According to a new market research report published by Credence Research “Customer Communication Management (CCM) Managed Services Market (Industry Verticals – IT & Telecom, Banks, Financial Services & Insurance (BFSI), E-commerce & Retail, Hospitality & Travel, Government & Utilities and Others (Healthcare, Education, Media & Entertainment)) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global CCM managed services market is set to cross US$ 1.20 Bn mark by 2026.
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The overall CCM managed services market is mainly driven by the consistently growing inclination towards adopting managed IT services. Increasing need to keep customers engaged through communication over various channels has ensured substantial penetration of CCM solutions over the period. CCM managed services enable organizations to achieve this effectively while limiting human labor costs. In addition, strong adoption of cloud services, especially in small & medium enterprises (SMEs) of North America and Europe, has significantly expanded the consumer base for CCM managed services. Nevertheless, risk of data breach remains a major challenge for the CCM managed services market.
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On the basis of product type, the CCM managed services market is led by IT & telecom segment accounting for more over 1/4th of the overall market revenue generated worldwide. Other prominent industry verticals for CCM managed services include BFSI, e-commerce & retail and government & utilities. Hospitality & travel segment is expected to register high growth in the market over the forecast period. Further, based on geography, the market is led by North America and is estimated to retain its dominant position in the market throughout the forecast period. The region is mainly backed by the U.S. generating more than 25% of the overall IT industry revenue worldwide. Asia Pacific is set to demonstrate the highest growth rate over the forecast period.
Some of the major players operating in the market include Oracle Corporation, Pitney Bowes, Inc., Adobe Systems, Inc., OpenText Corporation. Other prominent players profiled in the report include GMC Software AG, SmartComms SC Ltd., XMPie (Xerox Corporation), Ecrion, Inc., Zoho Corporation, Striata, Cincom Systems, Inc., Kofax, Inc., Newgen Software, Inc., Intense Technologies Ltd., Dell, Inc., ISIS Papyrus Europe AG, Fidelity National Information Services, Inc. and Doxee S.p.A. among others. The overall CCM managed services market is quite competitive in nature with majority of the players focusing on enhancing their service portfolio.
Managed services has gained momentum on account of factors such as flexibility, scalability, reduced overheads and seamless operation. Thus, major players in the market emphasize towards enhancing their service portfolio. One of the major strategies identified is partnership with other players in the market with an aim of delivering application specific CCM managed service. For instance, in July 2017 Pitney Bowes announced its partnership with NMPi, a digital marketing agency, to deliver superior solutions of digital marketing for online retailers.
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Credence Research has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications have been scanned and analyzed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.