The U.S. Customer Communication Management Market, 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)) , and by Region (North America, Latin America, Europe, APAC and Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 1,314.8 million by 2027, exhibiting a CAGR of 11.0 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Customer communication management (CCM) is the strategy to enhance the creation, delivery, storage, and retrieval of outbound communications. This includes new product introductions, marketing, renewal notification, bill and payment notification, and claims correspondence and documentation. These interactions are performed through a variety of media and output including email, short message service (SMS), web pages, etc. The CCM Software market has developed from the convergence of output management technologies and document composition & generation. Thus, the customer communication management market is expected to witness a paradigm shift in growth trends during the forecast period.
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).
Growing demand for batch, interactive, and on-demand customer communication is expected to boost growth of the U.S. customer communication management market during the forecast period
The U.S. is a relatively mature market, thus the demand for batch, interactive, and on-demand customer communication solutions in the region is expected to increase significantly. This is owing to growing demand for solutions helpful in acquiring, serving and growing customer relationships. Furthermore, on-demand CCM solutions support a dynamic and non-linear development model for enterprises focused on the rationalization of messy application platforms and reduce time-to-market. The CCM enables organizations to more effectively manage communications across all distribution channels, in order to connect with their clients and build more profitable and productive relationships. For instance, BFSI industries are adopting the CCM system, as the banks are increasingly relying on strong CCM applications to manage their huge transactional communications such as transaction notifications, statements and others for effective customer data management. Hence, these factors are expected to support the U.S. customer communication management market growth in the near future.
Growing implementation of CCM software in the BFSI industry is expected to present lucrative growth opportunities over the forecast period
Banking, financial services, and insurance (BFSI) sector are rapidly adopting customer communication management platforms, in order to improve customer interaction and add value to their 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.
Data security concerns are expected to hamper the U.S. customer communication management market growth over the forecast period
Forms, documents, statements, and correspondence are some of the essential parts of businesses. End-use verticals such as BFSI, government, healthcare, retail, and others require a robust customer interaction platform. CCM software offers the most suitable solutions that aid customer communication. However, the security concerns related to CCM software are also elevating. 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. Therefore, data security concerns are expected to hamper the market growth in the near future.
Natural language processing (NLP) is one of the critical components of artificial intelligence, which enables a computer to understand 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.
High investment in customer communication management solutions by the U.S.-based enterprises is another major trend in the market. This, in turn, is expected to boost the demand for customized customer communication management solutions in the U.S. and thereby drive growth of the market over the forecast period.
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.