Press release
Global Telecommunications and BFSI Customer Engagement Solutions Market Reach USD 16.1 Billion by 2032 Growing at 8.7% CAGR
Digital transformation and data-driven approaches are the factors expected to propel the growth of the global Telecommunication & BFSI customer engagement solution market. However, data privacy and security concerns and high implementation and maintenance costs are anticipated to hamper the growth of global market.
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The global telecommunications and bfsi customer engagement solutions market was valued at $7 billion in 2023, and is projected to reach $16.1 billion by 2032, growing at a CAGR of 8.7% from 2024 to 2032.
The telecommunication and BFSI customer engagement solution market is segmented on the basis of offering, deployment, enterprise size and region. By offering, the market is bifurcated into solution and services. By solution, the market is further divided into SMS and email solution, chatbot solution, interactive personalized video solution, and digital self-service solution. By services, the market is further divided into professional services and managed services. By deployment, the market is categorized into on-premise and cloud. By enterprise size, the market is segregated into large enterprises and small & medium-sized enterprises. By region, the market is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
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By deployment, the cloud segment accounted for the largest share in 2023, contributing for more than half of the telecommunication & BFSI customer engagement solution market revenue, and expected to attain the largest CAGR of 10.2% from 2024 to 2032 and is projected to maintain its lead position during the forecast period, as it allows them to easily scale their customer engagement tools up or down based on their needs and only pay for what they use, without the need for extensive hardware investments. Additionally, cloud solutions facilitate remote access and integration with other systems, which is crucial for managing customer interactions efficiently. The cloud segment is also forecasted to be the fastest-growing because more businesses are embracing digital transformation and seeking the agility and innovation that cloud technologies provide, which is further expected to propel the overall market growth.
By component, the solution segment held the highest market share in 2023, accounting for nearly three-fourths the telecommunication & BFSI customer engagement solution market revenue and is estimated to maintain its leadership status during the forecast period, because it includes the core software and tools that businesses use to interact with customers, such as CRM systems and engagement platforms. These solutions are crucial for managing and analyzing customer interactions effectively, which is further expected to propel the overall market growth. However, the manufacturing segment is expected to attain the largest CAGR of 10.4% from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing he increasing demand for ongoing support and expertise that businesses need to implement and optimize their customer engagement solutions. As companies seek to get the most out of their technology investments and adapt to evolving customer needs, they are investing more in services like consulting, training, and technical support, which is drives the segment growth in the Telecommunication & BFSI customer engagement solution market.
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By region, North America held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the telecommunication & BFSI customer engagement solution market revenue, owing to its mature technology infrastructure, early adoption of advanced customer engagement tools, and a high concentration of major telecommunications and financial institutions. Companies in this region are well-established and have the resources to invest in sophisticated solutions to enhance their customer interactions is anticipated to propel the growth of the market in this region. However, Asia-Pacific is projected to attain the highest CAGR of 11.8% from 2023 to 2032, owing many countries in this region are experiencing rapid economic growth, increased digitization, and a rising middle class, which drives demand for improved customer engagement solutions. As businesses in Asia-Pacific expand and seek to compete in a growing market, they are increasingly adopting customer engagement technologies, contributing to the rapid growth of this segment.
The key players profiled in the telecommunications and BFSI customer engagement solutions analysis are Salesforce, Inc., Oracle Corporation, BUSINESSNEXT, Inc., Creatio EMEA Ltd, Microsoft Corporation, ServiceNow, Inc., SAP SE, Pegasystems Inc., NICE Ltd., Alvaria, Inc., Verint Systems Inc., Enghouse System Limited, IBM Corporation, Zendesk Inc, Avaya LLC, eGain Corporation, Open Text Corporation. Thus, these players have adopted various strategies to increase their market penetration and strengthen their position in the telecommunications and BFSI customer engagement solutions industry.
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Recent Developments in Telecommunications And BFSI Customer Engagement Solutions
In May 2024, Avaya, announced the acquisition of Edify. This move integrates advanced AI-powered customer journey orchestration and workflow capabilitiesinto the Avaya Experience Platform (AXP), alongside top-tier engineering talent joining Avaya's engineering organization.
In June 2023, Alvaria extended its partnership with Avaya, enhancing Avaya's cloud portfolio with advanced outreach capabilities. This collaboration aims to deliver proactive customer experiences, ensuring compliance and coordinating engagement seamlessly across enterprises, leveraging their longstanding relationship in Avaya's DevConnect Technology Partner program.
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