2027 (Usd Million)
Figure 13 Market, By Organization Size, 2022 Vs. 2027 (Usd Million)
Figure 14 Market, By Vertical, 2022 Vs. 2027 (Usd Million)
Figure 15 Market, By Region, 2022 Vs. 2027 (Usd Million)

4 Premium Insights
4.1 Customer Engagement Solutions Market Overview
Figure 16 Increasing Use Of E-Commerce And M-Commerce Platforms To Drive Market Growth
4.2 North America: Market, By Solutions And Services (2022)
Figure 17 Omnichannel Solutions Segment Expected To Account For Larger Market Size In 2022
4.3 Geographical Snapshot Of The Market
Figure 18 Asia Pacific Expected To Achieve Highest Growth During Forecast Period

5 Market Overview And Industry Trends
5.1 Introduction
5.2 Market Dynamics
Figure 19 Drivers, Restraints, Opportunities, And Challenges: Customer Engagement Solutions Market
5.2.1 Drivers
5.2.1.1 Rise In Adoption Of Customer Engagement Solutions To Reduce Customer Churn Rate
Figure 20 Most Significant Retail Revenue Drivers, 2021
5.2.1.2 Increase In Use Of Ecommerce And Mcommerce Platforms
5.2.1.3 Greater Focus On Delivering Enhanced Omnichannel Customer Engagement
Figure 21 Communication Channels Used To Initiate Customer Engagement, 2021
5.2.1.4 Shift Toward Providing Exclusive Virtual Experiences In The Post-Covid-19 Era
5.2.2 Restraints
5.2.2.1 Data Synchronization Between Customer Engagement Solutions And Other Technologies
5.2.2.2 Personalized Expectations Of Customers
5.2.3 Opportunities
5.2.3.1 Increased Applicability Of Big Data And Machine Learning
5.2.3.2 Growth In Investments In Artificial Intelligence (Ai)
5.2.3.3 Surge In Cross-Selling And Upselling Activities
5.2.3.4 End-To-End Business Reorientation Catalyzed By Covid-19
5.2.4 Challenges
5.2.4.1 Managing Security With Multiple Customer Touchpoints
5.2.4.2 Choosing The Proper Mix Of Technology And Personnel
5.3 Impact Of Covid-19 On Market Dynamics
5.3.1 Drivers And Opportunities
5.3.2 Restraints And Challenges
5.3.3 Cumulative Growth Analysis
5.4 Customer Engagement Solutions Market: Supply Chain Analysis
Figure 22 Market: Supply Chain
5.5 Ecosystem
Figure 23 Market: Ecosystem
Table 4 Market: Ecosystem
5.6 Pricing Model Of Market Players
Table 5 Pricing Models And Indicative Price Points, 2021-2022
5.7 Technology Analysis
5.7.1 Introduction
5.7.2 Artificial Intelligence And Machine Learning
5.7.3 Blockchain
5.7.4 Augmented/Virtual Reality
5.7.5 Internet Of Things
5.8 Case Study Analysis
5.8.1 Case Study 1: Petric Used Avaya's Solution To Enhance Customer Satisfaction And Business
5.8.2 Case Study 2: With Conversation Intelligence In Dynamics 365 Sales, Investec Enhanced Sales Calls
5.8.3 Case Study 3: Banco Santander Brasil Delivered Exceptional Client Service At Speed With The Pega Platform
5.8.4 Case Study 4: Cisco Delivered Strong Digital Customer Engagement With Pega
5.8.5 Case Study 5: The City Of Mesa Opted For Aspect Unified Ip Solutions From Alvaria To Offer Strong Interaction Choices
5.8.6 Case Study 6: The University Of California At Berkeley Offered Excellent Student Services With Salesforce Service Cloud Solution
5.8.7 Case Study 7: Synergy Enterprise Adopted The Freshsales' Solution To Enhance Customer Engagement
5.9 Revenue Shift For The Customer Engagement Solutions Market
Figure 24 Revenue Impact On The Market
5.10 Patent Analysis
5.10.1 Methodology
5.10.2 Document Types Of Patents
Table 6 Patents Filed, 2019-2022
5.10.3 Innovation And Patent Applications
Figure 25 Total Number Of Patents Granted In A Year, 2019-2021
5.10.3.1 Top Applicants
Figure 26 Top Ten Companies With The Highest Number Of Patent Applications, 2019-2021
Table 7 Us: Top Ten Patent Owners In The Market, 2019-2021
Table 8 List Of A Few Patents In The Market, 2020-2021
5.11 Porter's Five Forces Analysis
Table 9 Customer Engagement Solutions Market: Porter's Five Forces Model
5.11.1 Threat Of New Entrants
5.11.2 Threat Of Substitutes
5.11.3 Bargaining Power Of Buyers
5.11.4 Bargaining Power Of Suppliers
5.11.5 Degree Of Competition
5.12 Regulatory Landscape
5.12.1 Regulatory Bodies, Government Agencies, And Other Organizations
Table 10 North America: List Of Regulatory Bodies, Government Agencies, And Other Organizations
Table 11 Europe: List Of Regulatory Bodies, Government Agencies, And Other Organizations
Table 12 Asia Pacific: List Of Regulatory Bodies, Government Agencies, And Other Organizations
Table 13 Middle East & Africa: List Of Regulatory Bodies, Government Agencies, And Other Organizations
Table 14 Latin America: List Of Regulatory Bodies, Government Agencies, And Other Organizations
5.12.1.1 North America
5.12.1.1.1 Us
5.12.1.1.2 Canada
5.12.1.2 Europe
5.12.1.3 Asia Pacific
5.12.1.3.1 China
5.12.1.3.2 India
5.12.1.3.3 Australia
5.12.1.3.4 Japan
5.12.1.4 Middle East & Africa
5.12.1.4.1 Middle East
5.12.1.4.2 South Africa
5.12.1.5 Latin America
5.12.1.5.1 Brazil
5.12.1.5.2 Mexico
5.13 Key Stakeholders & Buying Criteria
5.13.1 Key Stakeholders In Buying Process
Figure 27 Influence Of Stakeholders In The Buying Process For The Top Three End-Users
Table 15 Influence Of Stakeholders In Buying Process For The Top Three End-Users
5.13.2 Buying Criteria
Figure 28 Key Buying Criteria For The Top Three End-Users
Table 16 Key Buying Criteria For The Top 3 End Users
5.14 Key Conferences & Events In 2022-2023
Table 17 Market: Detailed List Of Conferences & Events

