Product Code: GVR-4-68040-249-2
Customer Engagement Solutions Market Growth & Trends:
The global customer engagement solutions market size is anticipated to reach USD 50.03 billion by 2030. The market is anticipated to expand at a CAGR of 11.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rise of omnichannel engagement is a significant growth driver for the customer engagement solutions industry. As businesses increasingly recognize the importance of meeting customers on their preferred platforms, the demand for comprehensive solutions that enable seamless interactions across various channels is surging.
Customer engagement solutions that facilitate omnichannel strategies address this need by providing the tools and infrastructure necessary to deliver consistent experiences across social media, mobile apps, websites, email, and chat platforms. This trend is driven by consumers' evolving preferences, who expect personalized and cohesive interactions regardless of the channel they choose. Therefore, businesses are investing in these solutions to enhance engagement, foster loyalty, and gain a competitive edge in the market by delivering superior customer experiences.
Artificial Intelligence (AI) and analytics are beginning to be used in customer engagement solutions. These technologies enable companies to gather vast amounts of customer data, derive actionable insights, and automate personalized interactions at scale. AI-powered chatbots, virtual assistants, predictive analytics, and sentiment analysis tools empower businesses to deliver relevant content, recommendations, and real-time support, driving improved engagement and conversion rates. For instance , Alibaba uses AI chatbots for 75% of its online and 40% of phone consultations, handling over 2 million daily sessions and 10 million daily conversations. It has raised customer satisfaction by 25% and saved the company millions by employing AI instead of human agents.
Customer Engagement Solutions Market Report Highlights:
- Based on component, the solution segment accounted for the largest revenue share of 67.8% in 2023. This can be attributed to the widespread adoption of smartphones and tablets and customers' growing expectations from businesses to provide seamless mobile experiences.
- Based on deployment, the on-premise segment is anticipated to grow significantly during the forecast period. Some industries prefer on-premise deployment for data control and industry compliance.
- Based on enterprise size, the large enterprises segment held the largest revenue share in 2023. Large enterprises handle significant customer data, leading to security requirements and compliance, which contributes to the growth of this segment
- Based on end-use, the retail & consumer goods segment is anticipated to witness the fastest CAGR from 2024 to 2030, owing to increasing competition and evolving consumer preferences; companies are turning to customer engagement solutions to improve customer experiences.
- North America dominated the industry with a revenue share of 38.2% in 2023 and is projected to grow significantly over the forecast period, due to the increasing data-driven business environment that recognizes the importance of using customer insights and analytics to drive decision-making and strategy.
- In December 2023, NICE announced the completion of its acquisition of LiveVox. This collaboration creates an interaction-centric platform that is aimed at delivering AI-driven CX. This partnership aims to simplify CX operations and embed CX AI to drive smart automation as organizations seek to achieve better customer experience.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Segment Definitions
- 1.2.1. Component
- 1.2.2. Deployment
- 1.2.3. Enterprise size
- 1.2.4. End-use
- 1.2.5. Regional scope
- 1.2.6. Estimates and forecasts timeline
- 1.3. Research Methodology
- 1.4. Information Procurement
- 1.4.1. Information Procurement
- 1.4.2. Information or Data Analysis
- 1.4.3. Market Formulation & Data Visualization
- 1.4.4. Data Validation & Publishing
- 1.5. Research Scope and Assumptions
- 1.5.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Component outlook
- 2.2.2. Deployment outlook
- 2.2.3. Enterprise size outlook
- 2.2.4. End-use outlook
- 2.3. Competitive Insights
Chapter 3. Customer Engagement Solution Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent market outlook
