According to the new market research "Customer Engagement Solutions Market by Component (Solutions, Services), Deployment Type (Cloud, On-premises), Organization Size, Vertical (BFSI, Telecommunication, Consumer Goods & Retail), and Region - Global Forecast to 2023", published by MarketsandMarkets, the customer engagement solutions market 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. The growth of this market is primarily driven by the 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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Based on component, the solutions segment is estimated to lead the market in 2018.
Based on component, the solutions segment is estimated to lead the customer engagement solutions market in 2018, as enterprises are deploying customer engagement solutions to empower customers with highly connected personalized experiences across a wide range of physical, mobile, and web-based touchpoints.
Based on organization size, the small & medium enterprises segment of the customer engagement solutions market is expected to grow at a higher CAGR during the forecast period.
Based on organization size, the small & medium enterprises segment is projected to grow at a higher CAGR from 2018 to 2023 as compared to the large enterprises segment. The growth of the small & medium enterprises segment can be attributed to the requirement of customer engagement solutions that can help organizations optimize their business processes.
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North America is estimated to lead the market in 2018.
North America is estimated to lead the market in 2018. The growth of the North America customer engagement solutions market is primarily driven by the presence of various key market players such as IBM, Microsoft, Nuance Communications, Oracle, Salesforce, and Verint Systems in this region. Customer engagement solutions have gained wide acceptance in the US, as the country has been the earliest adopter of Social, Mobile, Analytics, and Cloud (SMAC) technologies.
Key players operating in the customer engagement solutions market include Aspect Software (US), Avaya (US), Calabrio (US), Genesys (US), IBM (US), Microsoft (US), NICE Systems (Israel), Nuance Communications (US), OpenText (Canada), Oracle (US), Pegasystems (US), Pitney Bowes (US), Salesforce (US), SAP (Germany), ServiceNow (US), Verint Systems (US), Zendesk (US), eGain Corporation (US), BPMonline (US), CRMnext (India), Eptica (France), Freshworks (US), IFS-mplsystems (UK), Lithium Technologies (US), and SugarCRM (US).