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Enterprise Customer Communications Management Market is Segmented by Solution such as Customer Communication Management (CCM) Platforms, Services having Deployment such as on-premise and cloud
Customers are constantly presented with different offers by enterprises across verticals such as retail and consumer goods, banking financial services and insurance, and others, which are meant for attracting new customers and retaining the existing ones.
Due to increase in competition, enterprises are increasingly adopting technological solutions that can help them enhance their product and service delivery and attract new customers. Enterprise customer communication plays a very important role in today’s competitive world, as good communication with customers results in customer satisfaction, and ultimately, customer retention and loyalty.
Efficient control over customer churn rate is standing out as a KPI for enterprises, and to retain existing customers, they are increasingly adopting enterprise customer communications management platforms.
These platforms are used for creation, storage, delivery, and retrieval of outbound communications with customers. Hence, the increasing need for controlling the customer churn rate is driving the growth of the enterprise customer communications management market size, significantly.
For instance, in April 2020, Cincom Systems introduced a new customer communication management solution that is able to transform all communications from paper to digital form, as such, allowing multiple delivery methods. Businesses of all sizes operating across various verticals can significantly reduce operating costs, and, at the same time, enhance customer satisfaction.
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With the development of cloud-based deployment of software, cloud-based businesses have been initiated, and this is effective for customers as well as enterprises. A cloud-based business model enables hassle-free payment options for the services rendered.
Users can opt for a monthly, quarterly, or yearly subscription plan based on the requirement of their businesses. Recurring billing enables online billing and eliminates repetitive manual payments for services. An inevitable benefit for businesses is that, the cloud-based model increases revenue while building upon business and customer relationships.
With the introduction of a cloud-based revenue model, it is expected that the demand for enterprise customer communications management platforms and services from small and medium enterprises will increase over the forecast period.
For instance in July 2019, Open Text Corporation expanded its strategic partnership with Google Cloud. The company uses Google Cloud to enable multi-layered global disaster recovery services for customers with business-critical EIM workloads running in the cloud, on-premise, and in hybrid cloud architectures.
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Get a Customized VersionAmid the COVID-19 crisis, most countries are in partial or total lockdowns, due to which, most employees are working from remote places. Hence, the market is anticipated to face a decline in demand for enterprise customer communications management solutions.
On the other hand, new customers are demanding more cloud-based solutions so that they can continue running their operations from remote workplaces.
Thus, to cover up the declining demand for enterprise customer communications management solutions, players are developing new cloud-based solutions. As such, the demand for enterprise customer communications management cloud-based solutions is anticipated to grow 5-10% in the near future.
In terms value, the enterprise customer communications management market in North America accounted for the largest market share in 2019, with the United States market dominating the region.
Nowadays, the shift of companies from manual systems to integrated solutions is driving the growth of the market. However, the enterprise customer communications management market in East Asia is anticipated to grow at the highest CAGR during the forecast period (2020-2030).
Organizations and companies in these regions are interested in adopting technology and are finding it easy to implement convenient and trusted solutions, which do not increase the complexity of workflows.
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Enterprise customer communications management platform providers generate major revenue from subscription-based models. A majority of customers subscribe for one month or opt for quarterly plans, with very few customers opting for annual subscriptions.
As a result, even though the number of subscriptions is high, there is no assurance that vendors will be able to retain those customers. Thus, while subscription-based models are a source of high revenue generation, they are always associated with a high risk factor, as customers can easily switch from one vendor to another.
Moreover, competition in the enterprise customer communications management market is very high, and customers have multiple vendors to choose from. As such, the global enterprise customer communications management market is fragmented in nature.
A comprehensive view of the enterprise customer communications management market has led our analysts to conclude that, the market is escalating at a significant rate. Regions such as Europe and North America are holding a large part of the global enterprise customer communications management market. Alliances with other customer communications management solution providers along with regional expansion are some strategies being opted for by key players to fuel their sales growth.
PMR’s research study on the global enterprise customer communications management market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The segmentation of the enterprise customer communications management market has been offered on the basis of solution, deployment, enterprise size, industry, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
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The research study on the enterprise customer communications management market offers inclusive insights about the growth of the market in the most comprehensible manner for the better understanding of users. Insights offered in the enterprise customer communications management market report answer some of the most salient questions that assist stakeholders in gauging all the emerging possibilities.
