Global Conversational Customer Engagement Software Market: Introduction
Conversational customer engagement software is a substitute approach to ticket-based customer service, which uses the customer records and database and not the incident as the center of action. This facilitates omni-channel customer service which prioritize the tickets on the basis of identity and a history and enable customers to interact with and be identified by the software, using any channel at any time.
Global Conversational Customer Engagement Software Market – Dynamics
Increasing Need for Customer Retention and Customer Satisfaction
The need for customer retention and customer satisfaction across industries around the globe has increased. Conversational customer engagement software enables human interaction and leverages automatic customer lookup and customer query with skills-based agent which helps in achieving customer satisfaction. This, in turn, is driving the global conversational customer engagement software market.
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Improves Operational Efficiency
Conversational customer engagement software has reportedly increased the efficiency of companies. The ROI with respect to investment has increased with conversational customer engagement software. Adoption by SMEs and startups to handle queries via advance digital technology has also increased, which is driving the growth of the conversational customer engagement software market.
System Downtime at the time of Integration
Integration of conversational customer engagement software within an enterprise is expected to hamper the workflow system for short term period . This is because regions such as Asia Pacific, Middle East & Africa, and South America still use the conventional or traditional system to co-ordinate with their customers. The deployment of conversational customer engagement software will impact the revenue for the short term and this would indirectly impact the demand for conversational customer engagement software.
North America Expected to Dominate the Global Conversational Customer Engagement Software Market
In terms of region, the global conversational customer engagement software market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global conversational customer engagement software market during the forecast period, due to availability of low-cost labor in the region.
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COVID-19 Impact on the Global Conversational Customer Engagement Software Market
The COVID-19 pandemic is expected to adversely impact the global conversational customer engagement software market for a short-term period. This is because the demand for products and services has reduced drastically, due to lockdown. This, in turn, has resulted in decrease in customer queries and customer engagement processes.
Global Conversational Customer Engagement Software Market – Competition Landscape
- In April 2020, Conversocial announced a new platform combining AI and human agents in a single platform. Conversocial is empowering brands to deliver unique experiences, at scale, across the customer lifecycle. The new conversational customer experience platform has integrated four key capabilities which includes agent workspace, bots, notify, and insights.
Established in 2009, Conversocial is highly focused on integrating and simplifying the communication between a brand and its customer by combining human agents and bots in a single platform. In 2019, the company acquired Assist, a leading enterprise chatbot platform, providing its customers with an advanced, integrated experience across bot and human agents.
Global Conversational Customer Engagement Software Market: Segmentation
The global conversational customer engagement software market can be segmented based on:
Global Conversational Customer Engagement Software Market, by Deployment
Based on deployment, the global conversational customer engagement software market can be divided into:
Global Conversational Customer Engagement Software Market, by Industry
Based on industry, the global conversational customer engagement software market can be classified into:
- IT & Telecommunication
- Healthcare & Life Sciences
- Retail & Consumer Goods
- Media & Entertainment
- Government & Public
- Travel & Hospitality
Regional Analysis of Global Conversational Customer Engagement Software Market:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.