Press Release: Multi-channel Communication Services Market Is Expected to exhibit a CAGR of 21.4% During the Forecast period (2019-2027)
Market Overview
Multi-channel communication can be defined as communications with customers through multiple channels such as print, SMS, e-mail, web portals, and mobile applications. Multi-channel communication involves sending information through multiple channels. Multi-channel communication services facilitate clients to complete end to end information transactions utilizing different multiple channels. Multi-channel communication service involves delivering the right information, at right time, through right communication channel. Moreover, a multi-channel communications strategy does not support interactive or bidirectional communications with customers.
The global multi-channel communication services market is expected to exhibit a CAGR of 21.4% during the forecast period (2019-2027).
Market Dynamics- Drivers
Retail e-commerce allows consumers to buy goods from the seller over the internet. Consumers can buy required products by visiting the website. E-commerce is one of the major channel in multi-channel communication platform. Top retailers are adopting retail multichannel communication platform to provide seamless shopping experience to their customers. Moreover, increasing adoption of mobile phones and rising penetration of internet in retail industry are expected to drive growth of the global multi-channel communication services market over the forecast period. For instance, according to Coherent Market Insights, in 2016, there were around 4,900 million mobile phone users worldwide, and the number is expected to reach 5,500 million by 2021.
Among region, North America region held a dominant position in the global multi-channel communication services market in 2018, accounting for 31.4% share in terms of value, followed by Asia Pacific and Europe, respectively.
Source: Coherent Market Insights
Market Restraints
Multi-channel communication is associated with high installation cost, where end user likely have to devote more time, and may even need to hire additional staff members to manage multi-channel marketing. This, in turn, is expected to hinder the demand for multi-channel communication services and thereby expected to restrain the market growth over the forecast period.
Market Opportunities
Cloud-based solutions have witnessed a higher demand, owing to their wide range of functionalities such as ease in accessibility, pay-per-use model, flexibility, faster set-up time, multiuser support, and low installation & maintenance costs. Moreover, high rate of cell phone and internet penetration in Asia Pacific is expected to offer growth opportunities for market players over the forecast period.
Source: Coherent Market Insights
Segment Information
Among industry vertical, retail segment held a dominant position in the global multi-channel communication services market in 2018, followed by other sub-segments. The rise in multiple sales channels among retail industry resulted in having greater visibility across the entire order process life cycle. Therefore, the requirement for real-time updates related to the managing, tracking, and processing of orders has resulted in an increased demand for multichannel communication services, which is further expected to drive growth of the market over the forecast period.
Source: Coherent Market Insights
Competitive Section
Key companies operating in the global multi-channel communication services market include Ecrion Software, Striata, Xerox Corporation, Quadient, Liquid State, MailTeck, Conduent, Inc., Enghouse Interactive, Paragon Customer Communications, Infobip ltd, and Compart AG among others.
Key Developments
Multi-channel communication helps to optimize the business processes and enhances human communications by reducing latency, managing flows, and media dependencies. Moreover, several key market players are focusing on maintaining the competitive edge in the field of multi-channel communications by investing in technologies such as virtual reality (VR), artificial intelligence (AI), cloud, internet of things (IoT) coupled with developing innovations such as virtual reality meeting room solutions to meet the increasing needs and requirements of consumers. For instance, in December 2016, Tata Communications, one of the India-based telecommunications company, launched its major multi-channel brand campaign in India. This campaign is designed to highlight the company’s diverse services portfolio, which enables the digital transformation for businesses. Moreover, the presence of prominent market players coupled with high popularity of bring your own device (BOYD) solutions, are expected to further drive the growth of global multi-channel communication services market during forecast period.
Market Dynamics
Increasing demand for streamlining enterprise communication functions and increasing adoption of bring your own device (BOYD) trend are expected to drive the multi-channel communication services market during the forecast period. As enterprises are expanding their presence rapidly to the various geographical market places, the effectiveness of asynchronous and synchronous multi-channel communication functions plays a vital role in ensuring positive outcome of the business processes. Hence, the key enterprises are focusing on adopting multi-channel communication solutions to modernize their communication infrastructure. As BOYD has shown promising outcomes by cost savings for enterprises and increased employee productivity, these solutions are further enhancing its value proposition in terms of seamless connectivity with different mobile resources. However, the initial capital outlay and lack of interoperability are expected to hamper the global multi-channel communication services market growth during the forecast period.
Market Taxonomy
This report segments the global multi-channel communication services market on the basis of type, application, industry verticals, and region. On the basis of type, the global multi-channel communication services market is segmented into wired channel services and wireless channel services. On the basis of application, the global multi-channel communication services market is segmented into voice, email, social media, video meetings, and others (web presentment, SMS, and others). On the basis of industry vertical, the global multi-channel communication services market is segmented into energy and utilities, IT and telecom, retail, healthcare, manufacturing, and others (BFSI, public sector and aerospace & defense, and others), and on the basis of region, the global multi-channel communication services market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Key features of the study:
Detailed Segmentation:
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Table of Contents
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