Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Market Insight- U.S. Customer Communication Management Market
Customer communications management (CCM) is a type of software that enables organizations for the management of customer communications across a variety of media. It includes email, printed documents, text messages, and web pages. In layman’s terms, customer communications management is described as an advanced derivative of enterprise content management (ECM) technology. CCM includes an automated process to deliver communication and to provide segmentation of messages as per different customer profiles and contexts. Customer communication management technology consists of various components including data extraction, transform & load software, data hygiene database software, document composition software, portal technology, email marketing software, printer management software, envelop inserter machine, etc.
The U.S. customer communication management market was estimated to account for US$ 573.4 Mn in terms of in 2019 and is expected to grow at a CAGR of 11.0% during the forecast period (2019 – 2027).
Market Dynamics- Drivers
- Increasing focus on diverse and divergent communication channels is expected to drive growth of the U.S. customer communication market during the forecast period
Advent of novel and cutting-edge communication channels has made customer communication more and more dynamic. Currently, various organizations are focused on diverse and different communication channels, in order to reinforce their presence across various platforms. As a result of this, customers can be connected across the world. Moreover, growing demand for customer communication systems across the globe. The U.S. is a major adopter and innovator in terms of technology adoption and supporting infrastructure, the region acts as a lucrative market for CCM as well. Hence, these factors are expected to drive the U.S. customer communication management market growth during the forecast period. For instance, EMC Corporation facilitates organizations to enhance and achieve an enterprise-wide strategy to augment their customer experience by providing a multi-channel customer communication management system. Apart from this, CCM software also enables organizations to easily and independently create and manage documents and templates.
- Growing focus on context-enriched information and multi-channel output is expected to propel the U.S. customer communication management market growth over the forecast period
CCM service providers are focused on delivering high-quality information to their users. Increasing technological advancements and high penetration of cloud technologies across various industries are boosting the demand for context-enriched information through social analytics. Moreover, growing demand for personalization in customer communication is expected to boost growth of the market in the near future. Increasing developments in the market, in order to accomplish a customer-centric approach, is expected to provide multi-channel output across the industries related to customer requirements. Hence, these factors are expected to drive the U.S. customer communication management market growth over the forecast period.
Market Dynamics- Restraints
- Security concerns regarding data for CCM software are expected to restrain growth of the U.S. customer communication management during the forecast period
Documentation is an integral part of the businesses and verticals such as healthcare BFSI, retail, and other require robust customer verification platform. Although CCM software provides the most suitable platform there are certain security concerns involved. For instance, According to Kaspersky Lab AO 2015 white paper, BFSI was the leading vertical which was hampered by cybercrime prominently with 31.03% of the data. Data such as customer information, surveys, and strategies are vulnerable to cyber threats. Moreover, security issues lead to changes in CCM implementation settings. Data breaches are one of the major security concerns related to CCM software. Hence, these factors are expected to restrain the market growth in the near future.
- Lack of skilled professionals is expected to hamper the U.S. customer communication management market growth over the forecast period
Implementation of customer communication management software requires skilled personnel. Since the use of CCM is still in nascent stage, there is lack of availability of said workforce. Implementation and operating of CCM software require specific skill sets that are not available any software engineer. Hence, the lack of skilled personnel regarding CCM software is expected to hamper the U.S. customer communication management market during the forecast period.
- Integration of CCCM technology with the cloud is expected to provide major business opportunities
The cloud-based platform is constantly evolving, which provides the deployment of software applications without the complexity and cost of managing and acquiring the underlying software and hardware layers. Small and mid-sized enterprises are laying emphasis on enhanced customer interactions, in order to add value to their offerings. CCM software platform is expected to evolve in a cloud-based environment to cater to the large enterprises as well as SMEs. As a result of this, enterprises are expected to switch to cloud environment, in order to inculcate flexibility in a communication system.
- Increasing adopting of CCM software in BFSI sector to pose significant growth opportunities
Banking, financial services, and insurance (BFSI) sector is increasingly adopting customer communication management platforms. This is done to enhance customer interaction and add value to the service portfolio. Various private, as well as government financial institutions, are focused on incorporating CCM software, in order to reduce operating costs and enhance customer service so that the organizations can focus on their core business. This, in turn, is expected to provide major growth opportunities over the forecast period.
Source: Coherent Market Insights
- Increasing demand for customizable CCM solution
Customer communications management system simplifies and automates document-associated business procedures, in order to enhance business performance and efficiency. The demand for customized CCM solutions is increasingly rampant, as these solutions are designed to encounter the enterprise or departmental requirements. For instance, OpenText Exstream is a multichannel CCM solution, which has the capability to improve the customer experience with meaningful, relevant communications delivered through the customer's preferred channels such as email, web, SMS, and print. Apart from this, Exstream enables enterprises to produce fully customized high-volume bills & statements, on-demand marketing, and self-service web applications.
- Growing emphasis on automated on-demand content delivery with the use of natural language processing
Natural language processing (NLP) is one of the critical components of artificial intelligence, which enables computer to understand the human speech. There is an increasing demand for NLP integrated CCM software from various sectors, in order to leverage numerous benefits of NLP. NLP, integrated with CCM, providers various advantages such as automatic summarization, coreference solution, and discourse analysis. Key players in the market are focused on integrating NLP with CCM, in order to provide enhanced services.
In U.S. CCM market, by End-use Industry segment, On-premises sub segment dominated the global market in 2019, accounting for 20.2% share in terms of value
Source: Coherent Market Insights
Key players operating in the U.S. customer communication management market are Newgen Software, Adobe Systems Inc., Xerox Corporation, Cincom Systems Inc., Pitney Bowes, Inc., Doxee S.p.A., Oracle Corporation, EMC Corporation (Dell), OpenText Corp., and HP Enterprise.
- Key players in the market are focused on product launches, in order to expand their product portfolio. For instance, in January 2020, Newgen Software, a provider of low code automation platform managing content, launched OmniOMS 8.6- an enhanced version of customer communication management suite.
- Major companies in the market are involved in product launches, in order to enhance the market presence. For instance, in February 2019, Adobe Systems Inc. introduced ‘Adobe Experience Manager’, which is part of Adobe Marketing Cloud.