Advancements in AI and ML and expansion of 5G networks are
further likely to create lucrative opportunities for the growth of
the global market.
NEW
CASTLE, Del., Sept. 13,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "Telecommunications and BFSI Customer
Engagement Solutions Market by Offering (Solutions
and Services), Deployment (On-Premise and Cloud), and
Enterprise Size (Large Enterprises and SMEs): Global Opportunity
Analysis and Industry Forecast, 2024-2032". According to the
report, the telecommunications and BFSI customer engagement
solutions market was valued at $7
billion in 2023, and is estimated to reach $16.1 billion by 2032, growing at a CAGR of 8.7%
from 2024 to 2032.
Prime Determinants of Growth
Digital transformation and data-driven approaches are the
factors expected to propel the growth of the global
Telecommunication & BFSI customer engagement solution market.
However, data privacy and security concerns and high implementation
and maintenance costs are anticipated to hamper the growth of
global market.
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Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base Year
|
2023
|
Market Size in
2023
|
$7 billion
|
Market Size in
2032
|
$16.1
billion
|
CAGR
|
8.70 %
|
Segments
covered
|
Offering, deployment,
enterprise size and Region.
|
Drivers
|
Digital
Transformation
|
|
Data-Driven
Approaches
|
|
Rising focus on
Customer Experience
|
Opportunities
|
Advancements in AI and
Machine Learning
|
|
Expansion of 5G
Networks
|
Restraints
|
Data privacy and
security concerns
|
|
High Implementation and
Maintenance Costs
|
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By enterprise size, the large enterprise segment held the
highest market share in 2023, accounting for
nearly two-thirds the telecommunication & BFSI
customer engagement solution market revenue and is estimated to
maintain its leadership status during the forecast period, as
they have the resources and scale to invest in comprehensive,
sophisticated customer engagement solutions. These large
organizations benefit from advanced technologies and can afford to
implement complex systems to manage and analyze customer
interactions effectively, which is further expected to propel the
overall market growth. However, the small and medium-sized
enterprise segment is expected to attain the largest CAGR of 10.5%
from 2024 to 2032 and is projected to maintain its lead position
during the forecast period, owing to the increasing availability of
affordable, user-friendly customer engagement solutions that are
tailored to the needs of smaller businesses. As these smaller
companies seek to enhance their customer interactions and compete
more effectively, they are adopting these scalable solutions at a
rapidly, which is drives the segment growth in the
telecommunication & BFSI customer engagement solution market.
By deployment, the cloud segment accounted for the largest share
in 2023, contributing for more than half of the
telecommunication & BFSI customer engagement solution market
revenue, and expected to attain the largest CAGR of 10.2% from 2024
to 2032 and is projected to maintain its lead position during the
forecast period, as it allows them to easily scale their customer
engagement tools up or down based on their needs and only pay for
what they use, without the need for extensive hardware investments.
Additionally, cloud solutions facilitate remote access and
integration with other systems, which is crucial for managing
customer interactions efficiently. The cloud segment is also
forecasted to be the fastest-growing because more businesses are
embracing digital transformation and seeking the agility and
innovation that cloud technologies provide, which is further
expected to propel the overall market growth.
By component, the solution segment held the highest market share
in 2023, accounting for nearly three-fourths the
telecommunication & BFSI customer engagement solution market
revenue and is estimated to maintain its leadership status during
the forecast period, because it includes the core software and
tools that businesses use to interact with customers, such as CRM
systems and engagement platforms. These solutions are crucial for
managing and analyzing customer interactions effectively, which is
further expected to propel the overall market growth. However, the
manufacturing segment is expected to attain the largest CAGR of
10.4% from 2024 to 2032 and is projected to maintain its lead
position during the forecast period, owing he increasing demand for
ongoing support and expertise that businesses need to implement and
optimize their customer engagement solutions. As companies seek to
get the most out of their technology investments and adapt to
evolving customer needs, they are investing more in services like
consulting, training, and technical support, which is drives the
segment growth in the Telecommunication & BFSI customer
engagement solution market.
By region, North America held
the highest market share in terms of revenue in 2022, accounting
for less than two-fifths of the telecommunication &
BFSI customer engagement solution market revenue, owing to its
mature technology infrastructure, early adoption of advanced
customer engagement tools, and a high concentration of major
telecommunications and financial institutions. Companies in this
region are well-established and have the resources to invest in
sophisticated solutions to enhance their customer interactions is
anticipated to propel the growth of the market in this region.
However, Asia-Pacific is projected
to attain the highest CAGR of 11.8% from 2023 to 2032, owing
many countries in this region are experiencing rapid economic
growth, increased digitization, and a rising middle class, which
drives demand for improved customer engagement solutions. As
businesses in Asia-Pacific expand
and seek to compete in a growing market, they are increasingly
adopting customer engagement technologies, contributing to the
rapid growth of this segment.
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Leading Market Players: -
- Salesforce, Inc.
- Oracle Corporation
- BUSINESSNEXT, Inc.
- Creatio EMEA Ltd
- Microsoft Corporation,
- ServiceNow, Inc.
- SAP SE
- Pegasystems Inc.
- NICE Ltd.
- Alvaria, Inc.
- Verint Systems Inc.
- Enghouse
- System Limited
- IBM Corporation
- Zendesk Inc
- Avaya LLC
- eGain Corporation
- Open Text Corporation
The report provides a detailed analysis of these key players in
the Telecommunication & BFSI customer engagement solution
market. These players have adopted different strategies such as new
product launches, collaborations, expansion, joint ventures,
agreements, and others to increase their market share and maintain
dominant shares in different countries. The report is valuable in
highlighting business performance, operating segments, product
portfolio, and strategic moves of market players to showcase the
competitive scenario.
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