by The global U.S. Customer Communication Management Market is estimated to be valued at US$ 852.9 Mn in 2023 and is expected to exhibit a CAGR of 12 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The U.S. Customer Communication Management Market Demand comprises solutions that help organizations design, produce, deliver, analyze and archive customer communications through multichannel digital and print means. These solutions optimize customer experience across all channels of communication. They allow creation of personalized digital and print communications at scale by merging transmitted data with templates. They also help organizations comply with regulatory requirements. Adopting CCM solutions enables organizations to enhance customer experience, increase productivity and reduce costs.
Market key trends:
One of the major trends in the U.S. customer communication management market is growing adoption of cloud-based CCM solutions. Cloud-based CCM allows organizations to access solutions over the internet on a pay-per-use model. It eliminates upfront hardware costs and provides flexibility and scalability. Transition to remote working due to COVID-19 has further accelerated demand for cloud-based CCM as it facilitates distributed working. According to reports, spend on cloud-based CCM solutions is expected to witness double digit growth over the forecast period.
Porter’s Analysis:
Threat of new entrants: The U.S. customer communication management market requires high initial capital investments and the presence of dominant players poses barriers for new entrants.
Bargaining power of buyers: Buyers in the market have high bargaining power due to availability of substitutes and focus on pricing by major vendors.
Bargaining power of suppliers: Major players dominate the supply side, thereby limiting the bargaining power of suppliers in the market.
Threat of new substitutes: Alternatives such as in-house customer communication management and other software could pose a potential threat.
Competitive rivalry: The market is highly competitive due to presence of established global and regional players.
Key Takeaways:
The Global U.S. Customer Communication Management Market Growth is expected to witness high , exhibiting CAGR of 12% over the forecast period, due to increasing need to streamline customer communication processes.
Regionally, the market in North America is expected to dominate the global market, owing to presence of major players and early adoption of advanced CCM solutions. Moreover, Asia Pacific is expected to grow at the fastest pace during 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. Newgen Software offers its AI and analytics-driven customer communication management platform NewgenONE to deliver personalized omnichannel customer experiences.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
