Global Customer Engagement Solution Market

Customer data platforms refer to software that gathers and organizes first-party customer data from many sources to provide a single, coherent, and comprehensive view of each customer to generate more personalized marketing campaigns by integrating data from several platforms to produce a single, consolidated customer database with information on all contact points and engagements. The main types of customer data platforms are analytics, access, and campaigns. The analytics customer data platforms are used to analyze customer behavior and patterns. Analytics is the process of discovering, interpreting, and communicating significant patterns in data. The various components include solutions and services that are deployed on the cloud and on-premises. The several organizations for the customer data platform are large enterprises and small and medium-sized enterprises that have various end users, including BFSI, retail and ecommerce, healthcare, manufacturing, media and entertainment, IT and telecom, and others. The customer data platform market research report is one of a series of new reports from The Business Research Company that provides customer data platform market statistics, including customer data platform industry global market size, regional shares, competitors with a customer data platform market share, detailed customer data platform market segments, market trends and opportunities, and any further data you may need to thrive in the customer data platform industry. This customer data platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global customer data platforms market size grew from $3.51 billion in 2022 to $4.63 billion in 2023 at a compound annual growth rate (CAGR) of 31.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The customer data platforms market size is expected to grow to $13.84 billion in 2027 at a CAGR of 31.5%. Growth in the retail and e-commerce industry is expected to propel the growth of the customer data platform market going forward. Ecommerce is the buying and selling of goods and services over the internet whereas the retail industry consists of all companies that sell goods and services to consumers. A customer data platform (CDP) is helpful for retail and e-commerce marketing as it makes data available to marketers and helps in personalized and targeted marketing campaigns. For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, India’s e-commerce market is expected to reach USD 111 billion by 2024 and USD 200 billion by 2026. The retail industry achieved 96% of pre-COVID-19 sales in September 2021, driven by the rising demand from consumers. Therefore, the growth in the retail and e-commerce industry will drive the growth of the customer data platforms market. The AI-driven customer data platform is a key trend gaining popularity in the customer data platform market. Strong data architectures and robust AI and customer analytics solutions enable better kinds of experiences and deliver brand loyalty and growth. The major players in the market are focusing on AI-driven customer data platforms for market growth. For instance, in July 2021, Adobe Inc., a US-based computer software company providing customer data platform services introduced a new service for adobe commerce called Live Search. Adobe's official search solution aims to take search to the next level by using AI (Adobe Sensei) and other cutting-edge technology, which will help use data and insights to drive real-time relevance and personalized experiences for the users. In February 2020, Salesforce, a US-based cloud-based software company acquired Evergage for an undisclosed amount. With this acquisition, Salesforce aims to deliver data-driven experiences and personalization to its users. Evergage is a US-based provider of real-time personalization and customer data platforms. Major players in the customer data platforms market are Oracle Corporation, SAP SE, Adobe Inc., Salesforce Inc., Microsoft Corporation, SAS Institute, Teradata, Nice Systems Ltd., Dun & Bradstreet, Leadspace, BlueVenn, Tealium, BlueConic, Terminus, Tealium Inc., Agilone LLC, mParticle Inc., Segment.Io Inc., CaliberMind, Celebrus, Ascent360 Inc., Lytics Inc., ActionIQ Inc., Optimove, Exponea Ltd., and Ensighten Inc., North America was the largest region in the customer data platform market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer data platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the customer data platforms market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The customer data platform market includes revenues earned by entities by gathering and integrating first-party customer information from various sources to create a single, coherent, and comprehensive picture of each customer. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global customer data platforms market is segmented - 1) By Type: Analytics, Access, Campaign 2) By Component: Solutions, Services 3) By Deployment Mode: Cloud, On-Premises 4) By Organization Size: Large Enterprises, Small And medium-Sized Enterprises (SMEs) 5) By End-User: Banking, Financial Services And Insurance (BFSI), Retail And E-commerce, IT And Telecom, Healthcare, Manufacturing, Media And Entertainment, Other End-Users