- 3.1.2. Related/ancillary market outlook
- 3.2. Market Dynamics
- 3.2.1. Market driver analysis
- 3.2.1.1. Rise in adoption of customer engagement solutions to reduce customer churn rate
- 3.2.1.2. Increase in use of e-commerce and m-commerce platforms
- 3.2.2. Market restraint analysis
- 3.2.2.1. Growing privacy and security concerns
- 3.2.3. Market opportunity analysis
- 3.2.3.1. Growing investment in technologies such as artificial intelligence
- 3.3. Customer Engagement Solution Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Supplier power
- 3.3.1.2. Buyer power
- 3.3.1.3. Substitution threat
- 3.3.1.4. Threat of new entrant
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic landscape
- 3.3.2.3. Social landscape
- 3.3.2.4. Technological landscape
- 3.3.2.5. Environmental landscape
- 3.3.2.6. Legal landscape
Chapter 4. Customer Engagement Solution Market: Component Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Customer Engagement Solution Market: Component Movement Analysis, USD Million, 2023 & 2030
- 4.2.1. Solution
- 4.2.1.1. Solution market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.1.2. Analytics & reporting
- 4.2.1.2.1. Analytics & reporting market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.1.3. Omnichannel
- 4.2.1.3.1. Omnichannel market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.1.4. Robotic process optimization
- 4.2.1.4.1. Robotic process optimization market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.1.5. Self-service
- 4.2.1.5.1. Self-service market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.1.6. Workforce optimization
- 4.2.1.6.1. Workforce optimization market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.2. Service
- 4.2.2.1. Services market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.2.2. Integration & deployment
- 4.2.2.2.1. Integration & deployment market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.2.3. Support & maintenance
- 4.2.2.3.1. Support & maintenance market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.2.4. Training & consulting
- 4.2.2.4.1. Training & consulting market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 5. Customer Engagement Solution Market: Deployment Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Customer Engagement Solution Market: Deployment Movement Analysis, USD Million, 2023 & 2030
- 5.2.1. Hosted
- 5.2.1.1. Hosted market estimates and forecasts 2018 to 2030 (USD Million)
- 5.2.2. On-Premise
- 5.2.2.1. On-premise market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 6. Customer Engagement Solution Market: Enterprise Size Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Customer Engagement Solution Market: Deployment Movement Analysis, USD Million, 2023 & 2030
- 6.2.1. SMEs
- 6.2.1.1. market estimates and forecasts 2018 to 2030 (USD Million)
- 6.2.2. Large enterprises
- 6.2.2.1. market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 7. Customer Engagement Solution Market: End-use Estimates & Trend Analysis
- 7.1. Segment Dashboard
- 7.2. Customer Engagement Solution Market: End-use Movement Analysis, USD Million, 2023 & 2030
- 7.2.1. BFSI
- 7.2.1.1. BFSI market estimates and forecasts 2018 to 2030 (USD Million)
- 7.2.2. Retail & Consumer Goods
- 7.2.2.1. Retail & consumer goods market estimates and forecasts 2018 to 2030 (USD Million)
- 7.2.3. Healthcare
- 7.2.3.1. Healthcare market estimates and forecasts 2018 to 2030 (USD Million)
- 7.2.4. IT & Telecom
- 7.2.4.1. IT & telecom market estimates and forecasts 2018 to 2030 (USD Million)
- 7.2.5. Government, Energy & Utilities
- 7.2.5.1. Government, energy & utilities market estimates and forecasts 2018 to 2030 (USD Million)
- 7.2.6. Manufacturing
- 7.2.6.1. Manufacturing market estimates and forecasts 2018 to 2030 (USD Million)
- 7.2.7. Travel & Hospitality
- 7.2.7.1. Travel & hospitality market estimates and forecasts 2018 to 2030 (USD Million)
- 7.2.8. Others
- 7.2.8.1. Others market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 8. Customer Engagement Solution Market: Regional Estimates & Trend Analysis
- 8.1. Customer Engagement Solution Market Share, By Region, 2023 & 2030 USD Million
- 8.2. North America
- 8.2.1. North America market estimates and forecasts 2018 to 2030 (USD Million)
- 8.2.2. U.S.
- 8.2.2.1. U.S. market estimates and forecasts 2018 to 2030 (USD Million)
