ID: MRFR/ICT/7335-HCR | 141 Pages | Published By Shubham Munde on March 2023
Customer Communication Management Software Market Size was valued at USD 1.63 billion in 2021. The Customer Communication Management Software market industry is projected to grow from USD 1.83 billion in 2022 to USD 3.89 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.9% during the forecast period (2022 - 2030). 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 hinder the market growth. However, integration with cloud-based customer communication management technology is providing opportunities in the market.
FIGURE 1: CUSTOMER COMMUNICATION MANAGEMENT SOFTWARE MARKET 2018-2030
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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 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 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 market. The parts that are needed to build the iPhones are usually imported from China, which was witnessing 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.
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.
Based on the component, the customer communication management software market has been divided into solution and service. The service segment is further sub-segmented into professional services and managed services. The solution segment is anticipated to account for the largest market share and register the highest CAGR during the study period. Solutions such as document composition, printer management, data extraction, email marketing, SMS communication, and data analysis are being adopted at a rapid pace. This is driving the growth of the solution segment during the forecast period.
FIGURE 2: CUSTOMER COMMUNICATION MANAGEMENT SOFTWARE MARKET SHARE BY COMPONENT 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on organization size, the customer communication management software market has been segmented into large enterprises and small & medium enterprises (SMEs). The large enterprises segment is anticipated to hold the largest market share, whereas the SMEs segment is expected to register the highest CAGR. SMEs are offering products that are more tailored towards the customer’s needs. The growth of SMEs has increased their spending on advanced technologies, such as AI, ML, and data analytics, to compete sustainably in the market and capture more opportunities. Implementing CCM solutions has become more plausible for these businesses and, hence, is rapidly adopting customer communication management software to provide more customer-centric products and services.
Based on deployment mode, the customer communication management software market has been segmented into cloud-based and on-premise. The on-premise segment account for the largest market share in 2021. On-premises deployment is widely used in verticals such as BFSI and government & defense, mainly to secure sensitive data, financial records, accounting information, and money transfers. On-premise deployment is a conventional approach to implementing CCM solutions across enterprises. Organizations where user credentials are vital for business operations prefer the on-premises deployment, as it provides them with the flexibility to control their IT systems. However, the cloud deployment segment is expected to grow at an exponential rate and have the highest CAGR during the study period. Cloud deployed solutions are being adopted owing to the lower cost of deployment and ownership. Furthermore, the scalability of cloud infrastructure allows customers to scale up or down depending upon business requirements.
Based on vertical, the customer communication management software market has been divided into BFSI, IT & telecom, healthcare, media & entertainment, travel & hospitality, and others. The IT & telecom segment is expected to hold the largest market share, whereas the BFSI segment is expected to have the highest CAGR. CCM solutions simplify IT infrastructure using a single, comprehensive solution for batch automation and interactive communications generation. Thus, companies can utilize data while creating documents, enabling them to create valuable content and contribute directly to the objectives of their customer experience strategy. The BFSI, media & entertainment, and healthcare verticals are focused on providing customized and personalized experiences to customers for achieving a competitive edge in the market.
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. The developed economies of the US and Canada with a high focus on customer service assurance and customer experience are early adopters of customer communication management software and hence help drive market growth in the region.
The European market has been segmented into the UK, Germany, France, and the rest of Europe. The UK is projected to be the leading country-level market in the region, while Germany is anticipated to register the highest growth during the review period. Europe is expected to be a major market for the customer communication management software market due to the growing demand from the banking and services sectors. These sectors are expected to drive the market through a shift to customer-centric business practices.
Asia-Pacific is likely 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 regional market’s growth can be attributed to the rising 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 laudable 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 expected to contribute to the growth of the CCM market.
FIGURE 3: CUSTOMER COMMUNICATION MANAGEMENT SOFTWARE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The 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 players operating in the customer communication management software market who continuously strive to gain a significant share of the overall market.
Open Text Corporation
HPE Development LLC
Lexmark International LLC
Newgen Software Technologies Limited
Pitney Bowes Inc.
June 2021: In the United Kingdom, Doxim created an omnichannel customer communication solution to assist its clients in excelling in omnichannel communications and maximising the corporate value of all customer experiences.
December 2020: OmniOMS 9.0, an upgraded version of the customer communication management system, was released by Newgen Software Technologies Limited. Web design enhancements, thick client enhancements, business rule enhancements, chart feature enhancements, and import/export templates are all included in OmniOMS 9.0.
November 2020: Oracle Corporation has announced the availability of new cloud-based customer experience management tools for the telecom industry. This customer experience solution delivers data to communications service providers in order for them to better understand their customers and provide more personalized products, services, and care.
Small & Medium Enterprises
IT & Telecommunications
Media & Entertainment
Hospitality & Travel
|Market Size 2021||USD 1.63 billion|
|Market Size 2022||USD 1.83 billion|
|Market Size 2030||USD 3.89 billion|
|Compound Annual Growth Rate (CAGR)||9.9% (2022-2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Deployment, Organization Size, and Vertical.|
|Geographies Covered||North America, Europe, Asia Pacific, Middle East & Africa, and South America|
|Countries Covered||The U.S, Canada, Mexico, Germany, France, UK China, Japan, India, Australia, South Korea, UAE, and Brazil|
The global Customer Communication Management Software market will be valued at 1.63 Billion in 2021
The Customer Communication Management Software market will be valued at USD 3.89 Billion in 2030.
The market can advance at a rate of 9.9% during the review period.
The North America regional market is projected to be the major driver of the market.
The key contenders in the market are EMC Corporation, Adobe Systems Inc., Open Text Corporation, Oracle Corporation, Xerox Corporation, Crawford Technologies, HPE Development LLC, Lexmark International LLC, Newgen Software Technologies Limited, GMC Software, Pitney Bowes Inc., SmartComms SC, Zoho Corporation, Ecrion Inc, Striata, and Others.