The customer analytics refer to the tools and processes that firms employ to derive customer insights and make business choices by analyzing customer behaviour data. It is used to improve customer conversion, engagement, and retention. The main solutions in customer analytics include social media analytical tools, dashboard, extract transform load or data management, web analytical tool, reporting, voice of customer (VOC), and analytical tools. Social media analytical tools refer to a tool that tracks, evaluates, and subsequently improves the performance of social media. It comprises of graphical dashboard and data visualization techniques that provide the users a clear knowledge of the performance of their social media presence. These solutions are used by enterprises such as large enterprises, small and medium-sized enterprises (SMEs) and are deployed on-premises and cloud. They are applied on brand management, campaign management, churn management, customer behavioral analysis, product management, and others. These solutions are used by industries ranging from BFSI, wholesale and retail, telecommunication and IT, utilities, healthcare, travel and hospitality, and others. The customer analytics market research report is one of a series of new reports from The Business Research Company that provides customer analytics market statistics, including Customer analytics industry global market size, regional shares, competitors with a customer analytics market share, detailed customer analytics market segments, market trends and opportunities, and any further data you may need to thrive in the customer analytics industry. This customer analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global customer analytics market size grew from $8.88 billion in 2022 to $10.57 billion in 2023 at a compound annual growth rate (CAGR) of 19.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The customer analytics market size is expected to grow to $21.07 billion in 2027 at a CAGR of 18.8%. The rising demand for improved customer satisfaction is significantly contributing to the growth of the customer analytics market. The demand for improved customer satisfaction is rising due to the need to retain customers, gain a competitive advantage, enhance customer loyalty, boost brand reputation, and overall business growth. This need for improved customer satisfaction will lead to significant demand for customer analytics as it assists in identifying activities that result in pleased or unsatisfied customers by analyzing customer behavioral data. Companies undertaking customer analytics may identify tendencies creating unhappiness and execute strategies to retain current customers. For instance, the January 2022 UK Customer Satisfaction Index (UKCSI) increased by 1.6 points from the previous year, which is now 78.4 (out of 100). There has been a massive increase in individuals willing to pay more for better service - up 8.1% points since the COVID-19 pandemic began. This signifies that the need for improved customer satisfaction is growing, and it is a priority for organizations. Therefore, the rising demand for improved customer satisfaction will drive the growth of the customer analytics market. The strategic partnership is a key trend in the customer analytics market. Key companies enter into strategic partnerships to enhance customer analytics solutions by leveraging each other's expertise, technology, and resources for improving the overall customer experience. These partnerships also help companies to strengthen their market position. For instance, in May 2022, ADA, Malaysia-based analytics, data, and artificial intelligence (AI) company, and Treasure Data, a US-based global customer data platform (CDP) company announced a strategic collaboration. The strategic alliance seeks to offer end-to-end enterprise customer-centric solutions to 10 South and Southeast Asian markets, including South Korea. This collaboration will assist organizations in improving and personalizing the customer journey while communicating effectively and managing data gaps. This will be enabled by combining Treasure Data's smart CDP capabilities and ADA's analytics, data, and AI solutions with consumer models. It will use a CDP with a single customer view, supporting the design and unifying data, activating platforms from media to mobile to web to CRO (conversion rate optimization), and providing full technical support. In February 2020, Salesforce, an American cloud-based software company that provides complete cloud solutions to its customers to enhance their personalization and CDP platforms acquired Evergage for an undisclosed amount. The acquisition helps Salesforce fill gaps in marketing cloud offerings and adds a real-time focus on the web and applications. Evergage is an American cloud-based software company that allows its users to collect, analyze and respond to user behavior on websites. Major players in the customer analytics market are Adobe Systems Inc., Google, IBM Corporation, Microsoft, Oracle Corporation, Salesforce, SAP AG, SAS Institute, Teradata Corporation, Verint Systems Inc., Actuate Software Corporation, Angoss Software Corporation, Fair Isaac Corporation, Manthan Systems, and Mixpanel. North America was the largest region in the customer analytics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the customer analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The customer analytics market includes revenues earned by entities providing predictive analytics services, data visualization, information management, and segmentation, used in customer analytics for direct marketing, site selection, and customer relationship management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global customer analytics market is segmented - 1) By Solution: Social Media Analytical Tools, Dashboard, Extract Transform Load or Data Management, Web Analytical Tool, Reporting, Voice of Customer (VOC), Analytical Tools 2) By Organization Size: Large Enterprises, Small and Medium-Sized Enterprises (SMEs) 3) By Deployment Mode: On-Premises, Cloud 4) By Application: Brand Management, Campaign Management, Churn Management, Customer Behavioral Analysis, Product Management, Other Applications 5) By End-User: BFSI, Wholesale and Retail, Telecommunication and IT, Utilities, Healthcare, Travel and Hospitality, Others End Users

