PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1527916
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1527916
In the dynamic Analysis of various industries such as retail, consumer goods, banking, financial services, insurance, and more, enterprises are constantly presenting customers with enticing offers aimed at attracting new clientele and retaining existing ones. The intensifying competition has prompted businesses to increasingly adopt technological solutions that enhance their product and service delivery, ultimately boosting customer acquisition and retention.
Effective enterprise customer communication is crucial in today's competitive world, as it fosters customer satisfaction, leading to increased customer loyalty and retention. Managing customer churn rate efficiently has emerged as a key performance indicator (KPI) for enterprises. To achieve this, businesses are increasingly turning to enterprise customer communications management (ECCM) platforms. These platforms facilitate the creation, storage, delivery, and retrieval of outbound communications with customers. Consequently, the growing need to control customer churn rates is significantly driving the expansion of the ECCM market.
For instance, in recent years, Cincom Systems introduced a cutting-edge customer communication management solution capable of transforming all communications from paper to digital form, enabling multiple delivery methods. This innovation allows businesses of all sizes to reduce operating costs while enhancing customer satisfaction.
Enterprise Customer Communications Management Market Trends
The rise of cloud-based deployment of software has spurred the development of cloud-based business models, benefiting both customers and enterprises. A cloud-based business model offers hassle-free payment options for services rendered, with users having the flexibility to choose monthly, quarterly, or yearly subscription plans based on their business requirements. Recurring billing simplifies online payments, eliminating the need for repetitive manual transactions. For businesses, the cloud-based model boosts revenue while strengthening relationships with customers.
The introduction of a cloud-based revenue model is expected to drive increased demand for ECCM platforms and services from small and medium enterprises over the forecast period. For instance, Open Text Corporation expanded its strategic partnership with Google Cloud, utilizing Google Cloud to provide multi-layered global disaster recovery services for customers with critical enterprise information management (EIM) workloads running in cloud, on-premise, and hybrid cloud environments.
Steady Growth of Market Under Impact of COVID-19 Pandemic
The COVID-19 pandemic has led to partial or total lockdowns in many countries, resulting in a shift to remote work for most employees. As a result, the ECCM market has experienced a decline in demand. However, the increasing need for cloud-based solutions to support remote operations has created new opportunities for market players.
To address the declining demand for traditional ECCM solutions, companies are developing new cloud-based offerings. This shift is anticipated to drive a 5-10% growth in demand for cloud-based ECCM solutions in the near future.
Regional Analysis of Enterprise Customer Communications Management Market
In terms of market share, North America accounted for the largest portion of the ECCM market, with the United States leading the region. The transition from manual systems to integrated solutions is driving market growth in this area. However, the ECCM market in East Asia is expected to grow at the highest compound annual growth rate (CAGR) during the forecast period.
Organizations and companies in East Asia are keen on adopting technology and implementing convenient, trusted solutions that do not increase workflow complexity. This openness to technological adoption is fueling market growth in the region.
Enterprise Customer Communications Management Market Structure
Revenue generation for ECCM platform providers primarily comes from subscription-based models. A majority of customers prefer monthly or quarterly subscription plans, with fewer opting for annual subscriptions. While this model generates high revenue, it also carries a high risk, as customers can easily switch vendors. The competitive nature of the ECCM market means that customers have multiple vendors to choose from, contributing to the market's fragmented nature.
Analysts' Viewpoint
A comprehensive analysis of the ECCM market reveals that it is experiencing significant growth. Regions such as Europe and North America hold substantial market shares. Key players are adopting strategies such as forming alliances with other ECCM solution providers and expanding regionally to fuel sales growth.
Enterprise Customer Communications Management Market: Segmentation
The global ECCM market is segmented based on solution, deployment, enterprise size, industry, and region.
Solution
Customer Communication Management (CCM) Platforms
Services
Deployment
On-premise
Cloud
Enterprise Size
Small & Medium Enterprises
Large Enterprises
Industry
BFSI (Banking, Financial Services, and Insurance)
IT & Telecom
Manufacturing
Retail
Energy & Utilities
Government
Others
Region
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa