Customer Communications Management Market
Customer Communications Management Market - By Component, By Deployment Mode, By Organization Size, By Industry Verticals & Global Region - Market Size, Trends, Opportunity, Forecast 2021-2026Request Sample Request Discount
Customer communications management (CCM) the strategy to improve the creation, storage, delivery, and retrieval of outbound communications. This includes communications associated with the marketing, renewal notifications, claims correspondence & documentation, new product introductions, and bill & payment notifications. Since past few years, rising number of financial institutions as well as other industries have been actively investing in customer communications management systems to effectively manage interactions with their customers. The various CCM solutions in the market are helping to improve customer experience through the personalization as well as automation of customer communications. These solutions are being used by both business-to-consumer (B2C) and business-to-business (B2B) organizations to design and deliver critical business communications that are highly interactive and personalized.
Covid Impact Analysis
The COVID-19 epidemic has significantly pushed demand for the Customer Communications Management Market. 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.
Various countries around the globe have imposed a complete lockdown for more than two months as a result of the COVID-19 epidemic, which has had an impact on most of the industry verticals. However, the impact on the technology sector has been comparatively low. For instance, the manufacturing plants all across the world have been shut down, and automobile sales have plummeted. On the contrary, despite the downturn, the customer communication management market have been flourishing to due to the rising demand to improve customer communications during the pandemic. Customer communications management solutions enables organisations to provide customers with speedy response & resolution to their inquiries, personalized service experience, and a positive connection with a brand.
On the other hand, banks and financial institutions have made significant investments in customer communication management solutions to provide 24/7 services and to enhance customer experiences.
Top Impacting Factors
Upsurge in demand to enhance functionalities of multi-channel marketing as well as customer experience management is fuelling demand for customer communication management solutions. This is the major factor boosting growth of the customer communications management market. In addition, the market is considerably driven by rapid adoption of Customer Communications Management (CCM) solutions and services in various verticals such as IT & telecom, healthcare, BFSI, retail & eCommerce, government, utilities, and travel & hospitality. Also, there is rising need for the companies to improve customer experience and retain more customers through a highly personalized and differentiated customer service program, leading to the adoption of customer communications management solutions.
Moreover, artificial intelligence (AI) along with the advanced natural language processing (NLP) have made the customer communications management solutions more advance to solve business problems, provide better services by being available 24*7, and giving quick solutions to the customers. This factor has further boosted growth of the market.
However, a number of factors including the lack of skills associated with the customer contact management, misalignment of stakeholders, the complicated software infrastructure skills & resource deployment, and client policies on security issues may hamper growth of the market to some extent during the forecast period.
On the other hand, huge growth of social media as well as smartphone adoption in the upcoming coming years is projected to create ample opportunities for the global customer communications management market.
On the basis region, the Global Customer Communications Management Market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East and Africa. North America accounted for the largest share in the Global Customer Communications Management Market. This is mainly attributed to the presence of key market players such as Adobe, OpenText, and others in this region. In addition to this, increasing usage of the latest technologies such as industrial automation and machine learning along with the growing digitalization across companies fuels growth of the North America CCM market.
However, the Asia-Pacific 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. This factor is further expected to create lucrative growth opportunities for the Asia-Pacific customer communications management market.
The customers are expecting increasingly personalized and seamless communication across both digital and traditional channels. Hence, AI-based customer communications management solutions have been increasingly adopted to both cater to and observe customers’ online behaviors. In addition, AI is helping to consolidate vast range of communication materials such as confirmation letters and claim statements to efficiently reproduce them as well as to ensure consistent messaging and brand compliance.
Moreover, there is rising trend of cloud-based customer communications management solutions over on-premise solutions for greater interoperability and business agility. For instance, legacy IT system maintenance can be expensive; hence, more number of companies are choosing cloud based solutions to avoid the high cost and difficulty associated with upgrading CCM capabilities within a home-grown system.
Global Customer Communications Management Market segmentation is based on the component, deployment mode, organization size, industry verticals, and region. Based on the component, the customer communications management market is segmented into solutions and services. Based on the deployment mode, it is segregated into on-premises and cloud. According to the organization size, the market is divided into large enterprises and SMEs. On the basis of industry vertical, the market is categorized into IT and telecom, government, utilities, retail & eCommerce, BFSI, healthcare, travel & hospitality, and other. Based on the region, it is segregated into North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
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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