Customer journey analytics refer to evaluating customer behavior across touchpoints and time to determine how customer behavior affects behavior outcomes. The methods for customer journey analytics are predictive analytics, real-time analytics, and customer segmentation. The customer journey analytics are used to assist organizations in activating and improving engagement throughout the customer journey with their accessible, collaborative interface. The main components of customer journey analytics are solutions and services. Solution refers to applications that enable businesses to manage the customer experience across channels and interfaces. The various organization levels in customer journey analytics are large enterprises, small and medium-sized enterprises (SMEs) that use several data sources such as the web, social media, mobile, email, stores, call centers, and others. The different applications include customer segmentation and targeting, customer behavioral analysis, customer churn analysis, brand management, campaign management, product management, and others. It is employed in BFSI, IT and telecom, healthcare, retail and eCommerce, government and defense, media and entertainment, manufacturing, and other industry verticals. The customer journey analytics market research report is one of a series of new reports from The Business Research Company that provides Customer journey analytics market statistics, including customer journey analytics industry global market size, regional shares, competitors with a customer journey analytics market share, detailed Customer journey analytics market segments, market trends and opportunities, and any further data you may need to thrive in the customer journey analytics industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global customer journey analytics market size grew from $10.46 billion in 2022 to $12.84 billion in 2023 at a compound annual growth rate (CAGR) of 22.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The customer journey analytics market size is expected to grow to $27.07 billion in 2027 at a CAGR of 20.5%. The adoption of big data analytics is expected to propel the growth of the customer journey analytics market going forward. Data analytics can be referred to as the process of analyzing raw data in order to draw conclusions and help businesses optimize their performance. Businesses employ big data and data analytics to have a strong customer journey analytics platform, where companies collect user actions in one central database to get valuable insight into customer behavior, which results in an increase in the demand for analytics services. For instance, according to ZDNet, a US-based business technology news website, the big data analytics market is expected to reach $103 billion by 2023, with 45% of enterprises running their big data workloads in the cloud. Therefore, the adoption of big data analytics is driving the demand for the consumer journey analytics market. The emergence of artificial intelligence and machine learning is a key trend gaining popularity in the customer journey analytics market. Artificial intelligence is used as part of a comprehensive digital transformation strategy to increase customer satisfaction, make strategic use of customer data, automate labor, increase responsiveness, and speed up data-driven decision-making. Major companies operating in the customer journey analytics sector are focused on introducing new technologies to improve customer experience. For instance, in January 2021, BryterCX, a US-based customer journey intelligence company, launched IRIS, an AI-enabled flagship platform with the development of new journeys science tools such as orchestration, mapping, and CX (Customer experience) monitoring and management, offers a comprehensive solution for managing and enhancing customer journeys to journey analysts, business line owners, and CX executives. In December 2021, Genesys, a US-based software company engaged in offering customer experience orchestration, acquired Pointillist and Exceed.ai. for an undisclosed amount. With this acquisition, Genesys aims to extend the market leadership of the company and enhance customer and employee experiences across the workplace with journey analytics and conversational AI for marketing and sales. Pointillist is a US-based company that provides customer-centric enterprises to optimize the customer experience. Exceed.ai is a US-based conversational marketing and sales platform. Major players in the customer journey analytics market are Acxiom LLC, Nice Ltd., Quadient, Salesforce Inc., Verint Systems, Kitewheel LLC, Servion, Amperity, Google LLC, Microsoft Corporation, Genesys Telecommunications Laboratories Inc., Alterian, and Oracle Corporation. North America was the largest region in the customer journey analytics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer journey analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the customer journey analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The customer journey analytics market consists of revenues earned by entities by providing customer journey analytics through web, social media and email. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global customer journey analytics market is segmented - 1) By Component: Solution, Services 2) By Organization Size: Large Enterprises, Small and Medium-sized Enterprises (SMEs) 3) By Data Source: Web, Social Media, Mobile, Email, Store, Call Center, Other Data Sources 4) By Application: Customer Segmentation and Targeting, Customer Behavioral Analysis, Customer Churn Analysis, Brand Management, Campaign Management, Product Management, Other Applications 5) By Industry Vertical: BFSI, IT And Telecom, Healthcare, Retail And eCommerce, Government And Defense, Media And Entertainment, Manufacturing, Other Industry Verticals

