New York, April 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Customer Communications Management Global Market Report 2023" - https://www.reportlinker.com/p06443940/?utm_source=GNW
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The global customer communications management market grew from $1.35 billion in 2022 to $1.52 billion in 2023 at a compound annual growth rate (CAGR) of 12.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The customer communications management market is expected to grow to $2.35 billion in 2027 at a CAGR of 11.5%.
The customer communication management market includes revenues earned by entities by providing marketing, new product introductions, renewal notifications, claims correspondence and documentation, and bill and payment notifications.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Customer communication management refers to software for improving production, delivery, storage, and outbound communications retrieval to customers.A centralized CCM platform that enables real-time, cross-channel, interactive conversations improve customer experience substantially.
The customer communication management is used to facilitate customer interactions and improve sharing, storage, and retrieval of customer communications using various tools and processes.
North America was the largest region in the customer communications management market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the customer communications management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of customer communications management are solutions and services.Customer communications management solutions provide integrated custom-made capabilities for consumers across websites, stores, call centers, mobile applications, social media, emails, virtual assistants, and other touchpoints.
It includes management and customer communications automation in media such as SMS, print, email, and web pages.The deployment modes are on-premises and cloud.
Large, small and medium enterprises in IT and telecom, retail and eCommerce, BFSI, healthcare, travel and hospitality, government, utilities, and other verticals use customer communications management.
An increase in smartphone penetration across the globe is driving the growth of the customer communication management market.Smartphone penetration refers to the quantity of active mobile phone subscriptions compared to the overall market for mobile phones.
Smartphones are used to manage customer communications across a wide range of media, such as queries via live chat, dropping a feature request via email, SMS/MMS, responsive design mobile experiences, and in-app notifications.According to the Pew Research Center, a US-based nonprofit organization that provides information on issues, opinions, and trends shaping the world, in June 2021, smartphone ownership among adults in the US was 85%, an increase from 81% in 2019.
Therefore, an increase in smartphone penetration is expected to propel market growth over the coming years.
Technological advancements are gaining significant popularity in the customer communication management market.Major market players are focusing on implementing technological advancements such as artificial intelligence, augmented reality, and machine learning in customer communication management that work on cloud-based customer communications management technology and advanced natural language processing that offer advantages in cross-departmental cooperation, allowing for coordinated and consistent communication across the customer experience.
For instance, in May 2021, Quadient, a France-based company specializing in mailing equipment, business process automation, and customer experience management, introduced Inspire Evolve, a software-as-a-service (SaaS) customer communications management (CCM) solution that is integrated with a cloud-based customer communications solution and streamlines existing technology.It includes on-premises and hybrid cloud CCM solutions, SaaS customer journey mapping and orchestration solutions.
This launch represents another step forward for the Quadient product portfolio.
In January 2021, Smart Communications, a UK-based technology company engaged in cloud-enabled customer communications management services, acquired Assentis Technologies AG for an undisclosed amount.With this acquisition, Smart Communications aimed to extend support to the growing financial services customer base across the globe.
Assentis Technologies AG is a Switzerland-based software and services company specializing in customer communication management platforms for the financial services industry.
The countries covered in the customer communications management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The customer communication management market research report is one of a series of new reports that provides customer communication management market statistics, including customer communication management industry global market size, regional shares, competitors with a customer communication management market share, detailed customer communication management market segments, market trends and opportunities, and any further data you may need to thrive in the customer communication management industry. This customer communication management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06443940/?utm_source=GNW
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