What is the Historical Analysis of the Customer Communications Management Market Size?
The customer communications management market has seen considerable growth due to a variety of factors.
• The market size for customer communications management has seen robust growth in the past few years. It is projected to escalate from $1.59 billion in 2024 up to $1.75 billion by 2025, with a compound annual growth rate (CAGR) of 9.8%.
The growth during the historic period can be attributed to several factors including the adoption of multichannel communication strategies, an increase in customer-focused business models, a greater focus on regulatory compliance in communications, advancements in digital and personalized marketing, and an enhanced emphasis on optimizing customer experience.
What is the Forecasted Growth of the Customer Communications Management Market Size?
The customer communications management market is expected to maintain its strong growth trajectory in upcoming years.
• The market for customer communications management is anticipated to experience quick expansion in the upcoming years, escalating to $2.88 billion by 2029, with a compound annual growth rate (CAGR) of 13.4%.
The increase in the projected period is due to factors such as the growth of omnichannel customer engagement, a rising need for interactive and dynamic content, a focus on data security and privacy in customer communication, and the rise in cloud-based customer communication management solutions. Key trends for the forecast period encompass personalization and hyper-personalization in customer communication, integration with customer relationship management (CRM) systems, the emergence of conversational and chatbot-based communication, the adoption of rich media and interactive documents, and a shift to automated and self-service customer communication.
What Are The Key Drivers Fueling Growth In The Customer Communications Management Market?
The surge in smartphone usage worldwide is a primary driving force for the expansion of the customer communication management market. The term smartphone penetration refers to the number of active mobile phone subscriptions compared to the total mobile phone market. Various mechanisms, such as live chat inquiries, email feature requests, SMS/MMS, responsive mobile experiences, and in-app alerts, utilise smartphones to handle customer communications. For example, as reported by Uswitch Limited, a UK-based financial conduct authority, mobile connections in the UK grew to 71.8 million in February 2023, marking a rise of 3.8% from last year, equating to roughly 2.6 million new connections. Moreover, it's predicted that the UK's population will rise to 68.3 million by 2025, with about 95% of the population, or nearly 65 million people, possessing a smartphone. As a result, the rise in smartphone penetration is projected to expedite the market growth in the coming years.
What Are The Principal Market Segments In The Global Customer Communications Management Industry?
The customer communications management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By Vertical: IT And Telecom, Retail And eCommerce, BFSI, Healthcare, Travel And Hospitality, Government, Utilities, Other Verticals
Subsegments:
1) By Solution: Document Generation Solutions, Customer Engagement Solutions, Workflow Automation Solutions, Analytics And Reporting Solutions
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training Services
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Which Emerging Market Trends Are Altering The Customer Communications Management Sector?
There's a significant surge in the incorporation of cutting-edge technology in the customer communication management market. Predominant entities in the market are emphasizing the adoption of high-tech elements such as artificial intelligence, machine learning, automation, natural language processing, cloud-based alternatives, and sophisticated analytics. These modern introductions are equipping organizations to provide more personalized, efficient and scalable communications with customers, thus dramatically enhancing customer engagement and satisfaction via multiple channels. It promotes cohesive and consistent correspondence throughout customer interactions. For instance, EngageOne RapidCX was launched in May 2023 by a US-based software firm that specializes in data integrity tools, with the intent of transforming Customer Communication Management, especially in highly regulated sectors.
Who Are the Key Players in the Customer Communications Management Market?
Major companies operating in the customer communications management market include:
• Adobe Inc.
• Capgemini SE
• CEDAR CX Technologies
• Open Text Corporation
• Sefas Innovation Inc.
• ABBYY Solutions Ltd.
• Avaya LLC.
• BCC Software LLC.
• Broadridge Financial Solutions Inc.
• Cincom Systems
• Cognizant Technology Solutions Pvt Ltd.
• Crawford Technologies Inc.
• Dell Technologies Inc.
• Doxee S. p. A.
• Exela Technologies Inc.
• GMC Software AG
• Hewlett Packard Enterprise Development LP
• Kofax Inc.
• Messagepoint Inc.
• Newgen Software Technologies Limited
• Hyland Software Inc.
• Objectif Lune Inc.
• OneSpan Inc.
• Oracle Corporation
• Pitney Bowes Inc.
• The Ricoh Company Ltd.
• Xerox Corporation.
• Zoho Corporation.
What are the Regional Insights into the Customer Communications Management Market?
North America was the largest region in the customer communications management market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer communications management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
