Global customer engagement hub market worth is expected to rise at a rate of 15.3% per year to USD 35.9 Billion by 2032, supported by:
With the rapid pace of digital transformation and organizational change occurring across various industries, it is anticipated that customer engagement hubs would be the trending feature of the future global market.
While gradually entering the market over the forecast years, the market players are expected to get immense opportunities in the emerging economies making it the most lucrative market for the businesses operating in this sector.
The development of social and digital technology has given consumers more power than ever before and their access to information and enterprise products has significantly improved as a result of the growth of social media and its wealth of resources.
The power shift between the customers and market players has rendered them with no better choice than keep engaged the acquired consumer base to retain them longer.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2022) | USD 8.6 billion |
| Anticipated Forecast Value (2032) | USD 35.9 billion |
| Projected Growth Rate (2022 to 2032) | 15.3% CAGR |
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Numerous companies have sprung up recently that are dedicated to offering customer engagement Hubs services making the market progressively fragmented and competitive that was fairly consolidated until the recent past.
Since there are probably hundreds of solutions and service providers today, each claiming to have their understanding of what a customer engagement hub is, so customer-centric enterprises are faced with a dilemma of choice and trust.
The ability to demand is a part of this power of access that is regarded to be the major factor for the higher trend for the adoption of customer engagement hubs by several business entities in recent years.
Moreover, customers today are getting increasingly impulsive and impatient, frequently looking for fast gratification and switching to rival brands if their needs aren't satisfied. Such situations have made the market increasingly volatile for participants consequently resulting in frequent acquisitions, mergers, and collaborations.
Notable innovations such as artificial intelligence (AI) and the Internet of Things (IoT) are some of the recent development that is anticipated to fuel the growth of the global Omni channel engagement hub market.
Over the next ten years, it's expected that the worldwide customer engagement hub market would experience a sudden expansion due to the transformation of business models brought on by the development of artificial intelligence, machine learning, and advanced algorithms.
As per the customer engagement hub market report, the major strategy for the new as well as existing market players is to make provision for distinct and client-specific services since every business is different and every customer is different.
A severe drawback for the market players is that I t cannot be bought on the open market, and using a one-size-fits-all strategy would eventually result in a bland client experience negatively impacting the overall business.
All in all, a CEH or customer engagement hub, however, cannot function as a platform, a commodity, or a type of software product that can be universally applicable and available to be bought from a single provider.
With the emergence of the customer engagement hub (CEH), which provides an architectural framework through which numerous systems communicate with the customer, the idea of contact centre became outdated.
It also allows for synchronisation among multiple departments, such as sales and marketing, in order to maximise consumer engagement. Not only are services offered to customers with the help of the customer engagement hub (CEH), but predictive analysis is also used to forecast the next best information, action to engage the client.
The global demand for customer engagement hub (CEH) is projected to increase at a CAGR of 15.3% during the forecast period between 2022 and 2032, reaching a total of USD 35.6 Billion in 2032, according to a report from Future Market Insights (FMI). From 2016 to 2021, sales witnessed significant growth, registering a CAGR of 11.9%.
Customers may quickly get information about various products and services via several channels, such as the web, social media, and other applications, as smartphone and internet usage grows.
With an average of 5 hours per day spent on mobile phones and the availability of multiple customer touchpoints, such as websites, social media, live chats, and phone calls, in addition to in-person assistance, brands have ample opportunity to engage customers with their brand and generate more revenues.
Customer engagement is the primary reason that customers demonstrate brand loyalty, resulting in consistent income for enterprises across sectors. According to the Aspects Software survey, 66% of customers increased their business with at least one firm as a result of strong customer engagement.
Furthermore, 56% of consumers utilised AI for customer support interactions at least once a week in 2018.
Customer engagement hub (CEH) aids in the management of customer contacts and interactions across several channels and touchpoints. Titan Company, for example, has used the IBM Watson Customer Engagement technology to create marketing campaigns tailored to specific clients.
Another element driving market expansion is a growing emphasis on the user experience as a business strategy via omnichannel.
Principal Consultant
Increasing Number of Channels to Drive Market Growth
Customer engagement hub (CEH) will push many businesses to rethink and redesign their CRM systems in order to provide customer engagement. Intelligent routing, tailored services, and interactive media response will be capabilities of the Customer Engagement Hub (CEH) system.
Companies seeking to engage customers through an increasing number of channels such as social media, telephone, email, and so on, and to overcome the complexities involved in handling these increasing number of channels, will be forced to shift to the added benefits offered by customer engagement hub (CEH) solutions, driving the market.
Inadequate Data Supplied by Consumers to Hinder Market Growth
Inadequate data supplied by consumers while raising tickets is one of the primary problems impeding the growth of the global customer engagement hub (CEH) industry. It becomes difficult for service providers to comprehend the situation.
Vendors, on the other hand, are always focused on providing customer engagement hub with necessary data fields that clients must fill out for a better understanding. During the forecast period, companies are likely to overcome the aforementioned barriers in the worldwide customer engagement hub (CEH) market.
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Presence of Industry Giants creating Opportunities for Customer Engagement Hub (CEH) Providers
Since, the region is a hub for enterprises in the retail, finance, and information technology sectors, the North American customer engagement hub (CEH) market is likely to lead throughout the forecast period, among the different geographies.
Apart from that owing to United States' early embrace of cloud-based technologies and IoT, the North American region is expected to enjoy the highest rise in demand throughout the projection period (2022 to 2032). However, advantages such as increased agility and flexibility, as well as the ability to deploy new applications, are important.
