The “Global Multi-channel Communication Services Market, by Type (Wired Channel Services and Wireless Channel Services), by Application (Voice, Email, Social Media, Video Meetings, and Others (Web Presentment, SMS, and Others)), by Industry Vertical (Energy and Utilities, IT and Telecom, Retail, Healthcare, Manufacturing, and Others (BFSI, Public Sector, Aerospace & Defense, and Others)), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Global Forecast to 2027”, is expected to exhibit a CAGR of 21.4% during the forecast period (2019-2027), as highlighted in a report published by . Market Definition In multi-channel communication, the customers can communicate via multiple channels such as web portals, e-mail, print, SMS, mobile applications and others. Multi-channel communication services enable clients to complete program and/or information transactions and sending out information through various multiple channels. Moreover, multi-channel communication service increases upsell, cross-sell, and customer loyalty using analytics-based insights to integrate relevant and compelling offers into customer communications cycles. Hence, key companies in the market are focused on acquisition strategy, in order to enhance the market presence. For instance, in August 2018, Kaleyra, one of the leading provider of cloud communication solutions, signed a definitive agreement for the acquisition of the U.S.-based firm Hook Mobile. According to the agreement, both companies will provide a broad range of integrated multi-channel communication services, which includes the use of messages, push notifications, e-mail, instant messaging, voice, and chatbot services. The global multi-channel communication services market is expected to exhibit a CAGR of 21.4% during the forecast period (2019-2027). Market Driver Growing proliferation of smartphone and internet users are expected to drive growth of the global multi-channel communication services market during the forecast period Rising trend of e-commerce in working population resulted in increasing demand for smartphone, which supports multi-channel communication services platform. For instance, according to the International Telecommunication Union, in October 2019, around 4.48 billion people were active internet users, accounted around 58% of the global population. Hence, growing proliferation of smartphone and internet users are expected to drive growth of the global multi-channel communication services market over the forecast period. Market Restraint High initial investment required for the multi-channel communication platform installation is expected to restrain growth of the global multi-channel communication services market during the forecast period. Initial investment required for the installation of multi-channel communication software is significantly high, approximately $100/month/user, which is not affordable for every end user, which in turn, is expected to restrain growth of the global multi-channel communication services market over the forecast period. Competitive Section Key companies operating in the global multi-channel communication services market includes, 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
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