According to a new market report published by Transparency Market Research the spending in the global digital customer experience and engagement solutions market is expected to reach a value of US$ 522.2 Bn by 2026 on account of high adoption of customer experience enhancement solutions across the world. The market is projected to expand at a CAGR of 6.3% during the forecast period from 2018 to 2026.
Asia Pacific is anticipated to be a rapidly expanding region of the market, followed by Europe and North America during the forecast period. In terms of end-user, the retail and BFSI industry segment is anticipated to grow at a significant rate due to higher involvement of direct customers in these industry verticals across the globe.
Implementation of Omni-channel and Customer Centric approach driving the adoption of Spending in digital Customer Eexperience and Engagement Solutions
An Omni-channel experience is a cross channel approach that enables various communication channels such as social media, web, and mobile to integrate for engagement with customers. Involvement of customers with the organization increases due to the adoption of an Omni-channel approach, with the integration of various channels. This helps in broadening the customer base. An Omni-channel experience also enhances the user experience as it follows a customer centric approach. This approach offers wider exposure for organizations to implement their advertising and marketing strategies. Thus, Omni-channel being a customer centric approach drives the market at a considerable rate.
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Spending in digital customer experience and engagement solutions: Scope of the report
The spending in digital customer experience and engagement solutions market has been segmented based on business type, touch points, industry, enterprise size, solutions, and region. According to the research, the Business to Business (B2B) type segment is expected to expand at a higher rate due to increased use of customer experience and engagement solutions. The digital marketing channel is projected to be the highest adopted channel for customer awareness as well as customer engagement purposes as it can be utilized across all industry verticals.
In terms of industry verticals, the retail industry, followed by banking and manufacturing industry are expected to have the highest implementation of digital customer experience and engagement solutions. These industries are increasing digital spending to adopt advanced solutions to resolve customer issues and to satisfy the rising customer needs.
Further, the retail industry has emerged as a fast growing industry in terms of digital investment. Investments have increased in artificial intelligence technology, analytics, and digital marketing. The customer lifecycle consists of customer awareness, customer engagement, purchase, and relation and support services. Customer awareness and customer engagement are expected to grow at a considerable rate as it is the primary process of involving the customer through marketing, campaigning, and UI designing.
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In terms of revenue, North America holds a strong position in the global spending in digital customer experience and engagement solutions market. This is due to strong adoption of spending in digital customer experience and engagement solutions as the customers are becoming more aware about the technology and technological developments are taking placeacross the region. In addition, increasing use of digital customer experience and engagement solutions across business operations such as marketing and advertising is expected to support the market growth during the forecast period.
Demand for digital customer experience and engagement solutions is rising in Europe and Asia Pacific. In Europe, companies are implementing advanced customer support solutions such as chatbots and social media platforms for continuous interaction and reviews. Further, Asia Pacific is seeing rising implementation of digital marketing solutions and growing adoption of improved and integrated customer experience solutions.