Furthermore, the presence of industry giants such as IBM Corporation, Microsoft Corporation, Nuance Communications, Oracle Corporation, and Salesforce.com Inc. drives the market for customer engagement hub (CEH) in North America.
Moreover, the United States was an early adoption of Social; Mobile Analytics, and Cloud (SMAC) technology, customer engagement hub solutions have acquired widespread acceptability.
To capitalise on this possibility, North America has seen a flurry of partnerships, mergers, and acquisitions. For example, IBM Corporation has collaborated with Performance Bicycle, the nation's biggest independent bicycle retailer, to help develop tailored customer experiences that stretch from online to each of its brick-and-mortar locations utilising Watson customer engagement hub solutions running on the IBM Cloud.
With these expenditures, North American communications, retail, healthcare, and manufacturing applications are likely to increase at a rapid pace throughout the projection period. Thus, due to the aforementioned reasons, North America is expected to possess 32.2% market share as of 2022.
Increasing Penetration of Manufacturing Industries across the Region Fuelling Adoption
The Asia Pacific region is likely to be followed by APEJ. APEJ is likely to increase demand for customer engagement hub (CEH) solutions, with the region's manufacturing businesses growing their penetration.
Furthermore, the increasing complexities involved in servicing customers through an increasing number of channels, supported by additional features offered via customer engagement hub (CEH) solutions such as predictive analysis to better engage customers, will drive demand for the customer engagement hub (CEH) market.
The initial investment cost associated with implementing a customer engagement hub (CEH) solution will have an impact on the growth of the customer engagement hub (CEH) market. As per FMI, Asia Pacific is expected to procure 23% market share for Customer Engagement Hub (CEH) market in 2022.
Retail Segment to be the Most Popular Industry
The retail industry was worth USD 24.69 billion in 2018 and is expected to grow at a CAGR of 7.2% during the projection period. To capitalise on market expansion, new firms are emerging among the long-standing established players in the retail business.
To capitalise on the growing smartphone usage, new players are embracing an e-commerce business strategy. With e-commerce behemoths like Amazon raking in USD 71.84 billion in online sales, traditional retail behemoths like Walmart and Macy's, among others, are trying to stay up.
To compete, a few brick-and-mortar retailers are reducing shop locations and focusing on a smaller number of outlets for efficiency and flexibility. These merchants are also embracing the internet business platform in order to generate new income streams and establish an omnichannel presence.
According to an Aspect Software report, retail is one of the top industries with a high customer turnover rate, with bad customer experience being the primary cause for brand switching. In such a competitive retail industry, merchants must focus on both new customer acquisition and retention of existing consumers.
The expanding variety of use cases across industry vendors, which range from furniture manufacturers to big-box stores, demonstrates retail's strong market share in the customer engagement hub solutions market.
The Cloud Segment to have the Highest Demand
Cloud-based customer engagement hub solutions provide new cloud-only unique features that are ready to explore as soon as they are released. Cloud-based solutions provide future growth, flexibility, and mobility.
Cloud-based security management is significantly better and more trustworthy when managed by a single large, experienced provider rather than multiple small ones. Thus, by deployment, the cloud segment is expected to grow at a CAGR of 15.1% for customer engagement hub (CEH) market in the forecast period 2022 to 2032.
The significance of consumers and their pleasure to any firm is very crucial. When it comes to startups, going the additional mile to gain clients begins with boosting your customer engagement. So, to help you tackle any customer engagement problem, we've included several customer engagement hub solutions for startups.
eGain Corp., RedPoint Global Inc., SpiceCSM and Kitewheel are some prominent customer engagement hub (CEH) amongst others. The aforementioned service providers are reliant on a range of expansion strategies, ranging from strategic collaborations with larger and smaller enterprises, to introducing sophisticated customer engagement platforms.
Recent Developments in the Customer Engagement Hub (CEH) Market:
| Report Attribute | Details |
|---|---|
| Market Value in 2022 | USD 8.6 billion |
| Market Value in 2032 | USD 35.9 billion |
| Growth Rate | CAGR of 15.3% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
Industry, Deployment, Region |
| Regions Covered |
North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, China, Japan, South Korea, India, Malaysia, Singapore, Australia, New Zealand, GCC, South Africa, Israel |
| Key Companies Profiled | eGain Corp.; RedPoint Global Inc.; SpiceCSM; Kitewheel; Red Hat Inc.; Servion; Pegasystems Inc.; Espire Infolabs Pvt. Ltd.; Egain Corporation; DXC Technology Company; Astute Inc. |
| Customization | Available Upon Request |
FMI projects the global customer engagement hub (CEH) market to expand at a 15.3% value CAGR by 2032
The global customer engagement hub (CEH) market is estimated at a market value of USD 8,652.0 Million
The global customer engagement hub (CEH) market is expected to garner a market value of USD 35,855 Million
North America is expected to possess 32.2% market share in 2022 with regard to customer engagement hub deployment
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2016 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Industry 5.1. Retail 5.2. Manufacturing 5.3. BFSI 5.4. IT 5.5. Healthcare 5.6. Others 6. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Deployment 6.1. On to Premise 6.2. Cloud 7. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 12. MEA Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. eGain Corp. 15.2. RedPoint Global Inc. 15.3. SpiceCSM 15.4. Kitewheel 15.5. RED HAT, INC. 15.6. SERVION 15.7. PEGASYSTEMS INC 15.8. ESPIRE INFOLABS PVT. LTD. 15.9. EGAIN CORPORATION 15.10. DXC TECHNOLOGY COMPANY 15.11. ASTUTE INC. 16. Assumptions & Acronyms Used 17. Research Methodology
Technology
December 2022
REP-GB-1875
250 pages
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Customer Engagement Hub (CEH) Market
