Healthcare

Audio Communication Monitoring Market Size, Share

The Customer Communications Management by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Customer Communications Management , The customer communications management market size has grown rapidly in recent years. It will grow from $1.47 billion in 2023 to $1.63 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to adoption of multichannel communication strategies, growth in customer-centric business models, emphasis on regulatory compliance in communications, advances in digital and personalized marketing, increase in customer experience optimization.

The customer communications management market size is expected to see rapid growth in the next few years. It will grow to $2.52 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to expansion of omnichannel customer engagement, increased demand for interactive and dynamic content, emphasis on privacy and data security in customer communications, growth in cloud-based customer communications management solutions. Major trends in the forecast period include personalization and hyperpersonalization in customer communications, integration with customer relationship management (crm) systems, rise of conversational and chatbot-based communications, adoption of rich media and interactive documents, shift towards automated and self-service customer communications.

An increase in smartphone penetration across the globe is driving the growth of the customer communication management market. Smartphone penetration refers to the quantity of active mobile phone subscriptions compared to the overall market for mobile phones. Smartphones are used to manage customer communications across a wide range of media, such as queries via live chat, dropping a feature request via email, SMS/MMS, responsive design mobile experiences, and in-app notifications. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, mobile connections in the UK reached 71.8 million, showing a 3.8% increase from the previous year, totaling approximately 2.6 million additional connections. Furthermore, it is projected that the UK’s population will expand to 68.3 million by 2025, with an estimated 95% of the population, or around 65 million individuals, owning a smartphone . Therefore, an increase in smartphone penetration is expected to propel market growth over the coming years.

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The customer communications management market covered in this report is segmented –

1) By Component: Solution, Services

2) By Deployment Mode: On-Premises, Cloud

3) By Organization Size: Large Enterprises, Small And Medium Enterprises

4) By Vertical: IT And Telecom, Retail And eCommerce, BFSI, Healthcare, Travel And Hospitality, Government, Utilities, Other Verticals

Technological advancements are gaining significant popularity in the customer communication management market. Major market players are focusing on implementing technological advancements such as artificial intelligence, augmented reality, and machine learning in customer communication management that work on cloud-based customer communications management technology and advanced natural language processing that offer advantages in cross-departmental cooperation, allowing for coordinated and consistent communication across the customer experience. For instance, in May 2021, Quadient, a France-based company specializing in mailing equipment, business process automation, and customer experience management, introduced Inspire Evolve, a software-as-a-service (SaaS) customer communications management (CCM) solution that is integrated with a cloud-based customer communications solution and streamlines existing technology. It includes on-premises and hybrid cloud CCM solutions, SaaS customer journey mapping and orchestration solutions. This launch represents another step forward for the Quadient product portfolio.

The customer communications management market report table of contents includes: