DUBLIN--(BUSINESS WIRE)--The "Customer Communications Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment, Enterprise Size, and Industry" report has been added to ResearchAndMarkets.com's offering.
The customer communications management market size is expected to grow from US$ 1,325.6 million in 2021 to US$ 2,752.4 million by 2028; The customer communications management market share is estimated to grow at a CAGR of 11.4% from 2022 to 2028.
There is an increasing demand for keeping customers engaged through various communication channels, such as phone calls, email, web, SMS, chatbots, social media, and print, to increase the customer base for improving the business growth. The customer communications management market tools maintain a clear record of all relevant data to create sales growth and improve customer retention. The CCM enhances communication efficiency and strengthens customer relationships that help find better ways to engage customers.
The digital revolution has led to a proliferation of communication channels through omnichannel communication platforms. It empowers customers to connect with the brand via their preferred channel and allows a smooth transition with customers. Technological advancements such as hybrid cloud solutions improve businesses by creating meaningful customer connections through digital and physical channels. For instance, in December 2021, Quadient introduced Inspire Flex Release 15 (R15), which offers more than 300 robust enhancement features that empower, elevate and accelerate the growth of these companies by giving extended control to the users for designing and delivering customer communications via omnichannel.
Customers are technology-driven and expect to communicate with companies through channels of their preferred choice, such as voice, web, mobile, email, short message service (SMS), and social media, at their convenience. Thus, to remain competitive, companies are facilitating customer interactions through omnichannel. The omnichannel communication enables the businesses to collect data from several sources and provide appropriate responses, even if customers are approached with the same query through a different channel. It also helps enhance multichannel correspondence and collect customer profile details on other platforms after their consent. Thus, versatility in communication channels enhances operational efficiency and customer engagement, enabling omnichannel communication. Thus, this is driving the customer communications management market growth.
Natural Language Processing (NLP) is a type of machine learning. It understands the words, sentences, and context of customer support queries. As a subset of artificial intelligence (AI), NLP interprets and analyzes customer's verbal statements. AI-powered customer communications management market can intelligently handle the complexity of structured, personalized, compliant omnichannel customer communications more effectively and efficiently.
Further, machine learning is an effective way to achieve AI. ML-based tools help enterprises process customer data efficiently and generate highly personalized offers to fulfill customers' demands. A tool that integrates NLP into a CCM solution provides a remarkable customer experience.
Further, applying intelligence to content and optimization helps enterprises make better, more interactive, and faster content. It helps discover areas where content consolidation or improvement can be performed, such as spotting similarities, duplicates or inconsistencies, and outliers. It also provides recommendations to improve the content by making suggestions on style and highlighting areas that are inconsistent or associated with a negative sentiment.
The NLP-driven CCM solutions provide better planning and coordination; increase operational efficiency; ensure seamless interaction via omnichannel; and offer a larger, deeper, and more precise customer insight to produce better and more relevant content.
This will result in increased customer retention and revenue. Thus, the ongoing deployment of NLP in various organizations is expected to offer a potential opportunity for the customer communications management market growth over the forecast period.
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- Crawford Technologies
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- Cedar CX Technologies
- Newgen Software Technologies Limited
- Open Text Corporation
- Doxim Inc.
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