The global customer engagement solutions market is anticipated to reach $50,03-billion by 2030 – growing at a CAGR of 11,8% from 2024 to 2030 – according to a new report by Grand View Research.
The rise of omnichannel engagement is a significant growth driver for the customer engagement solutions industry. As businesses increasingly recognise the importance of meeting customers on their preferred platforms, the demand for comprehensive solutions that enable seamless interactions across various channels is surging.
Customer engagement solutions that facilitate omnichannel strategies address this need by providing the tools and infrastructure necessary to deliver consistent experiences across social media, mobile apps, websites, email, and chat platforms.
This trend is driven by consumers’ evolving preferences, who expect personalised and cohesive interactions regardless of the channel they choose. Therefore, businesses are investing in these solutions to enhance engagement, foster loyalty, and gain a competitive edge in the market by delivering superior customer experiences.
Artificial intelligence (AI) and analytics are beginning to be used in customer engagement solutions. These technologies enable companies to gather vast amounts of customer data, derive actionable insights, and automate personalised interactions at scale.
AI-powered chatbots, virtual assistants, predictive analytics, and sentiment analysis tools empower businesses to deliver relevant content, recommendations, and realtime support driving improved engagement and conversion rates.
For example , Alibaba uses AI chatbots for 75% of its online and 40% of phone consultations, handling over 2-million daily sessions and 10-million daily conversations. It has raised customer satisfaction by 25% and saved the company millions by employing AI instead of human agents.
Additional highlights from the report include:
* Based on component, the solution segment accounted for the largest revenue share of 67,8% in 2023. This can be attributed to the widespread adoption of smartphones and tablets, and customers’ growing expectations from businesses to provide seamless mobile experiences.
* Based on deployment, the on-premises segment is anticipated to grow significantly during the forecast period. Some industries prefer on-premises deployment for data control and industry compliance.
* Based on enterprise size, the large enterprises segment held the largest revenue share in 2023. Large enterprises handle significant customer data, leading to security requirements and compliance which contributes to the growth of this segment.
* Based on end-use, the Retail & Consumer goods segment is anticipated to witness the fastest CAGR from 2024 to 2030 owing to increasing competition and evolving consumer preferences. Companies are turning to customer engagement solutions to improve customer experiences.
* North America dominated the industry with a revenue share of 38,2% in 2023 and is projected to grow significantly over the forecast period due to the increasing data-driven business environment that recognises the importance of using customer insights and analytics to drive decision-making and strategy.