Customer-Engagement-Solutions-Market
The Customer Engagement Solutions market is growing rapidly as companies focus on building stronger relationships with their customers.
AUSTIN, TX, UNITED STATES, February 4, 2025 /
EINPresswire.com/ -- The
Customer Engagement Solutions Market size was USD 21.2 billion in 2023 and is expected to reach USD 53.3 billion by 2032, growing at a CAGR of 10.79% over the forecast period of 2024-2032.
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Keyplayers:
Salesforce - Salesforce.com, Inc.
Microsoft - Microsoft Corporation
Oracle - Oracle Corporation
SAP - SAP SE
Adobe - Adobe Inc.
Zendesk - Zendesk, Inc.
HubSpot - HubSpot, Inc.
Zoho Corporation - Zoho Corporation Pvt. Ltd.
Freshworks - Freshworks Inc.
Genesys - Genesys Telecommunications Laboratories, Inc.
Pegasystems - Pegasystems Inc.
Verint Systems - Verint Systems Inc.
NICE Systems - NICE Ltd.
Twilio - Twilio Inc.
Qualtrics - Qualtrics International Inc.
Sprinklr - Sprinklr, Inc.
Khoros - Khoros, LLC
Medallia - Medallia, Inc.
Infobip - Infobip Ltd.
Cognigy - Cognigy GmbH
Rapid Growth of the Customer Engagement Solutions Market Driven by Digital Transformation
The customer engagement solutions market is growing quickly due to businesses' need for strong, continuous customer interactions. Tools such as CRM systems, chatbots, and personalized marketing software are improving customer experiences and increasing retention. With consumers demanding personalized interactions, businesses are leveraging AI and machine learning to analyze behavior. The rise of remote work and digital communication has increased the demand for omnichannel solutions. Studies show customer engagement can boost satisfaction by 20% and revenue by 45%, driving continued market growth as companies prioritize digital transformation and data-driven strategies.
Segment Analysis
By Deployment
In 2023, the Hosted segment was the largest contributor to revenue owing to customer engagement solutions driving multiple touch points like email, social media chat, and voice. Such a multi-channel strategy for customer service helps businesses engage with customers across different communication channels to boost their satisfaction and engagement levels.
The On-Premise segment is projected to witness remarkable growth throughout the forecast period. In heavily regulated industries like healthcare, banking, and government, organizations prefer on-premise deployment to maintain full control over their data and ensure compliance with industry-specific laws. These on-premise solutions allow companies to store customer data on their infrastructure, alleviating most problems of data sovereignty and security.
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By Enterprise Size
The large enterprises segment held the largest share of the market in 2023, owing to the demand for secure management of petabytes of customer data. For these organizations, it is vital to have robust security and be compliant with industry regulations. To keep customers and protect against the legal risks that come with misusing data, customer engagement solutions that provide data privacy, security, and regulatory compliance are a must.
In contrast, the SME segment is projected to register the fastest CAGR during the forecast period, owing to the growing acceptance of digital technologies in small- and medium-sized enterprises. In this age of smartphones, social media, and other digital channels have allowed SMEs to leverage these tools to serve their customers faster. Omnichannel-capable customer engagement solutions allow SMEs to engage customers on every platform effortlessly. As an example, in June 2023 Dstny introduced its Dstny Engage solution, built to assist customers’ engagement within SME's and complete the existing Connect Me Omnichannel offering.
Regional Analysis
In 2023, North America captured 39.5% of the industry share, and the region is expected to maintain steady growth throughout the forecast period. This growth can be attributed to the region’s increasing focus on data-driven business strategies that utilize customer insights and analytics. Customer engagement solutions equipped with advanced analytics help businesses understand customer behavior and preferences, thereby enabling better decision-making.
The United States, in particular, dominated the market with a 72.8% revenue share in 2023, largely due to the widespread adoption of voice assistants like Amazon Alexa, Google Assistant, and Apple Siri. These voice-activated technologies have become an integral part of customer engagement platforms, offering a personalized and efficient way to handle customer queries and provide recommendations. The U.S. also accounted for more than 28% of the global queue management system market in 2023, with robust growth expected moving forward.
Recent Development
In February 2024, Pulsate, a mobile-first engagement solutions provider, raised USD 7.7 million in Series A funding, led by Curql Collective and TruStage Ventures. The company plans to use this investment to strengthen digital banking relationships, expand its workforce, and drive deposit growth through targeted communication strategies.
In July 2023, Kaleyra, Inc. introduced the WhatsApp Business Platform as part of its omnichannel solution in the U.S. This initiative enables U.S.-based businesses to engage with customers on WhatsApp, providing a more personalized and interactive customer experience.
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