Multichannel Communication Services Market Growth is Accelerated by Rising Adoption of Omnichannel Customer Engagement
Multi-channel communication services enable businesses to communicate with customers via multiple communication channels such as phone calls, emails, SMS, social media and mobile apps. Businesses are increasingly adopting multi-channel communication services to provide personalized customer experiences and enhance customer relationships. With the capability to send messages across various platforms, multi-channel communication services help businesses effectively reach out and engage with customers.
The global Multi-channel Communication Services Market is estimated to be valued at US$ 5.08 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Omnichannel engagement allows businesses to provide seamless customer experiences across various channels of communication. It gives customers flexibility to switch between channels as per their convenience while maintaining context of the conversation. With omnichannel engagement, businesses can gain unified view of customer behavior and preferences across channels. This helps in delivering personalized experiences and improving customer satisfaction levels. Growing focus on enhancing customer relationships is driving increasing number of businesses to adopt omnichannel engagement strategies using multi-channel communication services.
Segment Analysis
The global multi-channel communication services market is dominated by the CRM communication sub-segment. CRM communication involves managing customer relationships and data through multiple channels of communication. It allows businesses to engage with customers through channels like email, text messaging, social media, voice calls etc. CRM communication helps businesses to drive sales, provide customer support and resolve issues faster.
Key Takeaways
The Global Multi-Channel Communication Services Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market is anticipated to grow at a CAGR of 7.2% during this period and reach a size of US$ 5.08 Bn by 2023.
Regional analysis: North America region currently dominates the global multi-channel communication services market. The region accounted for over 35% of the total market share in 2022. Large presence of multi-channel communication service providers and technology giants like Google, Microsoft, IBM etc. are driving the market growth. Asia Pacific region is expected to grow at the fastest pace during the forecast period. Increasing business operations and focus on customer engagement is expected to boost demand for multi-channel communication services from countries like China and India.
Key players: Key players operating in the multi-channel communication services market are Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, and AVESU GmbH. Nike and Adidas dominate the global market. They are innovating their product offerings and expanding into new categories to cater to changing consumer preferences for sustainable fashion.
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