Customer Engagement Solutions Segmentation
Component (Solution, Services)
solution segment is anticipated to account for around 68.5% customer engagement solutions market share by 2037, attributed to the widespread adoption of smartphones and tablets. With more consumers accessing the internet through smartphones and tablets, businesses have greater opportunities to engage with customers through mobile-friendly websites, applications, and messaging platforms. As of 2024, an estimated 5 billion individuals own a smartphone and this represents a rise in around 645 million new smartphone users between 2023 and 2024. Additionally, the number of smartphone users worldwide has doubled since 2020, adding 2.8 billion new smartphone owners over time.
Moreover, the rise of e-commerce applications and mobile-responsive websites allows businesses to optimize the customer journey, from product discovery to checkout, thereby boosting sales and conversion rates. In 2023, mobile e-commerce sales reached USD 2.5 trillion, accounting for 62% of global e-commerce sales.
Enterprise Size (SMEs, Large)
The large segment in customer engagement solutions market is estimated to register a substantial CAGR by the end of 2037. Large enterprises typically have extensive customer bases and complex organizational structures. They require robust customer engagement solutions capable of managing large volumes of data and interactions across multiple channels effectively. Moreover, as leaders in their respective industries, large enterprises often drive innovation in customer engagement practices. They are early adopters of emerging technologies such as AI, chatbots, machine learning, and IoT-enabled devices to enhance customer experience and gain competitive advantage. A 2021 IoT Signals report, published by Microsoft states that about 66% of enterprises expect to expand their IoT implementation in the coming years. Those who use IoT for cloud security, supply chain management, and sustainability are more likely to see it as vital to their organization's success, perhaps keeping them ahead of the trend.
End-use (BFSI, Retail & consumer goods, Healthcare, IT & telecom, Government, Energy & Utilities, Manufacturing, Travel & Hospitality)
By the end of 2037, the BFSI segment is poised to significantly drive the growth of the customer engagement solutions market. BFSI firms are increasingly investing in digital transformation initiatives to enhance customer experiences. Customer engagement solutions play a crucial role in this transformation by enabling personalized interactions across various channels such as websites, mobile applications, and social media. Additionally, effective customer engagement solutions also support risk management strategies by providing real-time insights into customer behaviors and preferences. This helps in mitigating risks associated with fraud and non-compliance. A national survey report published by the American Bankers Association in 2023 stated that consumers continue to prefer digital banking channels, with 48% of bank customers using mobile apps as their primary method of managing their bank accounts and 23% utilizing online banking via laptop or PC.
Our in-depth analysis of the global market includes the following segments:
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