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U.S. Customer Communication Management Market Analysis | Coherent Market Insights

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U.S. Customer Communication Management Market Analysis | Coherent Market Insights

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. U.S. CUSTOMER COMMUNICATION MANAGEMENT MARKET ANALYSIS • U.S. Customer Communication Management Market, By Solution (Software Suite, Managed CCM Services, Other Services (Consulting, Integration, and Maintenance)), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Deployment Model (On-premises, and Cloud), By End-use Industry (Healthcare, BFSI, IT & Telecom, E-commerce and Retail, Hospitality and Travels, Government & Utilities, Others (Education, Entertainment, and Media)) , and by Region (North America, Latin America, Europe, APAC and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027 • The U.S. customer communication management market was estimated to account for US$ 573.4 Mn in terms of in 2019 and is expected to grow at a CAGR of 11.0% during the forecast period (2019 – 2027).

  3. Market Drivers • Increasing focus on diverse and divergent communication channels is expected to drive growth ofthe U.S. Customer Communication Marketduring the forecast period Advent of novel and cutting-edge communication channels has made customer communication more and more dynamic. Currently, various organizations are focused on diverse and different communication channels, in order to reinforce their presence across various platforms. As a result of this, customers can be connected across the world. Moreover, growing demand for customer communication systems across the globe. The U.S. is a major adopter and innovator in terms of technology adoption and supporting infrastructure, the region acts as a lucrative market for CCM as well. Hence, these factors are expected to drive the U.S. customer communication management market growth during the forecast period. For instance, EMC Corporation facilitates organizations to enhance and achieve an enterprise-wide strategy to augment their customer experience by providing a multi-channel customer communication management system. Apart from this, CCM software also enables organizations to easily and independently create and manage documents and templates.

  4. Growing focus on context-enriched information and multi-channel output is expected to propel the U.S. customer communication management market growth over the forecast period CCM service providers are focused on delivering high-quality information to their users. Increasing technological advancements and high penetration of cloud technologies across various industries are boosting the demand for context-enriched information through social analytics. Moreover, growing demand for personalization in customer communication is expected to boost growth of the market in the near future. Increasing developments in the market, in order to accomplish a customer-centric approach, is expected to provide multi-channel output across the industries related to customer requirements. Hence, these factors are expected to drive the U.S. customer communication management market growth over the forecast period.

  5. Market Restraints • Security concerns regarding data for CCM software are expected to restrain growth of the U.S. customer communication management during the forecast period Documentation is an integral part of the businesses and verticals such as healthcare BFSI, retail, and other require robust customer verification platform. Although CCM software provides the most suitable platform there are certain security concerns involved. For instance, According to Kaspersky Lab AO 2015 white paper, BFSI was the leading vertical which was hampered by cybercrime prominently with 31.03% of the data. Data such as customer information, surveys, and strategies are vulnerable to cyber threats. Moreover, security issues lead to changes in CCM implementation settings. Data breaches are one of the major security concerns related to CCM software. Hence, these factors are expected to restrain the market growth in the near future. • Lack of skilled professionals is expected to hamper the U.S. customer communication management market growth over the forecast period Implementation of customer communication management software requires skilled personnel. Since the use of CCM is still in nascent stage, there is lack of availability of said workforce. Implementation and operating of CCM software require specific skill sets that are not available any software engineer. Hence, the lack of skilled personnel regarding CCM software is expected to hamper the U.S. customer communication management market during the forecast period.

  6. Market Opportunities • Integration of CCCM technology with the cloud is expected to provide major business opportunities The cloud-based platform is constantly evolving, which provides the deployment of software applications without the complexity and cost of managing and acquiring the underlying software and hardware layers. Small and mid-sized enterprises are laying emphasis on enhanced customer interactions, in order to add value to their offerings. CCM software platform is expected to evolve in a cloud-based environment to cater to the large enterprises as well as SMEs. As a result of this, enterprises are expected to switch to cloud environment, in order to inculcate flexibility in a communication system.

  7. Increasing adopting of CCM software in BFSI sector to pose significant growth opportunities Banking, financial services, and insurance (BFSI) sector is increasingly adopting customer communication management platforms. This is done to enhance customer interaction and add value to the service portfolio. Various private, as well as government financial institutions, are focused on incorporating CCM software, in order to reduce operating costs and enhance customer service so that the organizations can focus on their core business. This, in turn, is expected to provide major growth opportunities over the forecast period.

  8. Market Trends • Increasing demand for customizable CCM solution Customer communications management system simplifies and automates document-associated business procedures, in order to enhance business performance and efficiency. The demand for customized CCM solutions is increasingly rampant, as these solutions are designed to encounter the enterprise or departmental requirements. For instance, OpenTextExstream is a multichannel CCM solution, which has the capability to improve the customer experience with meaningful, relevant communications delivered through the customer's preferred channels such as email, web, SMS, and print. Apart from this, Exstream enables enterprises to produce fully customized high-volume bills & statements, on-demand marketing, and self-service web applications.

  9. Growing emphasis on automated on-demand content delivery with the use of natural language processing Natural language processing (NLP) is one of the critical components of artificial intelligence, which enables computer to understand the human speech. There is an increasing demand for NLP integrated CCM software from various sectors, in order to leverage numerous benefits of NLP. NLP, integrated with CCM, providers various advantages such as automatic summarization, coreference solution, and discourse analysis. Key players in the market are focused on integrating NLP with CCM, in order to provide enhanced services.

  10. Segment information: • In U.S. CCM market, by End-use Industry segment, On-premises sub segment dominated the global market in 2019, accounting for 20.2% share in terms of value

  11. Competitive Section • Key players operating in the U.S. customer communication management market are Newgen Software, Adobe Systems Inc., Xerox Corporation, Cincom Systems Inc., Pitney Bowes, Inc., DoxeeS.p.A., Oracle Corporation, EMC Corporation (Dell), OpenText Corp., and HP Enterprise. 

  12. Key Developments • Key players in the market are focused on product launches, in order to expand their product portfolio. For instance, in January 2020, Newgen Software, a provider of low code automation platform managing content, launched OmniOMS 8.6- an enhanced version of customer communication management suite. • Major companies in the market are involved in product launches, in order to enhance the market presence. For instance, in February 2019, Adobe Systems Inc. introduced ‘Adobe Experience Manager’, which is part of Adobe Marketing Cloud.

  13. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Reference : https://www.coherentmarketinsights.com/market-insight/us-customer-communication-management-market-3584

  14. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

  15. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

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