The customer engagement solutions market is projected to grow from USD 14.08 billion in 2018 to USD 23.19 billion by 2023, at a CAGR of 10.5% during the forecast period. Major factors projected to drive the growth of the customer engagement solutions market include rising adoption of customer engagement solutions to reduce customer churn rate and increasing use of e-commerce and m-commerce platforms.
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Top Key Players
Key players operating in the customer engagement solutions market include Aspect Software (US), Avaya (US), Calabrio (US), Genesys (US), IBM (US), Microsoft (US), NICE Systems (Israel), Nuance Communications (US), OpenText (Canada), Oracle (US), Pegasystems (US), Pitney Bowes (US), Salesforce (US), SAP (Germany), ServiceNow (US), Verint Systems (US), Zendesk (US), eGain Corporation (US), BPMonline (US), CRMnext (India), Eptica (France), Freshworks (US), IFS-mplsystems (UK), Lithium Technologies (US), and SugarCRM (US).
Based on component, the solutions segment is estimated to lead the market in 2018.
Based on component, the solutions segment is estimated to lead the customer engagement solutions market in 2018, as enterprises are deploying customer engagement solutions to empower customers with highly connected personalized experiences across a wide range of physical, mobile, and web-based touchpoints.
Based on organization size, the small & medium enterprises segment of the customer engagement solutions market is expected to grow at a higher CAGR during the forecast period.
Based on organization size, the small & medium enterprises segment is projected to grow at a higher CAGR from 2018 to 2023 as compared to the large enterprises segment. The growth of the small & medium enterprises segment can be attributed to the requirement of customer engagement solutions that can help organizations optimize their business processes.
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North America is estimated to lead the market in 2018.
North America is estimated to lead the market in 2018. The growth of the North America customer engagement solutions market is primarily driven by the presence of various key market players such as IBM, Microsoft, Nuance Communications, Oracle, Salesforce, and Verint Systems in this region. Customer engagement solutions have gained wide acceptance in the US, as the country has been the earliest adopter of Social, Mobile, Analytics, and Cloud (SMAC) technologies.
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