The increasing adoption of customer engagement solutions to reduce customer churn rate, increasing use of e-commerce and m-commerce platforms, and increasing focus on delivering enhanced customer engagement through omnichannel are significant factors projected to drive the growth of the market.
The customer engagement solutions market has been segmented based on component, deployment type, organization size, vertical, and region. Based on component, the market has been segmented into solutions and services.
The solutions component segment of the market has been further classified into omnichannel, workforce optimization, robotic process automation, and analytics & reporting. The services component segment of the market has been further classified into professional services and managed services.
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Analytics & reporting allow organizations to use artificial intelligence to help them offer tailored solutions. The increasing use of the Internet of Things (IoT) in business processes helps organizations increase the use of analytical capabilities. All the above-mentioned factors are expected to drive the demand for analytics & reporting solutions.
Cost-effectiveness is important for SMEs, as they have a limited budget. Hence, the implementation of cloud-based customer engagement solutions is expected to result in increased revenues, desired business outcomes, and improved business efficiency for SMEs.
The growth of the BFSI segment can be attributed to the increased adoption of customer engagement solutions in the BFSI vertical, as these solutions help BFSI companies automate their customer interaction processes through chatbots, thereby reducing the service delivery time.
Today, Telecom & IT market includes software, hardware, internet, telephony and content, application and support service provided by entities ranging from corporate top notch to startup entrepreneurs to individual developers and open-source networks. The relevant content & applications are integral parts of the value proposition.