Customer Communications Management Market Scope 2031
The customer communications management market size is projected to reach US$ 3.80 billion by 2031 from US$ 1.53 billion in 2023. The market is expected to register a CAGR of 12.1% during 2023–2031. Customer communication management (CCM) solutions maintain customer engagement through omnichannel are likely to remain key trends and drivers in the market.
Customer Communications Management Market Analysis
The customer communications management market is experiencing significant growth. This growth is attributed to customer communications management solutions, maintaining customer engagement through omnichannel and increasing usage of analytical and mobility for customer communication management.
Customer Communications Management Market Overview
Communications, such as a bill from the utility company or a credit card statement from the bank, seem simple. In reality, they are complex to design and deliver. It has several features, such as customer data from a customer relationship management (CRM) system, marketing messages from a marketing platform, financial information from an enterprise resource planning (ERP) system, brand assets from a digital asset management platform (DAM), terms and conditions from a legal system and more.
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Customer Communications Management Market: Strategic Insights
Market Size Value in US$ 1,325.6 Million in 2021 Market Size Value by US$ 2,752.4 Million by 2028 Growth rate CAGR of 11.4% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Customer Communications Management Market: Strategic Insights
| Market Size Value in | US$ 1,325.6 Million in 2021 |
| Market Size Value by | US$ 2,752.4 Million by 2028 |
| Growth rate | CAGR of 11.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Customer Communications Management Market Drivers and Opportunities
Increasing Usage of Analytics and Mobility for Customer Communication Management to Favor Market
Data analytics is the process of collecting, processing, and analyzing data to generate insights and inform decisions. Data analytics can provide effective ways to communicate and interact with customers who have limited mobility. These ways include creating content and interfaces that are accessible and usable, personalizing and customizing products and services based on customer data, representing customers with limited mobility in marketing campaigns, and building trust and empathy with them. Thus, increasing usage of analytics and mobility for customer communication management is driving the customer communication management market.
Integration of CCM Software with Cloud-Based Application.
In recent years, a result of technological advancements and changing customer expectations and business needs have changed (Communications-as-a-Service) CaaS. The competitive landscape is promptly consolidating as traditional service providers become more technologically driven. A key driver behind the evolution from CCM to Customer Experience Management (CXM) has been the shift from on-premise software installation to cloud-based solutions. The cloud-based CCM software offers various advantages, such as
- Agility: Any team can communicate efficiently from anywhere in the world to streamline the creation of an excellent customer experience via secure customer communications where and how they demand.
- Increase value fast: Cloud-based solutions are capable of transforming the customer experience in days, so one doesn’t have to wait 12 to 18 months to get to value.
Customer Communications Management Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Customer Communications Management market analysis are component, deployment, enterprise size, and industry.
- Based on component, the customer communications management market is divided into solution and services. The solution segment is anticipated to hold a significant market share in the forecast period.
- Based on deployment, the customer communications management market is divided into cloud-based and on-premise. The cloud-based segment is anticipated to hold a significant market share in the forecast period.
- By enterprise size, the market is segmented into small & medium-size enterprises and large enterprises. The small & medium-size enterprises segment is anticipated to hold a significant market share in the forecast period.
- By industry, the market is segmented into BFSI, IT and telecom, manufacturing, retail, energy & utilities, government, and others. The IT and telecom segment is anticipated to hold a significant market share in the forecast period.
Customer Communications Management Market Share Analysis by Geography
The geographic scope of the customer communications management market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the customer communications management market. High technology adoption trends in various industries in the North American region have fuelled the growth of the customer communications management market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American customer communications management market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of customer communications management market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the customer communications management market.
Customer Communications Management Market Report Scope
Customer Communications Management Market News and Recent Developments
The customer communications management market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the customer communications management market are listed below:
- Intense Technologies Limited, a global enterprise software products and services company, announced that its award-winning customer communications management ( CCM) solution UniServeTM 360 has officially gone live on the AWS Marketplace for SAAS transactions, marking a milestone achievement for the company. (Source: Intense Technologies Limited, Company Website, January 2024)
- Doxim, one of the leading customer communications management (CCM) and engagement technology providers serving financial and regulated markets, announced the release of a comprehensive ROI analysis calculator for customer communication management (CCM). (Source: Doxim, Company Website, April 2021)
Customer Communications Management Market Report Coverage and Deliverables
The “Customer Communications Management Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Customer communications management market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Customer communications management market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Customer communications management market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the customer communications management market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Enterprise Size, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global customer communications management market is expected to reach US$ 3.80 billion by 2031.
The expected CAGR of the customer communications management market is 12.1%.
The key players holding majority shares in the global customer communications management market are Adobe, Capgemini, Crawford Technologies, Smart Communications, Cedar CX Technologies, Newgen Software Technologies Limited, Open Text Corporation, Oracle, Messagepoint, and Doxim Inc.
Technological advancement in natural language processing for better customer experience is anticipated to drive the market in the forecast period.
Customer communication management (CCM) solutions maintain customer engagement through omnichannel are some of the factors driving the customer communications management market.
North America is anticipated to dominate the customer communications management market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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