CRM (customer relationship management software) software is designed to help the organization provide a unique and seamless customer experience and build better relationships by providing a complete picture of all customer interactions, tracking sales, organizing and prioritizing the opportunities, and facilitating collaboration across different teams. The main deployment types of customer relationship management (CRM) software are cloud CRM and on-premise CRM. Cloud CRM refers to CRM software in which the application and data are stored, or hosted, on the CRM provider's own servers in a datacenter and accessed via an internet browser. The software are used by small and mid-sized enterprises, large enterprises for sales, marketing, manufacturing, customer service, social networking, supply chain, distribution, and others. The customer relationship management (CRM) market research report is one of a series of new reports from The Business Research Company that provides customer relationship management (CRM) market statistics, including customer relationship management (CRM) industry global market size, regional shares, competitors with a customer relationship management (CRM) market share, detailed customer relationship management (CRM) market segments, market trends and opportunities, and any further data you may need to thrive in the customer relationship management (CRM) industry. This customer relationship management (CRM) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global crm software market size will grow from $128.25 billion in 2022 to $148.49 billion in 2023 at a compound annual growth rate (CAGR) of 15.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global crm software market size is expected to grow to $263.1 billion in 2027 at a CAGR of 15.4%. Increasing number of customers of the organizations and the rising need for customer satisfaction are expected to benefit the customer relationship management software market in the forecast period. Organizations should offer customized services to customers, gain better knowledge of their purchasing habits and other details, develop cross-selling opportunities and create competitive differentiators to retain existing customers and to attract new customers. These drive the demand for the use of CRM software in organizations to understand their customers in a better way and to maintain a good relationship with them. For example, Apollo Hospitals has implemented custom designed CRM software of Veon Consulting which resulted in high user adoption, 27% cut in the timeline of the review process, efficient handling of patient visits and outcome which saved manual efforts by 42%, and effective reporting and dashboards which reduced number of travels by 50%. Rising number of security concerns are expected to limit the growth of companies in the customer relationship management software market during the forecast period. Security concerns have been increasing in the recent times due to online availability of personal data. CRM and similar software store large databases online and these data of customers are accessed by teams around the globe which poses the potential for mistreatment of data. The data in the CRM software and other software's faces security concerns including corporate/competitive espionage, fraud, ID theft, nations-state espionage and unauthorized sales of data to third-party. These issues restrict the growth of CRM software. For example, CRM software in Bank of America and Citibank were once hacked to steal the user log-in credentials. Social and Mobile CRM are increasingly integrating social media channels into CRM platforms to offer to its full capabilities on every smart device by having a real-time access at any place or time. This integration helps to achieve greater productivity, better customer experience, and access to more relevant information. Advertisers have embraced social media platforms to associate and share with customers for improving products and perceptions. These also help businesses to manage customer grievances, requests, and inquiries. More number of users can access the data using social and mobile CRM. For example, Wells Fargo has implemented social CRM to engage with the customers and improve their availability. Wells Fargo also uses CRM to solve customer queries. In October 2022, RealPage, a US-based real estate software and data company acquired Knock CRM for an undisclosed sum. As a result, RealPage will retain the brand Knock and pursues more business opportunities. Knock CRM is a US-based CRM and performance management platform for residential property management. Major players in the customer relationship management (CRM) software market are Salesforce, Microsoft, Oracle, SAP, Sugar, Zoho, Pipedrive, Hubspot, Act, Infusionsoft, Apptivo, Sage, Salesboom, Base, Insightly, Adobe, Genesys Telecommunications laboratories, Nice systems, Pega systems, Verint systems, Zendesk, Freshsales, BPM online, InfoFlo, Amo, vCita, Monday.com, Maximizer, Hotjar and nimble. Asia-Pacific was the largest region in the customer relationship management (CRM) software market in 2022. North America was the second largest region of the global customer relationship management (CRM) software market. The regions covered in the global customer relationship management (CRM) software market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the customer relationship management (CRM) software market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The customer relationship management (CRM) software market includes revenues earned by entities by offering developing and distributing software that helps to build strong relationships with their customers. It analyzes the customer interactions and automates the activities identified with deals, advertising, and client support throughout the customer lifecycle. It causes the organizations to remain associated with their clients and improve productivity and furthermore helps in streamlining work forms. Some of the CRM software include Agile CRM, Recruit CRM, Sales mate CRM, NetSuite CRM. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global CRM software market is segmented - 1) By Deployment: Cloud CRM, On-Premise CRM 2) By Size of Enterprise: Small&Mid sized enterprises, Large enterprises 3) By Application: Sales, Marketing, Manufacturing, Customer service, Social networking, Supply chain, Distribution, Other Applications

