Report : Europe Customer Communication Management Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution and Services), Deployment (Cloud-based and On-Premises), Enterprise Size (Small & Medium-Size Enterprises and Large Enterprises), and Industry (BFSI, IT & Telecom, Manufacturing, Retail, Energy & Utilities, Government, and Others)
At 10.5% CAGR, the Europe Customer Communication Management Market is speculated to be worth US$ 784.43 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe customer communication management market was valued at US$ 431.76 million in 2022 and is expected to reach US$ 784.43 million by 2028, registering an annual growth rate of 10.5% from 2022 to 2028. Customer communications management (CCM) solutions manage customer engagement through omnichannel and growing usage of analytics and mobility for customer communications management (CCM) concerns are the critical factors attributed to the market expansion.
Customer analytics includes the information and behavior of the customer to identify, attract and retain profitable customers. Customers in the digital era find products fulfilling their needs; therefore, the paying mode, purchasing trend, lifestyle preferences, and desired brand are the major factors catered by the customer analytics tools to understand customers. The customer analytics data tools help acquire and retain future customers. It also identifies high-value customers and suggests proactive ways to interact with them. Thus, increasing usage of analytics for CCM enables improved customer communication, which is driving the customer communications management market dynamics. As per the ACM Digital Library, 75% of Netflix viewer activity is driven by recommendations, which saves the company an estimated ~US$ 1 billion per year through focusing on most valuable customers. Further, growing interest in digital channels has increased due to changing consumer preferences caused by the COVID-19 pandemic. As a result, various organizations have switched their focus to digital customer experiences. Hence, to augment the business growth, several companies are adopting customer analytics tools, increasing the demand for Customer Communications Management software. Thus, this is supporting the customer communications management market growth. This is expected to drive the market during the forecast period.
On the contrary, data synchronizations and complications of customer communication management hurdles the growth of Europe customer communication management market.
Based on component, the Europe customer communication management market is divided into solution and services. The solution segment held 76.1% market share in 2022, amassing US$ 328.52 million. It is projected to garner US$ 606.83 million by 2028 to expand at 10.8% CAGR during 2022–2028.
Based on deployment, the Europe customer communication management market is categorized into cloud-based and on premise. The cloud-based segment held 64.0% market share in 2022, amassing US$ 276.27 million. It is projected to garner US$ 517.56 million by 2028 to expand at 11.0% CAGR during 2022–2028.
Based on enterprise size, the Europe customer communication management market is categorized into small & medium-size enterprises and large enterprises. The large enterprises segment held 64.5% market share in 2022, amassing US$ 278.57 million. It is projected to garner US$ 488.86 million by 2028 to expand at 9.8% CAGR during 2022–2028
Based on industry, the Europe customer communication management market is BFSI, IT and telecom, manufacturing, retail, energy & utilities, government, and others. The IT and telecom segment held 27.4% market share in 2022, amassing US$ 118.34 million. It is projected to garner US$ 221.42 million by 2028 to expand at 11.0% CAGR during 2022–2028
Based on country, the Europe customer communication management market has been categorised into the Germany, UK, France, Italy, Russia, and Rest of Europe. Our regional analysis states that UK captured 30.5% market share in 2022. It was assessed at US$ 131.80 million in 2022 and is likely to hit US$ 258.39 million by 2028, exhibiting a CAGR of 11.9% during the forecast period.
Key players dominating the Europe customer communication management market are Smart Communications; Adobe; Crawford Technologies; Newgen Software Technologies Ltd; Open Text Corporation; MESSAGEPOINT INC.; Oracle Corporation; Doxim; Capgemini; Precisely(CEDAR CX Technologies) among others.
- In Sept 2021, The Doxim Customer Communications Management Platform now includes an integrated video solution.
- In April 2022, Quadrant Knowledge Solutions has named Messagepoint the 2022 SPARK Matrix Technology Leader in Customer Communications Management.