- 8.2.3. Canada
- 8.2.3.1. Canada market estimates and forecasts 2018 to 2030 (USD Million)
- 8.3. Europe
- 8.3.1. Europe market estimates and forecasts 2018 to 2030 (USD Million)
- 8.3.2. UK
- 8.3.2.1. UK market estimates and forecasts 2018 to 2030 (USD Million)
- 8.3.3. Germany
- 8.3.3.1. Germany market estimates and forecasts 2018 to 2030 (USD Million)
- 8.3.4. France
- 8.3.4.1. France market estimates and forecasts 2018 to 2030 (USD Million)
- 8.3.5. Italy
- 8.3.5.1. Italy market estimates and forecasts 2018 to 2030 (USD Million)
- 8.4. Asia Pacific
- 8.4.1. Asia Pacific market estimates and forecasts 2018 to 2030 (USD Million)
- 8.4.2. Japan
- 8.4.2.1. Japan market estimates and forecasts 2018 to 2030 (USD Million)
- 8.4.3. China
- 8.4.3.1. China market estimates and forecasts 2018 to 2030 (USD Million)
- 8.4.4. India
- 8.4.4.1. India market estimates and forecasts 2018 to 2030 (USD Million)
- 8.4.5. Australia
- 8.4.5.1. Australia market estimates and forecasts 2018 to 2030 (USD Million)
- 8.4.6. South Korea
- 8.4.6.1. South Korea market estimates and forecasts 2018 to 2030 (USD Million)
- 8.5. Latin America
- 8.5.1. Latin America market estimates and forecasts 2018 to 2030 (USD Million)
- 8.5.2. Brazil
- 8.5.2.1. Brazil market estimates and forecasts 2018 to 2030 (USD Million)
- 8.5.3. Mexico
- 8.5.3.1. Mexico market estimates and forecasts 2018 to 2030 (USD Million)
- 8.5.4. Argentina
- 8.5.4.1. Argentina market estimates and forecasts 2018 to 2030 (USD Million)
- 8.6. MEA
- 8.6.1. MEA market estimates and forecasts 2018 to 2030 (USD Million)
- 8.6.2. South Africa
- 8.6.2.1. South Africa market estimates and forecasts 2018 to 2030 (USD Million)
- 8.6.3. Saudi Arabia
- 8.6.3.1. Saudi Arabia market estimates and forecasts 2018 to 2030 (USD Million)
- 8.6.4. UAE
- 8.6.4.1. UAE market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 9. Competitive Landscape
- 9.1. Recent Developments & Impact Analysis, By Key Market Participants
- 9.2. Company Categorization
- 9.3. Company Market Positioning
- 9.4. Company Heat Map Analysis
- 9.5. Strategy Mapping
- 9.5.1. Expansion
- 9.5.2. Mergers & Acquisition
- 9.5.3. Partnerships & Collaborations
- 9.5.4. New Product Launches
- 9.5.5. Research And Development
- 9.6. Company Profiles
- 9.6.1. Accenture
- 9.6.1.1. Company overview
- 9.6.1.2. Financial performance
- 9.6.1.3. Product benchmarking
- 9.6.1.4. Strategic initiatives
- 9.6.2. Alvaria, Inc.
- 9.6.2.1. Company overview
- 9.6.2.2. Financial performance
- 9.6.2.3. Product benchmarking
- 9.6.2.4. Strategic initiatives
- 9.6.3. Avaya Inc.
- 9.6.3.1. Company overview
- 9.6.3.2. Financial performance
- 9.6.3.3. Product benchmarking
- 9.6.3.4. Strategic initiatives
- 9.6.4. Calabrio Inc.
- 9.6.4.1. Company overview
- 9.6.4.2. Financial performance
- 9.6.4.3. Product benchmarking
- 9.6.4.4. Strategic initiatives
- 9.6.5. Genesys
- 9.6.5.1. Company overview
- 9.6.5.2. Financial performance
- 9.6.5.3. Product benchmarking
- 9.6.5.4. Strategic initiatives
- 9.6.6. IBM Corporation
- 9.6.6.1. Company overview
- 9.6.6.2. Financial performance
- 9.6.6.3. Product benchmarking
- 9.6.6.4. Strategic initiatives
- 9.6.7. Nice Systems Ltd
- 9.6.7.1. Company overview
- 9.6.7.2. Financial performance
- 9.6.7.3. Product benchmarking
- 9.6.7.4. Strategic initiatives
- 9.6.8. Nuance Communications Inc.
- 9.6.8.1. Company overview
- 9.6.8.2. Financial performance
- 9.6.8.3. Product benchmarking
- 9.6.8.4. Strategic initiatives
- 9.6.9. OpenText Corporation
- 9.6.9.1. Company overview
- 9.6.9.2. Financial performance
- 9.6.9.3. Product benchmarking
- 9.6.9.4. Strategic initiatives
- 9.6.10. Oracle Corporation
- 9.6.10.1. Company overview
- 9.6.10.2. Financial performance
- 9.6.10.3. Product benchmarking
- 9.6.10.4. Strategic initiatives
- 9.6.11. Pegasystems Inc.
- 9.6.11.1. Company overview
- 9.6.11.2. Financial performance
- 9.6.11.3. Product benchmarking
- 9.6.11.4. Strategic initiatives
- 9.6.12. Salesforce.com Inc.
- 9.6.12.1. Company overview
- 9.6.12.2. Financial performance
- 9.6.12.3. Product benchmarking
- 9.6.12.4. Strategic initiatives
- 9.6.13. SAP SE
- 9.6.13.1. Company overview
- 9.6.13.2. Financial performance
- 9.6.13.3. Product benchmarking
- 9.6.13.4. Strategic initiatives
- 9.6.14. Verint Systems Inc.
- 9.6.14.1. Company overview
- 9.6.14.2. Financial performance
- 9.6.14.3. Product benchmarking
- 9.6.14.4. Strategic initiatives