The customer journey mapping software refers to software tool that records and presents information of customers’ interactions with a company. From buying products online to accessing customer service on the phone to airing grievances on social media is done with the customer journey mapping software. The customer journey mapping software is used for customer experience and direct the customer’s connection or transaction with service or product. The main components of customer journey mapping software are software, services, and consulting services. Software refers to a set of instructions, data, or programs used to operate computers and execute specific tasks. The various organization size includes small and medium enterprises and large enterprises. The deployments are cloud-based and on-premise. The various end-users involved customer journey mapping software for BFSI, customer journey mapping software for retail and consumer goods, customer journey mapping software for media and entertainment, customer journey mapping software for healthcare and pharmaceutical, customer journey mapping software for automotive, customer journey mapping software for IT and telecommunication, customer journey mapping software for travel and hospitality, customer journey mapping software for education, and customer journey mapping software for other end users. The customer journey mapping software market research report is one of a series of new reports from The Business Research Company that provides customer journey mapping software market statistics, including customer journey mapping software industry global market size, regional shares, competitors with a customer journey mapping software market share, detailed customer journey mapping software market segments, market trends and opportunities, and any further data you may need to thrive in the customer journey mapping software industry. This customer journey mapping software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global customer journey mapping software market size grew from $10.85 billion in 2022 to $12.82 billion in 2023 at a compound annual growth rate (CAGR) of 18.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The customer journey mapping software market size is expected to grow to $24.88 billion in 2027 at a CAGR of 18.0%. Increasing focus on improving data quality and security of customer data is expected to propel the growth of the customer journey mapping software market going forward. Data quality measures the condition of data, relying on factors such as how useful it is to the specific purpose, completeness, accuracy, timeliness, consistency, validity, and uniqueness. Customer journey mapping would tell the story of the customer’s experience from start to finish from initial contact, by the process of engagement, and into a long-term relationship, by giving critical information about key interactions along the way. For instance, in 2020, according to Oreilly, a US-based publishing company data, Almost half (48%) of respondents say they use data analysis, machine learning, or AI tools to address data quality issues. Therefore, the increasing focus on improving data quality and security of customer data is driving the customer journey mapping software market. Innovative customer data platforms are a key trend gaining popularity in the customer journey mapping market. Major market players operating in customer journey mapping software focus on developing innovative customer data platforms such as behavior-tracking software that significantly assist in providing a more personalized customer experience. For instance, in May 2022, Amplitude, Inc., a US-based company operating in customer journey mapping software launched Amplitude CDP. This platform consists of unique features such as the first insights-driven customer data platform in the market, eliminating the requirement to integrate with outside analytics providers by collecting and analyzing data on its platform for product analytics. In November 2020, SAP, a Germany-based company engaged in developing enterprise software to manage business operations and customer relations acquired Emarsys for an undisclosed amount. With this acquisition, SAP will be able to interact with customers and deliver hyper-personalized, multichannel engagements in real-time. Emarsys is an Austria-based top provider of multichannel consumer engagement platforms operating in the customer journey mapping software market. Major players in the customer journey mapping software market are Smaply, Touchpoint, UXPressia, Adobe Inc., TandemSeven, Acquia, CEMantica, WebEngage, Microsoft Corporation, Gliffy, Canvanizer, Xmind, OmniGraffle, IBM Corporation, Smartlook, Piwik PRO, Custellence, CustomersFirstNow, CloudCherry, Ecrion Software, Totango Ltd., Zoho Corporation, G2 Deals, MOEngage, FlowMapp, Autopilot, Vizury Engage 360, CXDeployer, TheyDo, Altcraft LLC, and CFN Insights. North America was the largest region in the customer journey mapping software market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the customer journey mapping software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The customer journey mapping software market consists of revenues earned by entities by providing web based and app based customer journey mapping software. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global customer journey mapping software market is segmented - 1) By Component: Software, Services, Consulting Services 2) By Organization Size: Small and Medium Enterprises, Large Enterprises 3) By Deployment: On-Premise, Cloud-based 4) By End Users: BFSI, Retail And Consumer Goods, Media And Entertainment, Healthcare And Pharmaceutical, Automotive, IT And Telecommunication, Travel And Hospitality, Education, Other End Users

