Consumer Engagement Solutions Market: Introduction
Owing to the increasing penetration of internet and adoption of smart devices such as smartphones, tablets, laptops etc., an increased consumer interaction is witnessed on the web, across various industry verticals. As a part of their strategy of retaining and expanding their consumer base, business enterprises across the globe, are focusing on enhancing the end-user experience of its customers. Thus, the consumer engagement solution was introduced.
Consumer Engagement Solution is an integration of consumer engagement software and services, which in conjunction were introduced to manage customer communications and interactions throughout a variety of channels and touchpoints. An affinity for the adoption of consumer engagement solutions is witnessed amongst the enterprises across the globe, owing to the advantages associated with the same. Some of the key solutions offered by consumer engagement solutions include omni-channel platform, reporting and analytics, workforce optimization, automation, engagement application development, self-service, and various others.
Consumer Engagement Solutions market has witnessed considerable traction in the past four years and, is furthermore, expected to boom during the forecast period, owing to the increasing demand for a seamless customer experience.
Consumer Engagement Solutions Market: Market Dynamics
Increasing penetration of internet and advanced/smart consumer electronic devices is expected to be the primary driving factor for the global consumer engagement solutions market. This is further complimented by continuous introduction of advanced solutions and technology such as IoT as it is expected to supplement the adoption of consumer engagement solutions, owing to the assistance offered by IoT in enabling consumer engagement solutions. Thus, an integration of IoT with consumer engagement solutions, is expected to be a major driving factor for the global consumer engagement solutions market. In addition to this, increasing establishments of business enterprises aiming at offering omni-channel solutions to its customers, is also expected to impel the growth of consumer engagement solutions market, in terms of value.
However, issues such as complexities associated with the implementation of consumer engagement software, data breaches, and lack of resources (especially in regions lacking infrastructural development) are some of the factors challenging the adoption of consumer engagement solutions.
Consumer Engagement Solutions Market: Segmentation
Global Consumer Engagement Solutions market can be segmented on the basis of component, enterprise type, industry vertical, solution and region.
Segmentation for Consumer Engagement Solutions market by component:
On the basis of component, the consumer engagement solutions market can be segmented as:
Owing to the increasing implementation of consumer engagement solutions by the enterprises, globally, an increased demand for the services of the same is also witnessed. Thus, services segment is expected to exhibit a higher growth rate during the forecast period. However, in terms of revenue, solutions segment is expected to dominate the global consumer engagement solutions market, throughout the forecast period.
Segmentation for Consumer Engagement Solutions market by enterprise type:
On the basis of enterprise type, the consumer engagement solutions market can be segmented as:
Of the above mentioned segment, small and medium sized enterprises is expected to witness a higher growth rate, during the forecast period, owing to the increasing establishments of SMBs globally, especially in developing countries, such as India, China, Brazil, Mexico etc. This growth is further supplemented by the increasing demand for an enhanced customer experience, witnessed from the end-user.
Segmentation for Consumer Engagement Solutions market by industry vertical:
On the basis of industry vertical, the consumer engagement solutions market can be segmented as:
Of the above mentioned segment, BFSI and retail segments are expected to exhibit considerably high CAGRs during the forecast period, owing to the increasing demand for omni-channel solutions and enhanced end-user experience, from the following industry verticals.
Consumer Engagement Solutions Market: Key Players
Some of the key players in the consumer engagement solutions market are IBM Corporation, Accenture, Verint, Pegasystems Inc., Astute Solutions, Avaya Inc., Aspect, Affinion Group, Salesforce.com, inc., Hexaware Technologies, Infosys Limited, Nuance Communications, Inc., and various others.
Many players (manufacturers and vendors offering consumer engagement solutions solutions) are focusing on enhancing their offerings by partnering with various solution providers. For instance, in January 2018, Avaya and Verint partnered with an intention of enhancing the end-user experience of the customers.
Consumer Engagement Solutions Market: Regional Overview
By geography, the consumer engagement solutions market can be segmented across North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and others in Asia Pacific, and Middle East & Africa. Among these regions, North America is expected to dominate the global consumer engagement solutions market during the forecast period, owing to high demand for a seamless customer experience witnessed from the end-users and the increasing implementation of customer engagement solutions by various enterprises, in the region. Asia Pacific (including Japan and China) and Europe are expected to follow North America in the global Consumer Engagement Solutions market. China is, however, expected to exhibit highest growth rate during the forecast period owing to increasing penetration of internet, enabling the implementation of consumer engagement solution, across various enterprises of the region. Increasing establishments of SMBs is further expected to supplement the demand for consumer engagement solutions, in the region. Besides this, Latin America is also expected to witness a significant growth rate during the forecast period.
The report covers exhaustive analysis on:
Regional analysis for global Consumer Engagement Solutions market includes
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.