ALBANY, New York, December 5, 2018
ALBANY, New York, December 5, 2018 /PRNewswire/ --
The global customer communication management market is expected to rise at a promising growth rate in the coming years, observes Transparency Market Research. Leading players in the market are focusing on enhancing the services to their customers. They are also using advanced technologies to enhance user experience. These players are using advanced business development strategies such as merger and acquisition, partnership, collaboration, and others. These steps are taken to keep up in the market and expand their geographical reach. OpenText Corp., Cincom Systems, Inc., GMC Software Technology, Newgen Software, Hewlett Packard Enterprise Development LP, ISIS Kofax Inc., Papyrus Europe AG, and Oracle Corporation are some of the key players operating in the market.
In a recent report published by Transparency Market Research, the global customer communication management market is anticipated to rise at a steady 12.3% CAGR between 2018 and 2026. Expanding at this growth rate, the market is expected to touch US$3.47 bn by 2026. In 2017, the market valuation was US$1.24 bn.
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Based on solution, the software suit segment is expected to dominate the global customer communication management market over the forecast tenure. On the other hand, the managed CCM services segment is likely to grow at a significant pace. This is mainly because of various companies are outsourcing their communication operations to enhance customer experience. With respect to geography, North America holds a significant share in the global market due to integration and adoption of software applications to improve customer experience.
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Developing Cloud Infrastructure to Rise Demand for Customer Communication Management Software
The traditional ways of doing business has drastically changed in this digitally driven world. With the presence of numerous players competing against each other, to keep the customer engaged is a crucial aspect. Nowadays, presence of social media, mobile marketing and similar other communication channels have crated huge opportunity for this market. In addition to that, developing cloud infrastructure, lower power internet protocols, and decreasing cost of mobile broadband has further assisted in the growth of the customer communication management market. The above-mentioned factors are expected to expand the global customer communication management market.
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Threat Related to Data Security to Hamper Market Performance
On the contrary, few factors might obstruct the growth of the global customer communication market. As more and more data will be circulated, the chances of data breach and cyber-attacks still lingers around the growth of customer communication management market. However, inclusion of natural language processing trough technological advancements is expected to drive the demand for customer communication management. Moreover, organizations have started making initiatives on generating personal content based on customer inputs received through mails. These factors might help in gaining traction in the coming years and will boost the growth in the market.
The information presented in this review is based on a TMR report, titled "Customer Communication Management Market (Solution - Software Suite, Managed CCM Services, Consulting, Integration, and Maintenance; Enterprise Size - Large Enterprises, Small and Medium Enterprises (SMEs); Deployment - Cloud based and On Premise; End use Industry - Healthcare, BFSI (Banks, NBFCs, Insurance), IT and Telecom, E-commerce and Retail, Hospitality and Travel, Government and Utilities, Education, Entertainment, and Media)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026."
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Global Customer Communication Management Market has been segmented as presented below:
Global Customer Communication Management Market: By Solutions
Global Customer Communication Management Market: By Deployment
Global Customer Communication Management Market: By Enterprise Size
Global Customer Communication Management Market: By End-use Industry
Global Customer Communication Management Market: Geography
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