ID: MRFR/ICT/7335-HCR | February 2021 | Region: Global | 141 pages
Customer communications management (CCM) is defined as a strategy that supports the improvement of outbound and interactive communications. The CCM software improves the creation, delivery, storage, and retrieval of outbound and interactive communications.The CCM solutions support creating personalized and interactive communications with customers by automating the process of content creation and delivery of the content. The personalized documents facilitate in creating an impact on customers' minds, thus increasing customer retention for the organization. The CCM solutions also reduce the overall costs of producing documents and correspondence. Thus, CCM software is gaining increasing demand from small and medium-sized enterprises (SMEs). Furthermore, it supports the organization in following regulations pertaining to customer privacy. The growth of social media and smartphone adoption in the coming years is expected to create ample opportunities for the CCM market as the organizations could target the customers based on their preferences.
The outbreak of COVID-19 has not given industries and companies time to prepare or protect themselves from any losses. The market scenario is ambiguous and can go up or down steeply, depending on the actions taken and the results obtained by the organizations. The outbreak has affected numerous industries around the world. It has contributed to either the closure or suspension of their manufacturing operations in most industrial units worldwide. The emergence of the COVID-19 pandemic has an immense effect on sectors such as aviation, automotive, manufacturing, and food & beverage.
The IT sector has been substantially affected due to the rapid outbreak of COVID-19 across the world. Fluctuating consumer preferences and behavior due to the changing global pandemic scenario has considerably influenced the IT sector over the projected timeframe. For instance, in March 2020, the World Health Organization (WHO) announced the COVID-19 as a global pandemic, resulting in several countries announcing lockdowns. The pandemic has impacted the industries due to the downfall in the manufacturing sector and the shutdown of factories. For instance, product sales of Apple Inc. have slowed down due to the lack of availability of iPhones in the global market. The parts that are needed to build the iPhones are usually imported from China, which waswitnessing major lockdowns. China is a significant supplier of the raw materials used for manufacturing devices and finished products. However, the IT industry faces significant weaknesses due to a fall in the economy, as many companies have asked their employees to work from home. For instance, the increased demand for software and social media platforms such as Zoom, Microsoft Teams, and Google Meet. These platforms help stay in touch with family members and have conference meetings. Owing to these factors, the importance of the Internet and advanced technologies has increased across the world.
Customer Communication Management Software Market Dynamics:
The key factors driving the growth of the customer communication management market are the growing demand for enhanced functionalities of multi-channel-based marketing and customer experience management and the increasing usage of analytics and mobility for customer communication management. However, the data synchronizations and complexities in customer communication management software and security issues of such integrated platforms are hindering the market growth. However, integration with cloud-based customer communication management technology is providing opportunities in the market.
Increased Usage of Analytics and Mobility for Customer Communication Management Software
All companies have two topline objectives, regardless of industry, size, or business model: revenue growth and profitability. Hence, the metrics that companies gather for any business function, including customer communications management (CCM).In marketing, it is common to analyze conversion rates by testing user behaviors and comparing outcomes with methods such as A/B split testing and multivariate testing. Such analytics allow organizations to optimize a particular communication, focusing on metrics surrounding its content. This allows companies to track and maintain reporting information on how effective each iteration of communication is at achieving the desired goal. For example, a health insurer might focus on health literacy and readability. Whether the recipients understand the health advice their insurer is offering or if they know what behaviors they could change to head off preventable illnesses. If they do, they can save the insurance company (and themselves) money. If they find educational communications unappealing or incomprehensible, they will not take the desired actions.
Data Synchronization and Complexities in CCM Software
Data synchronization ensures accurate, secure, compliant data, and successful team and customer experiences. It assures congruence between each source of data and its different endpoints.Businesses collect vast amounts of data through various channels to gain a better understanding of customer preferences, needs, and purchasing patterns. With the proliferation of digital technologies and mobile devices, organizations are flooded with data gathered from various internal and external sources. In such cases, better data synchronization plays a vital role in designing and analyzing customers’ journeys.The customers raising queries to the call centerscould witness resistance from call center workers and see outdated transaction information on self-service websites. Enterprises must improve the speed of integration with the consistent growth and complexity of touchpoints in the customer feedback process. Data is collected from different touchpoints, and businesses need to categorize the data based on customer needs and expectations.
Value Chain Analysis:
The global customer communication managementsoftware market has witnessed significant growth in the past decade due to technological changes and is expected to grow at a steady rate in the next few years. The value chain analysis of the customer communication managementsoftwaremarket comprises four major levels: hardware/software providers, cloud vendors/service providers, system integrators, and end users.
