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U.S. Customer Communication Management Market to Surpass US$ 1,958 Mn by 2030

U.S. Customer Communication Management Market to Surpass US$ 1,958 Mn by 2030 - Coherent Market Insights

Publish In: Jul 31, 2023

U.S. Customer Communication Management market was valued at US$ 765.2 Million in 2022, and is projected to reach US$ 1,958 Million by 2030, exhibiting a CAGR of 12.6% over the forecast period (2023-2030). According to U.S. Customer Communication Management Market Report, "By Solution (Software Suite, Managed CCM Services, Other Services (Consulting, Integration, and Maintenance)), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Deployment Model (On-premises, and Cloud), By End-use Industry (Healthcare, BFSI, IT & Telecom, E-commerce and Retail, Hospitality and Travels, Government & Utilities, Others (Education, Entertainment, and Media))”

Customer communication management (CCM) refers to the strategic approach aimed at improving the generation, distribution, storage, and retrieval of outbound communications. It encompasses a wide range of interactions, such as new product launches, marketing efforts, renewal notifications, billing and payment alerts, as well as claims correspondence and documentation. These interactions are conducted through various communication channels, including email, short message service (SMS), web pages, and more. The CCM Software market has evolved through the convergence of output management technologies and document composition & generation, leading to significant changes in growth patterns during the forecast period. As a result, the customer communication management market is anticipated to experience transformative shifts in its growth trends in the coming period.

U.S. Customer Communication Management Market- Drivers

Growing demand for interactive and on-demand customer communication management software:

In an increasingly competitive landscape, businesses are focusing on providing exceptional customer experiences. Interactive and on-demand CCM software allows them to engage with customers in real-time and deliver personalized communications based on individual preferences, behaviors, and needs. This customer-centric approach enhances customer satisfaction and loyalty. The cloud based and AI powered customer communication management software have the potential to serve the growing needs of the market and hence could lead to the rise in the demand for such CCM solutions.

U.S. Customer Communication Management Market- Restraints

Lack of skilled professionals in managing advanced CCM software:

The pace of technological advancement is increasing in the software industry. The advent of the concepts like AI and ML have revolutionized the industry completely. The customer communication platforms and software are evolving to incorporate new concepts like omni-channel communication, on-demand service, etc. These technological changes are making it increasingly difficult for the employees working in the customer communication management industry to adapt to these ever changing technological landscape. This is increasing the skill gap between the existing and required skill level of the employees. This is leading to an inefficient use of these advanced technology and the organizations usually are not able to extract the complete potential of such advanced services. For instance, according to the report published on May 4, 2023, by, Tech Skills Transformation LLC, a global service provider of training and learning solutions in technological sector, suggested that around 81% of the technological companies across the world feel that there exists a gap between the expected and actual skills of the employees. This increasing gap can be a concern in the efficient functioning of the US customer communication management market and hinder the growth of market during forecast period.

 U.S. Customer Communication Management Market- Key Developments

On June 5, 2023, Cincom Systems, a multinational service provider of business services through process automation announced a strategic partnership with Sapiens International Corporation, a global provider of software services to other organizations. The partnership is done with the objective to develop effective customer communication platform that would cater to the needs of the insurance industry.

On March 13, 2023, Newgen Software, a global provider of low code digital transformation platform, announced the BRAC Bank, a financial institution in Bangladesh has implemented its contextual content service called Newgen DMS (Data Management Software) to streamline its end-to-end customer communication process.

U.S. Customer Communication Management Market- Impact of COVID-19

The COVID-19 pandemic had a notable impact on various industries, including the Customer Communication Management (CCM) software market. The pandemic brought about significant changes in consumer behavior, work patterns, and communication preferences, which in turn influenced the demand and usage of CCM software. The technological landscape underwent a significant shift to more advanced solutions that included the integration of AI and ML capabilities in the customer communication management software. The market players were focused on developing the solutions based on these technologies to provide autonomous capabilities and serve huge number of customers simultaneously and provide improved efficiency to the organizations making use of such software services.

To know the latest trends and insights prevalent in this market, click the link below:

 Key Trends and Analysis of the U.S. Customer Communication Management market:

  • Cloud based segment held a dominant position in 2022 and is projected to retain its dominance throughout the forecast period. As the cloud based technologies solve the challenge of storage limitations and provide seamless services over the cloud servers the segment is expected to generate more demand in the forecast period and retain its dominant position.
  • U.S. Customer Communication Market is expected to exhibit a CAGR of 12.6% during the forecast period of 2023-30.
  • Some of the major players 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 and Others.

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