Customer Communications Management to Be a $1.2 Billion Market by 2026
Research firm Acute Market Reports expects the customer communication management (CCM) market to to cross the $1.2 billion mark by 2026.
The overall CCM managed services market is mainly driven by the consistently growing inclination towards adopting managed IT services. The increasing need to keep customers engaged through communication over various channels has also ensured substantial penetration of CCM solutions. In addition, strong adoption of cloud services, especially in small and midsized businesses of North America and Europe, has significantly expanded the consumer base for CCM managed services. Nevertheless, risk of data breach remains a major challenge for the CCM managed services market.
The research also found that the CCM managed services market is led by the IT and telecom segment, which accounts for more than a quarter of the overall market revenue generated worldwide. Other prominent industry verticals for CCM managed services include financial services and insurance, e-commerce, retail, government, and utilities. The hospitality and travel segment is expected to register high growth in the market.
The market is led by North America, with the United States generating more than 25 percent of the overall IT industry revenue worldwide. Asia Pacific is set to demonstrate the highest growth rate over the forecast period.
Some of the major players identified in the report include Oracle, Pitney Bowes, Adobe Systems, OpenText, GMC Software, SmartComms., XMPie (Xerox), Ecrion, Zoho, Striata, Cincom Systems, Kofax, Newgen Software, Intense Technologies, Dell, ISIS Papyrus Europe, Fidelity National Information Services, and Doxee.
The report also notes that major players in the market emphasize enhancing their service portfolios. One of the major strategies identified in the report is partnerships with other players in the market, with an aim of delivering application-specific CCM managed service.