Customer communication management refers to software for improving production, delivery, storage, and outbound communications retrieval to customers. A centralized CCM platform that enables real-time, cross-channel, interactive conversations improve customer experience substantially. The customer communication management is used to facilitate customer interactions and improve sharing, storage, and retrieval of customer communications using various tools and processes. The main components of customer communications management are solutions and services. Customer communications management solutions provide integrated custom-made capabilities for consumers across websites, stores, call centers, mobile applications, social media, emails, virtual assistants, and other touchpoints. It includes management and customer communications automation in media such as SMS, print, email, and web pages. The deployment modes are on-premises and cloud. Large, small and medium enterprises in IT and telecom, retail and eCommerce, BFSI, healthcare, travel and hospitality, government, utilities, and other verticals use customer communications management. The customer communication management market research report is one of a series of new reports from The Business Research Company that provides customer communication management market statistics, including customer communication management industry global market size, regional shares, competitors with a customer communication management market share, detailed customer communication management market segments, market trends and opportunities, and any further data you may need to thrive in the customer communication management industry. This customer communication management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global customer communications management market size grew from $1.35 billion in 2022 to $1.52 billion in 2023 at a compound annual growth rate (CAGR) of 12.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The customer communications management market size is expected to grow to $2.35 billion in 2027 at a CAGR of 11.5%. An increase in smartphone penetration across the globe is driving the growth of the customer communication management market. Smartphone penetration refers to the quantity of active mobile phone subscriptions compared to the overall market for mobile phones. Smartphones are used to manage customer communications across a wide range of media, such as queries via live chat, dropping a feature request via email, SMS/MMS, responsive design mobile experiences, and in-app notifications. According to the Pew Research Center, a US-based nonprofit organization that provides information on issues, opinions, and trends shaping the world, in June 2021, smartphone ownership among adults in the US was 85%, an increase from 81% in 2019. Therefore, an increase in smartphone penetration is expected to propel market growth over the coming years. Technological advancements are gaining significant popularity in the customer communication management market. Major market players are focusing on implementing technological advancements such as artificial intelligence, augmented reality, and machine learning in customer communication management that work on cloud-based customer communications management technology and advanced natural language processing that offer advantages in cross-departmental cooperation, allowing for coordinated and consistent communication across the customer experience. For instance, in May 2021, Quadient, a France-based company specializing in mailing equipment, business process automation, and customer experience management, introduced Inspire Evolve, a software-as-a-service (SaaS) customer communications management (CCM) solution that is integrated with a cloud-based customer communications solution and streamlines existing technology. It includes on-premises and hybrid cloud CCM solutions, SaaS customer journey mapping and orchestration solutions. This launch represents another step forward for the Quadient product portfolio. In January 2021, Smart Communications, a UK-based technology company engaged in cloud-enabled customer communications management services, acquired Assentis Technologies AG for an undisclosed amount. With this acquisition, Smart Communications aimed to extend support to the growing financial services customer base across the globe. Assentis Technologies AG is a Switzerland-based software and services company specializing in customer communication management platforms for the financial services industry. Major players in the customer communications management market are Adobe, Capgemini, CEDAR CX Technologies, Newgen Software Technologies Limited, Open Text Corporation, Oracle, Quadient, Smart Communications, Zendesk, Doxee, Ecrion, Hyland, Papyrus Software, Pitney Bowes and Sefas Innovation Inc., North America was the largest region in the customer communications management market in 2022. 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, the Middle East, and Africa. The countries covered in the customer communications management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The customer communication management market includes revenues earned by entities by providing marketing, new product introductions, renewal notifications, claims correspondence and documentation, and bill and payment notifications. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global customer communications management market 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

