Customer Communications Management Market
- by KD Market Insights
- Aug, 2021
According to a new report, titled, “Customer Communications Management Market Insights, Trends, Opportunity & Forecast, 2021–2026,” the Customer Communications Management market size is expected to grow at a higher pace in the forecast period i.e., 2021-2026 due to upsurge in demand to enhance functionalities of multi-channel marketing as well as customer experience management. The customer communications management market was valued at USD 1.02 billion in 2020 registering a CAGR of 11.5%. North America was the highest revenue contributor, accounting for significant share in 2020 due to the presence of key market players such as Adobe, OpenText, and others in this region. However, the Asia-Pacific region is expected to witness highest growth rate during the forecast period.
Customer Communications Management is a strategy that improves creation, storage, delivery, and retrieval of outbound and interactive communications. It supports various functions such as the production of individualized customer messages, new product introductions, marketing collateral, and transaction documents. It delivers targeted communications through an extensive range of media such as mobile, email, Web pages, SMS, social media sites, and print.
North America has the largest share in the Customer Communications Management market followed by Asia-Pacific and Europe. The Asia Pacific Customer Communications Management market is led by countries such as China, Japan, India, and South Korea. This region is expected to grow at the highest growth rate during the forecast period. Growth of this region is mainly driven by the significant growth in internet penetration and per user online consumption, which has led organizations to enhance their offerings in the customer communications management market. Moreover, growth of small and medium-sized enterprises (SMEs) in the region has fuelled spending on advanced technologies, such as ML, AI, and data analytics due to huge competition.
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According to industry vertical, the BFSI segment is expected to dominate growth of the market during the forecast period. However, IT & telecommunication segment is expected to witness highest growth rate during the forecast period. Rising demand to deliver high-quality services to the customers primarily fuels growth of this segment. Customer Communications Management solutions helps to simplify IT infrastructure through a single and comprehensive solution for interactive communications generation.
The global Customer Communications Management market is analysed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa). Asia Pacific market is expected to witness lucrative growth during the forecast period. China, India, Japan and Korea are key contributors to the growth of Customer Communications Management in Asia Pacific.
Impact of COVID-19
The original outbreak of COVID 19 had brought the entire ecosystem to a standstill, halting the development and sale of new products all over the world. OEMs had to wait for the lockdowns to be released before they could resume production, which had a negative impact on their operations. However, the impact on the technology sector has been comparatively low. For instance, the COVID-19 epidemic has significantly pushed demand for the customer communications management. This is attributed to the proliferation of digital technologies and digital communication, making digital infrastructure more important than ever before. In addition, more number of organizations are reorienting their customer-experience efforts to meet needs such as safety, security, and convenience of their customer. This has led to the huge adoption of customer communications management by various businesses.
Key Insights of Customer Communications Management Market
- On the basis of component, the solutions segment will be major contributor to the growth of market.
- On the basis of deployment mode, the on-premise segment captured highest share of the Customer Communications Management market in 2020.
- On the basis of enterprise size, the large enterprises segment captured highest share of the Customer Communications Management market in 2020.
- On the basis of region, North America accounted for largest regional market the overall market in 2020.
- On the basis of region, Asia-Pacific is the fastest growing markets in the forecast period.
The global Customer Communications Management market is consolidated with the presence of major players in the market such as Adobe Systems Inc., Xerox Corporation, Newgen Software Technologies Limited, EMC Corporation, Ecrion, Inc., Zoho Corporation, Oracle Corporation, Open Text Corporation, GMC Software, Striata and other players.
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