6 Customer Engagement Solutions Market, By Component
6.1 Introduction
6.1.1 Component: Market Drivers
6.1.2 Component: Covid-19 Impact
Figure 29 Solutions Segment Expected To Grow At Highest Cagr During Forecast Period
Table 18 Market, By Component, 2016-2021 (Usd Million)
Table 19 Market, By Component, 2022-2027 (Usd Million)
6.2 Solutions
Figure 30 Analytics & Reporting Segment Expected To Grow At Highest Cagr During Forecast Period
Table 20 Market, By Region, 2016-2021 (Usd Million)
Table 21 Market, By Region, 2022-2027 (Usd Million)
Table 22 Market, By Solution Type, 2016-2021 (Usd Million)
Table 23 Market, By Solution Type, 2022-2027 (Usd Million)
6.2.1 Omnichannel
6.2.1.1 Customer Engagement Solutions For Seamless Customer Experience With An Omnichannel Approach
Table 24 Omnichannel: Customer Engagement Solutions Market, By Region, 2016-2021 (Usd Million)
Table 25 Omnichannel: Market, By Region, 2022-2027 (Usd Million)
6.2.2 Workforce Optimization
6.2.2.1 Increased Employee Efficiency Maintaining The Lowest Possible Operational Cost
Table 26 Workforce Optimization: Market, By Region, 2016-2021 (Usd Million)
Table 27 Workforce Optimization: Market, By Region, 2022-2027 (Usd Million)
6.2.3 Robotic Process Optimization
6.2.3.1 Automation Of Business Processes To Increase Productivity And Enhance Customer Experience
Table 28 Robotic Process Optimization: Market, By Region, 2016-2021 (Usd Million)
Table 29 Robotic Process Optimization: Market, By Region, 2022-2027 (Usd Million)
6.2.4 Analytics And Reporting
6.2.4.1 In-Depth Insights Into Customer Activities To Gain A Competitive Edge
Table 30 Analytics And Reporting: Market, By Region, 2016-2021 (Usd Million)
Table 31 Analytics And Reporting: Customer Engagement Solutions Market, By Region, 2022-2027 (Usd Million)
6.3 Services
Figure 31 Managed Services Segment Expected To Grow At Higher Cagr During Forecast Period
Table 32 Market, By Service Type, 2016-2021 (Usd Million)
Table 33 Market, By Service Type, 2022-2027 (Usd Million)
Table 34 Services: Market, By Region, 2016-2021 (Usd Million)
Table 35 Services: Market, By Region, 2022-2027 (Usd Million)
6.3.1 Professional Services
Table 36 Professional Services: Market, By Region, 2016-2021 (Usd Million)
Table 37 Professional Services: Customer Engagement Solutions Market, By Region, 2022-2027 (Usd Million)
6.3.1.1 Integration And Deployment Services
6.3.1.1.1 Integration Services Aiding The Smooth Functioning Of Customer Engagement Solutions In Highly Complex Network Infrastructures
6.3.1.2 Support And Maintenance Services
6.3.1.2.1 Timely Support And Effective Maintenance Services To Achieve Business Goals And Objectives
6.3.1.3 Consulting Services
6.3.1.3.1 To Enhance Performance, Reduce Risks, And Achieve Customer Satisfaction
6.3.2 Managed Services
6.3.2.1 Improve The Efficiency Of Inbound And Outbound Operations Cost-Effectively
Table 38 Managed Services: Market, By Region, 2016-2021 (Usd Million)
Table 39 Managed Services: Market, By Region, 2022-2027 (Usd Million)

7 Customer Engagement Solutions Market, By Organization Size

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