The text analytics refer to software or tools that help in automatically converting vast amounts of unstructured text into quantitative data to identify insights, trends, and patterns. This software or tool will enable businesses, governments, researchers, and the media to exploit the enormous content at their disposal for making crucial decisions. The main types of text analytics are software and services. The text analytics software segment consists of sales of text analytics software or tools by entities (organizations, sole traders, and partnerships) that refer to software or tools that help users gain insights from both structured and unstructured text data using natural language processing. Sentiment analysis, key phrases, language, themes and patterns, entities, and others are examples of such insights.This software is deployed on-premise and in the cloud, and it is used in large enterprises and SMEs. Text analytics solutions are used in BFSI, healthcare, energy and utility, retail, e-commerce, and other end-user industries for risk management, fraud management, business intelligence, social media analysis, and customer care services. The text analytics market research report is one of a series of new reports from The Business Research Company that provides text analytics market statistics, including text analytics industry global market size, regional shares, competitors with a text analytics market share, detailed text analytics market segments, market trends and opportunities, and any further data you may need to thrive in the text analytics industry. This text analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global text analytics market size grew from $8.09 billion in 2022 to $9.64 billion in 2023 at a compound annual growth rate (CAGR) of 19.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The text analytics market size is expected to grow to $19.75 billion in 2027 at a CAGR of 19.6%. The growing demand for social media analytics Is contributing to the growth of the text analytics market. Social media analytics is the approach of collecting data from social media sites and blogs and evaluating the data for the purpose of making business decisions. The rapid growth of social media and the growing demand for analytical solutions to foster their decision-making capabilities have increased the adoption of different text analytics techniques such as sentiment analysis, event detection, and others. For instance, according to Sprout Social data 2021, globally, over 3.6 billion people are using social media and the number is projected to increase to 4.41 billion in 2025. Additionally, according to the study published by the Content Marketing Institute, more than 81% of organizations across the globe are utilizing social media publishing/analytics tools, and the utilization of content creation/collaboration/workflow tools has increased from 48% in 2019 to 58% in 2020. This growing demand for social media analytics is expected to boost the growth of the text analytics market during the forecast period. Technological innovation is a key trend gaining popularity in the text analytics market. The companies operating in the text analytics market are focusing on developing innovative and advanced solutions to meet the specific demands of niche customer sectors across the globe. In March 2021, Kensho Communications, an Oman-based agency for marketing and communications, announced the launch of Kensho NERD (Named Entity Recognition and Disambiguation), a machine-learning system that finds entities mentioned in documents, newsfeeds, or other text and links each to a matching record in a database to fully exploit textual data. In September 2021, InMoment, a US-based provider of Experience Improvement (XI) TM solutions, acquired Lexalytics for an undisclosed amount. This acquisition brings tremendous flexibility to organisations that require private, public, or hybrid cloud text analytics infrastructures and unlocks exciting new market opportunities. Lexalytics is a US-based company that has been leading the space in solving the AI hard problems of text analytics and natural language processing. Major players in the text analytics market are IBM Corporation, Microsoft Corporation, SAP SE, SAS Institute Inc., Lexalytics Inc., Luminoso Technologies Inc., Clarabridge Inc., Micro Focus International PLC, OpenText Corporation, RapidMiner Inc., Infegy Inc., Medallia Inc., Megaputer Intelligence, Inc., Oracle Corporation, TIBCO Software Inc., Bitext Innovations SL, Basis Technology, MeaningCloud LLC, KNIME.com AG, Averbis, bizAmica Software, Attivio, Kingland Systems, Capgemini, NICE, Verint Systems, Inc., and Amazon Web Services (AWS). North America was the largest region in the text analytics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the text analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the text analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The text analytics market includes revenues earned by entities by providing solutions that understand, analyze, and derive insights from unstructured text into quantitative data by utilizing sentiment analysis, topic modeling, named entity recognition, term frequency, and event extraction techniques. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global text analytics market is segmented - 1) By Component: Software, Services 2) By Deployment: On-premise, Cloud 3) By Enterprise Size: Large Enterprises, Small and medium Enterprises (SME’s)

