Northbrook, IL 60062 -- (SBWire) -- 09/05/2023 --The global Customer Communications Management Market size to grow from USD 1.3 billion in 2021 to USD 2.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period, according to research report by MarketsandMarkets™.
The major growth drivers for the market include increasing adoption of CCM solutions and services in various verticals such as IT and telecom, retail and eCommerce, healthcare, BFSI, travel and hospitality, government, utilities, and other verticals.
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By component, solution segment to hold the largest market size during the forecast period
The solution segment is expected to hold the largest market size during the forecast period. Enterprises deploy CCM solutions to provide customers highly connected personalized experiences across a wide range of websites, stores, call centers, mobile apps, social media, emails, virtual assistants, and other touchpoints. Enterprises are aware of the importance of each interaction, which carries customers' perception of products or brands. Solutions such as omnichannel, ML, analytics, and workforce optimization are the backbone of modern customer services, which offer brands and products a competitive edge.
By vertical, IT and telecom segment to grow at a higher CAGR during the forecast period
CCM market is segmented into IT and telecom, retail and eCommerce, BFSI, travel and hospitality, healthcare, government, utilities, and other verticals. CCM solutions help simplify IT infrastructure through a single, comprehensive solution for batch automation and interactive communications generation. In this way, companies can utilize data while creating documents. This enables them to create valuable content and contribute directly to objectives of their customer experience strategy. Therefore, telecommunications and IT companies have started investing in CCM solutions that would help them deliver high-quality services to their customers.
North America to hold the largest market size during the forecast period
North America, a technologically advanced region with a high number of early adopters and the presence of major market players, is expected to contribute the highest market share in terms of revenues during the forecast period. North America has fairly adopted the latest instruments in customer data analytics and real-time reporting. Besides, it is incorporating advanced technologies, thus making organizations in the US and Canada excel in the CCM market. Currently, enterprises in North America are adopting CCM solutions, indicating a significant acceptance of these solutions and services. Organizations in North America are opting for various digital channels, including web portals, social media, call centers, and mobile phones, to collect customer feedback data. This region would remain the highest contributor, in terms of revenue generation, to the CCM market.
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Market Players
Major vendors in the global CCM market include Adobe (US), Oracle (US), OpenText (US), Zendesk (US), Newgen Software (India), Capgemini (France), Quadient (France), Smart Communications (England), Sefas (France), CEDAR CX Technologies (US), Messagepoint (Canada), Doxim (Canada), Topdown (US), Napersoft (US), Ecrion (US), Doxee (Italy), Papyrus Software (Austria), Hyland (US), Bitrix24 (US), Braze (US), HelpCrunch (US), AdventSys (India), Front (US), Trengo (Netherlands), Podium (US), Pitney Bowes (US).
Key Dynamic Factors For Customer Communications Management Market:
Digital Transformation: The adoption of CCM solutions has been sparked by the ongoing attempts at digital transformation across industries. By switching from old print-based methods to digital channels, such email, SMS, and mobile apps, businesses want to streamline client communications.
Customer Experience (CX) Emphasis: CCM is essential as a result of a strong focus on improving customer experience. To increase customer satisfaction and loyalty, businesses use CCM systems to personalise communications, deliver consistent message, and offer omnichannel communication choices.
Secure and compliant consumer communications are required by strict legal standards, including the GDPR in Europe and the CCPA in California. CCM systems manage sensitive customer data while protecting data privacy, assisting organisations in meeting these compliance requirements.
Capabilities for seamless interaction with current content management systems (CMS), customer relationship management (CRM) systems, and other corporate applications are crucial. Organisations benefit from more thorough and effective communication procedures when using CCM systems that allow for simple integration.
Artificial intelligence (AI) and automation are increasingly being included into CCM systems. To increase productivity and engagement, chatbots for customer support, AI-driven personalisation, and automated document generation are becoming regular features.
Multi-Channel Communications: CCM systems must provide multi-channel capabilities since customers anticipate communication through a variety of channels, including email, SMS, social media, and print. For a seamless consumer experience, businesses strive to convey consistent messaging across all platforms.
Cloud-Based Solutions: Because of its scalability, accessibility, and affordability, cloud-based CCM solutions are gaining popularity. For handling customer communications, businesses choose the flexibility of cloud solutions.
Data analytics and insights: CCM platforms that offer data analytics and reporting capabilities assist businesses in learning more about the preferences and behaviour of their clients. This data-driven methodology guides the personalization of communication timing and content.
Security and data privacy must be given top priority in CCM solutions as data breaches and cybersecurity threats increase. Security features like encryption, access controls, and audit trails are crucial for protecting sensitive client data.
Environmental Sustainability: As environmental issues gain attention, businesses are adopting sustainable practises. Solutions for CCM that support eco-friendly communication practises, decrease waste, and provide paperless options are gaining popularity.
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Competitive and Segmentation Analysis:
The Customer Communications Management (CCM) market is characterised by a need for segmentation to suit various industry-specific requirements as well as by severe rivalry. In this competitive environment, numerous businesses, from well-known corporations to up-and-coming startups, compete for market share. OpenText, Adobe, Quadient, and Salesforce are a few of the major companies in the CCM market that each provide a variety of CCM solutions.
Financial Services: For the purpose of producing customised statements, invoices, and financial reports, this market area need CCM solutions. It is essential to adhere to legal requirements such as GDPR and HIPAA.
Medical data and billing statements, which are sensitive patient communications, are securely delivered by CCM to healthcare organisations. It is crucial to adhere to HIPAA requirements and other healthcare laws.
Insurance: For the purposes of processing claims, documenting policies, and notifying customers, the insurance industry needs CCM solutions. Personalization, data security, and adherence to industry rules are important considerations.
Telecommunications: CCM platforms are used by telecom firms for customer notifications, billing, and marketing communications. In this market, scalability and multi-channel capabilities are crucial.
Retail and online shopping: Retailers use CCM to communicate with customers about order confirmations, special offers, and loyalty programme communications. The major factors are omnichannel delivery and real-time customisation.
Utilities: To transmit utility bills, outage alerts, and service updates, utility providers rely on CCM. Effective document generation, compliance, and easy billing system integration are essential.
Manufacturing: For order acknowledgements, shipment notifications, and product documentation, manufacturers need CCM solutions. Global language support and integration with supply chain systems are crucial.
Government and public sector: Public sector organisations use CCM for official notifications, tax statements, and citizen communications. Priority must be given to security, compliance, and accessibility.
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Customer Communications Management Market to Hit $2.2 Billion by 2026
This research report categorizes the CCM market to forecast revenues, analyze trends, component (solutions and services), deployment mode, organization size, verticals and region.