The customer engagement solutions market is projected to grow from USD 14.08 billion in 2018 to USD 23.19 billion by 2023, at a CAGR of 10.5% during the forecast period. Major factors projected to drive the growth of the customer engagement solutions market include rising adoption of customer engagement solutions to reduce customer churn rate and increasing use of e-commerce and m-commerce platforms.

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Companies such as Salesforce (US), Oracle (US), NICE Systems (Israel), Avaya (US), SAP (Germany), Microsoft (US), and IBM (US) offer customer engagement solutions for different industries. These players have adopted various growth strategies such as expansions, agreements, collaborations, partnerships, acquisitions, and new product launches & product enhancements to strengthen their position in the customer engagement solutions market. New product launches & product enhancements were key growth strategies adopted by leading players in the customer engagement solutions market between January 2016 and June 2018.

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Salesforce (US) provides various customer engagement solutions, such as Salesforce Customer Success Platform, Sales Cloud, Chatter, Marketing Cloud, and Commerce Cloud Digital. The company has adopted new product launches as a key growth strategy to offer innovative and upgraded product offerings. For instance, in March 2018, the company launched Salesforce Integration Cloud, Salesforce Lightning, Einstein Analytics Developer Experience, and Quip Live Apps. Salesforce focuses on the strategy of partnerships, agreements, and acquisitions to become a key vendor of customer engagement solutions. The company has acquired MuleSoft (US) in May 2018 and Quip in September 2016 to enhance its product portfolio and strengthen its position in the customer engagement solutions market. The company has partnered with BFGoodrich Tires (US) and Arcos Dorados (Uruguay) in June 2018 to expand its customer base across the globe.

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Oracle (US) offers a comprehensive set of products and services in the customer engagement solutions market, which includes its featured products such as Modernize Customer Engagement Solutions, Oracle Workforce Management Cloud Solutions, Engagement Cloud Solutions, and Oracle Customer Experience (CX) Cloud Suite. Oracle has adopted the strategies of acquisitions, partnerships, and new product launches to strengthen its position in the customer engagement solutions market. For instance, in April 2017, Oracle enhanced its existing Oracle Customer Experience (CX) cloud suite by combining innovative technologies such as chatbots and artificial intelligence with enhanced mobile, video, and messaging capabilities. This resulted in the reduced IT complexity for CRM, marketing, sales, and service professionals. The company has adopted the strategy of acquisitions to enhance its product and service offerings and expand its customer base. In May 2016, Oracle acquired Opower (US), a leading provider of customer engagement and energy efficiency cloud services for the utilities sector.

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