Customer Communication Management Software Market Regional Analysis:
Geographically, the global customer communication management software market has been categorized as North America, Europe, the Asia-Pacific, the Middle East & Africa, and South America. North America is likely to be the dominant regional market due to the faster adoption of innovative technologies in the US, Canada, and Mexico. This is mainly due to the region being one of the most technologically advanced regions with the presence of several market players such as Oracle Corporation and OpenText Corporation.Asia-Pacific is expected to advance at the highest CAGR during the forecast period due to the growing utilization of technologies, such as mobility for customer relationship management and social media in the region.
Growing Number of SMEs in Asia-Pacific to Bolster the CCM Software Market:
The Asia-Pacific is expected to be the fastest-growing regional market during the forecast period. The regional market has been segmented into China, Japan, India, and the rest of Asia-Pacific. The growth can be attributed to the increasing adoption of emerging technologies such as business intelligence tools, cloud services, analytics, and rapid infrastructure development across various industry verticals. The growing utilization of technologies, for instance, mobility for customer relationship management and social media in the region, is expected to drive the market's growth. APAC is home to a large number of established Small and Medium-sized Enterprises (SMEs), which are growing at a notable pace to cater to their large customer base. SMEs are rapidly adopting cloud-based solutions to manage their enterprise data. As cloud technology is used as a repository of data for further analysis, its increased adoption is predicted to contribute to the growth of the CCM market.
Customer Communication Management Software Market Competitive Landscape:
The global market for customer communication management software has witnessed significant growth over the forecast period due to the growing need for enhanced vehicle safety. There are several domestic, regional, and global players operating in the customer communication management software market who continuously strive to gain a significant share of the overall market.
Customer Communication Management Software Market Key Players:
Oracle’s corporate strategy is to continue investing in incorporating innovation in its products and services offered through its cloud and on-premises software, hardware, and services businesses. It focuses on acquisitions that help in enhancing its products and services, expand its customer base, and accelerate innovation on a larger scale. The company invests heavily in acquiring several companies, products, services, and technologies that add to, are complementary to or have otherwise enhanced its existing offerings. Oracle also focuses on developing its product suite with advanced capabilities to cater to a wide Payment Mode area and increase its customer base.
The global customer communication management software market is characterized by the presence of several regional and local providers. Some of the key players in the market are EMC Corporation (US), Adobe, Inc.(US), Open Text Corporation (US), Oracle Corporation (US), Xerox Corporation (US), Crawford Technologies (Canada), Hewlett Packard Enterprise Development LLC (US), Lexmark International, Inc. (US), Newgen Software Technologies Limited (India), GMC Software (Lima), Pitney Bowes Inc (US), SmartComms SC (UK), Zoho Corporation (US), Ecrion, Inc (US), and Striata (US).
This study estimates revenue growth at global, regional, and country levels and offers an overview of each sub-sector's latest developments from 2018 to 2027. For this analysis, MRFR segmented the global customer communication management softwaremarket has been segmented based on component, deployment mode, organization size, vertical, and region.
By Deployment Model:
By Organization Size:
|Market Size||2020 – USD: 1.16 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||• By Component (Solution, Services) • By Deployment Model (Cloud-Based, On-Premises) • By Organization Size (Small and Medium Enterprise, Large Enterprise) • By Vertical (BFSI, Healthcare, IT & Telecommunications, Media & Entertainment, Education, Others)|
|Geographies Covered||North America (US, Canada, and Mexico)|
|Key Vendors||EMC Corporation (US), Adobe, Inc.(US), Open Text Corporation (US), Oracle Corporation (US), Xerox Corporation (US), Crawford Technologies (Canada), Hewlett Packard Enterprise Development LLC (US), Lexmark International, Inc. (US), Newgen Software Technologies Limited (India), GMC Software (Lima), Pitney Bowes Inc (US), SmartComms SC (UK), Zoho Corporation (US), Ecrion, Inc (US), and Striata (US).|
|Key Market Opportunities||The mounting demand for better quality of multi-channel-based marketing as well as customer experience management can lead to elevated demand for customer communication management software, which can boost the market growth in the coming years.|
|Key Market Drivers||The growing demand for the enhanced functionalities of multi-channel-based marketing and customer experience management has led to an increased demand for customer communication management software, which is expected to drive the growth of the market during the forecast period.|
Frequently Asked Questions (FAQ) :
The market can advance at a rate of 11.2% during the review period.
The mounting demand for better quality of multi-channel-based marketing as well as customer experience management can lead to elevated demand for customer communication management software, which can boost the market growth in the coming years.
Travel & hospitality, IT & telecom, BFSI, media & entertainment, healthcare, and others are the verticals that deploy customer communication management software.
North American is projected to be the global leader in the market.
APAC’S progression rate is expected to be the highest in the global market.