The intelligent virtual assistant refer to an artificial intelligence (AI)-enabled converse adjunct that generates individualized responses by combining analytics and cognitive computing grounded on individual client information, one’s exchange and position, using the commercial knowledgebase and mortal sapience. An intelligent virtual assistant is more advanced than a simple chatbot, which is automated but not powered by artificial intelligence. The main type of products of intelligent virtual assistants are IVA (intelligent virtual assistant) smart speaker and chatbots. The IVA (intelligent virtual assistant) smart speaker are an internet-connected speaker with microphones that enables users to interact with an intelligent virtual assistant using voice commands developed to improve user experience in various devices such as smartphones, tablets, and laptops. Smart speakers are electronic devices that incorporate AI capabilities to provide a smooth user experience when searching over voice-based commands. The user interface used by intelligent virtual assistants are text-to-text, text-to-speech and automatic speech recognition which are mainly used by end-users such as retail, BFSI, healthcare, telecom and others. The intelligent virtual assistants market research report is one of a series of new reports from The Business Research Company that provides intelligent virtual assistants market statistics, including intelligent virtual assistants industry global market size, regional shares, competitors with a intelligent virtual assistants market share, detailed intelligent virtual assistants market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent virtual assistants industry. This intelligent virtual assistants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global intelligent virtual assistant market size grew from $9.61 billion in 2022 to $13.64 billion in 2023 at a compound annual growth rate (CAGR) of 41.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The intelligent virtual assistant market size is expected to grow to $44.34 billion in 2027 at a CAGR of 34.3%. The increasing demand for self-service options is driving the growth of the intelligent virtual assistant market. Self-service is a practice in which consumers access resources to solve problems on their own without the assistance of a service agent. Self-service grew alongside growing digital technologies as customers become more accustomed to shopping and chatting online. Self-service solutions are now available in almost every business, allowing customers to take a more active role in their journey. As the demand increases for self-service options, there will be an increase in the need to offer automated yet personalized chat service options to customers which are mostly provided through the implementation of intelligent virtual assistants. For instance, according to a recent survey in 2021 by OnePoll, a UK-based survey-led company, 58% of customers stated that they will continue to have more digital interactions in the future than they had before the COVID-19 pandemic as they were impressed by the quick, easy issue resolution received through digital channels, wherein, an intelligent virtual assistant is a critical component of digital self-service success. Therefore, the rising demand for self-service options drives the growth of the intelligent virtual assistant market. Technological advancement is a key trend gaining popularity in the intelligent virtual assistant market. Major companies operating in the intelligent virtual assistant market are focused on developing new technological solutions for intelligent virtual assistants such as user preferences and privacy features to strengthen their position in the market. These technologically advanced features in intelligent virtual assistants offer better accuracy and output, are easy to use, and protect the privacy of users. For instance, in June 2020, Google, Inc., a US-based technology company announced additional features for its artificial intelligence-based voice assistant ‘Google Assistant’. The main new feature includes voice match which allows smart speakers to recognize the voice of a specific user and personalize responses. In addition, in April 2022, Skoda Auto AS, a Czech Republic-based company mainly operating in motor vehicle manufacturing announced the expansion of its conversational AI solution ‘Laura’ to cover new European regions. Laura is an intelligent chatbot offering customers valuable information and helping in the process of new ŠKODA vehicle selection. It will be deployed in the respective native language, allowing for deeper levels of engagement and communication with customers across Europe. In October 2021, Accenture, a US-based leading global information technology company in the cloud, artificial intelligence, and telecom services acquired Umlaut for an undisclosed amount. As a result of this acquisition, Accenture's deep engineering capabilities will be greatly expanded to assist organizations to employ digital technologies such as cloud, artificial intelligence, and 5G to alter how they design, create, and manufacture products while also embedding sustainability. Umlaut adds more than 4,200 industry-leading engineers and consultants to Accenture's Industry X services, broadening the company's capabilities in areas such as automotive, aerospace and military, telecommunications, energy, and utilities. Umlaut is a German-based engineering consulting and services firm. Major players in the intelligent virtual assistant market are Amazon.com Inc., Apple Inc., IBM Corporation, Nuance Communications Inc., Alphabet Inc., Inbenta Technologies Inc., Microsoft Corporation, Baidu Inc., BlackBerry Ltd., Artificial Solutions, EGain Corporation, IPsoft Inc (Amelia), Avaamo, Alibaba Group, Xiaomi Inc and Oracle. North America was the largest region in the intelligent virtual assistants market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the intelligent virtual assistants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the intelligent virtual assistants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The intelligent virtual assistant market includes revenues earned by entities by providing services such as lead qualification, meetings scheduling, data entry, pipeline management, pre and post-event outreach. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global intelligent virtual assistant market is segmented - 1) By Product: IVA (Intelligent Virtual Assistant) Smart Speaker, Chatbots 2) By User Interface: Text-To-Text, Text-To-Speech, Automatic Speech Recognition 3) By End User: Retail, BFSI, Healthcare, Telecom, Other End Users