Customer Engagement Solutions Market To Reach $50.03 Billion By 2030

Customer Engagement Solutions Market Growth & Trends

The global customer engagement solutions market size is anticipated to reach USD 50.03 billion by 2030. The market is anticipated to expand at a CAGR of 11.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rise of omnichannel engagement is a significant growth driver for the customer engagement solutions industry. As businesses increasingly recognize the importance of meeting customers on their preferred platforms, the demand for comprehensive solutions that enable seamless interactions across various channels is surging.

Customer engagement solutions that facilitate omnichannel strategies address this need by providing the tools and infrastructure necessary to deliver consistent experiences across social media, mobile apps, websites, email, and chat platforms. This trend is driven by consumers' evolving preferences, who expect personalized and cohesive interactions regardless of the channel they choose. Therefore, businesses are investing in these solutions to enhance engagement, foster loyalty, and gain a competitive edge in the market by delivering superior customer experiences.

Artificial Intelligence (AI) and analytics are beginning to be used in customer engagement solutions. These technologies enable companies to gather vast amounts of customer data, derive actionable insights, and automate personalized interactions at scale. AI-powered chatbots, virtual assistants, predictive analytics, and sentiment analysis tools empower businesses to deliver relevant content, recommendations, and real-time support, driving improved engagement and conversion rates. For instance , Alibaba uses AI chatbots for 75% of its online and 40% of phone consultations, handling over 2 million daily sessions and 10 million daily conversations. It has raised customer satisfaction by 25% and saved the company millions by employing AI instead of human agents.

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Customer Engagement Solutions Market Report Highlights

• Based on component, the solution segment accounted for the largest revenue share of 67.8% in 2023. This can be attributed to the widespread adoption of smartphones and tablets and customers’ growing expectations from businesses to provide seamless mobile experiences.

• Based on deployment, the on-premise segment is anticipated to grow significantly during the forecast period. Some industries prefer on-premise deployment for data control and industry compliance.

• Based on enterprise size, the large enterprises segment held the largest revenue share in 2023. Large enterprises handle significant customer data, leading to security requirements and compliance, which contributes to the growth of this segment

• Based on end-use, the retail & consumer goods segment is anticipated to witness the fastest CAGR from 2024 to 2030, owing to increasing competition and evolving consumer preferences; companies are turning to customer engagement solutions to improve customer experiences.

• North America dominated the industry with a revenue share of 38.2% in 2023 and is projected to grow significantly over the forecast period, due to the increasing data-driven business environment that recognizes the importance of using customer insights and analytics to drive decision-making and strategy.

• In December 2023, NICE announced the completion of its acquisition of LiveVox. This collaboration creates an interaction-centric platform that is aimed at delivering AI-driven CX. This partnership aims to simplify CX operations and embed CX AI to drive smart automation as organizations seek to achieve better customer experience.

Customer Engagement Solutions Market Segmentation

Grand View Research has segmented the global customer engagement solutions market based on component, deployment, enterprise size, end-use, and region:

Customer Engagement Solutions Component Outlook (Revenue, USD Million, 2018 - 2030)

• Solution

  • Analytics & Reporting

  • Omnichannel

  • Robotic Process Optimization

  • Self-service

  • Workforce optimization

• Services

  • Integration & deployment

  • Support &  maintenance

  • Training & consulting

Customer Engagement Solutions Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• Hosted

• On-Premise

Customer Engagement Solutions Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)

• SMEs

• Large enterprises

Customer Engagement Solutions End-use Outlook (Revenue, USD Million, 2018 - 2030)

• BFSI

• Retail & consumer goods

• Healthcare

• IT & telecom

• Government, energy & utilities

• Manufacturing

• Travel & hospitality

• Others

Customer Engagement Solutions Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • Italy

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in the Customer Engagement Solutions Market

• Alvaria, Inc.

• Avaya Inc.

• Calabrio Inc.

• Genesys

• IBM Corporation

• NICE

• Nuance Communications Inc.

• OpenText Corporation

• Oracle Corporation

• Pegasystems Inc.

• Salesforce.com Inc.

• SAP SE

• Verint Systems Inc.