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Telecommunications and BFSI Customer Engagement Solutions Market to Reach $16.1 billion, Globally, by 2032 at 8.7% CAGR: Allied Market Research

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Advancements in AI and ML and expansion of 5G networks are further likely to create lucrative opportunities for the growth of the global market. 

NEW CASTLE, Del., Sept. 13, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Telecommunications and BFSI Customer Engagement Solutions Market by Offering (Solutions and Services), Deployment (On-Premise and Cloud), and Enterprise Size (Large Enterprises and SMEs): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the telecommunications and BFSI customer engagement solutions market was valued at $7 billion in 2023, and is estimated to reach $16.1 billion by 2032, growing at a CAGR of 8.7% from 2024 to 2032.

Prime Determinants of Growth

Digital transformation and data-driven approaches are the factors expected to propel the growth of the global Telecommunication & BFSI customer engagement solution market. However, data privacy and security concerns and high implementation and maintenance costs are anticipated to hamper the growth of global market.

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Report Coverage & Details:

Report Coverage

Details

Forecast Period

2024–2032

Base Year

2023

Market Size in 2023

$7 billion

Market Size in 2032

$16.1 billion

CAGR

8.70 %

Segments covered

Offering, deployment, enterprise size and Region.

Drivers

Digital Transformation

Data-Driven Approaches

Rising focus on Customer Experience

Opportunities

Advancements in AI and Machine Learning

Expansion of 5G Networks

Restraints

Data privacy and security concerns

High Implementation and Maintenance Costs

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By enterprise size, the large enterprise segment held the highest market share in 2023, accounting for nearly two-thirds the telecommunication & BFSI customer engagement solution market revenue and is estimated to maintain its leadership status during the forecast period, as they have the resources and scale to invest in comprehensive, sophisticated customer engagement solutions. These large organizations benefit from advanced technologies and can afford to implement complex systems to manage and analyze customer interactions effectively, which is further expected to propel the overall market growth. However, the small and medium-sized enterprise segment is expected to attain the largest CAGR of 10.5% from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to the increasing availability of affordable, user-friendly customer engagement solutions that are tailored to the needs of smaller businesses. As these smaller companies seek to enhance their customer interactions and compete more effectively, they are adopting these scalable solutions at a rapidly, which is drives the segment growth in the telecommunication & BFSI customer engagement solution market.  

By deployment, the cloud segment accounted for the largest share in 2023, contributing for more than half of the telecommunication & BFSI customer engagement solution market revenue, and expected to attain the largest CAGR of 10.2% from 2024 to 2032 and is projected to maintain its lead position during the forecast period, as it allows them to easily scale their customer engagement tools up or down based on their needs and only pay for what they use, without the need for extensive hardware investments. Additionally, cloud solutions facilitate remote access and integration with other systems, which is crucial for managing customer interactions efficiently. The cloud segment is also forecasted to be the fastest-growing because more businesses are embracing digital transformation and seeking the agility and innovation that cloud technologies provide, which is further expected to propel the overall market growth.

By component, the solution segment held the highest market share in 2023, accounting for nearly three-fourths the telecommunication & BFSI customer engagement solution market revenue and is estimated to maintain its leadership status during the forecast period, because it includes the core software and tools that businesses use to interact with customers, such as CRM systems and engagement platforms. These solutions are crucial for managing and analyzing customer interactions effectively, which is further expected to propel the overall market growth. However, the manufacturing segment is expected to attain the largest CAGR of 10.4% from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing he increasing demand for ongoing support and expertise that businesses need to implement and optimize their customer engagement solutions. As companies seek to get the most out of their technology investments and adapt to evolving customer needs, they are investing more in services like consulting, training, and technical support, which is drives the segment growth in the Telecommunication & BFSI customer engagement solution market.  

By region, North America held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the telecommunication & BFSI customer engagement solution market revenue, owing to its mature technology infrastructure, early adoption of advanced customer engagement tools, and a high concentration of major telecommunications and financial institutions. Companies in this region are well-established and have the resources to invest in sophisticated solutions to enhance their customer interactions is anticipated to propel the growth of the market in this region. However, Asia-Pacific is projected to attain the highest CAGR of 11.8% from 2023 to 2032, owing many countries in this region are experiencing rapid economic growth, increased digitization, and a rising middle class, which drives demand for improved customer engagement solutions. As businesses in Asia-Pacific expand and seek to compete in a growing market, they are increasingly adopting customer engagement technologies, contributing to the rapid growth of this segment.

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Leading Market Players: –

Salesforce, Inc.Oracle CorporationBUSINESSNEXT, Inc.Creatio EMEA LtdMicrosoft Corporation,ServiceNow, Inc.SAP SEPegasystems Inc.NICE Ltd.Alvaria, Inc.Verint Systems Inc.EnghouseSystem LimitedIBM CorporationZendesk IncAvaya LLCeGain CorporationOpen Text Corporation

The report provides a detailed analysis of these key players in the Telecommunication & BFSI customer engagement solution market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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KNEX Technology CTO Gustavo Gonzalez Elected 2025 President-Elect of OATUG

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Gustavo Gonzalez, KNEX Technology’s CTO, has been elected 2025 President-Elect of OATUG, emphasizing his dedication to Oracle innovation, collaboration, and leadership, including Ascend 2025’s strategic initiatives.

IRVINE, Calif., Jan. 10, 2025 /PRNewswire-PRWeb/ — KNEX Technology, a leading Oracle Cloud solutions provider, is proud to announce that its Chief Technology Officer, Gustavo Gonzalez, has been elected as the 2025 President-Elect of the Oracle Applications & Technology Users Group (OATUG). This esteemed appointment highlights Gonzalez’s longstanding commitment to advancing innovation and collaboration within the Oracle community.

OATUG has played a pivotal role in my professional growth, and it is a privilege to contribute to this community which has enriched my career. As President-Elect, I look forward to collaborating with my peers to strengthen the Oracle user community and further its impact on businesses worldwide.

In his new role, Gonzalez will work closely with the OATUG leadership team throughout 2025, preparing to serve as OATUG President in 2026. He will focus on empowering Oracle professionals worldwide by fostering knowledge-sharing, community engagement, and professional development. OATUG, a globally recognized organization, supports its members in overcoming challenges, enhancing the value of Oracle solutions, and driving organizational success.

“OATUG has played a pivotal role in my professional growth, and it is a privilege to contribute to this community which has enriched my career,” said Gustavo Gonzalez. “As President-Elect, I look forward to collaborating with my peers to strengthen the Oracle user community and further its impact on businesses worldwide.”

Gonzalez’s election underscores his dedication to giving back to the Oracle ecosystem. A key focus of his role will include shaping OATUG’s strategic initiatives, such as the annual Ascend Conference, which unites Oracle users, thought leaders, and technology innovators for unparalleled learning and networking opportunities.

The upcoming Ascend 2025 Conference, scheduled for June 8–11 in Orlando, Florida, promises to build on the success of the 2024 event, which attracted more than 1,800 attendees. With early bird registration now open, Gonzalez aims to ensure the conference continues to deliver transformative insights and experiences for the Oracle community.

About OATUG

The Oracle Applications & Technology Users Group (OATUG) is the premier global organization for Oracle users, providing year-round education, networking, and advocacy. OATUG empowers its members to unlock the full potential of Oracle solutions, fostering innovation and collaboration across industries.

About KNEX Technology

KNEX Technology is a trusted leader in Oracle Cloud solutions, delivering cutting-edge products and services to help businesses achieve their objectives. Through its innovative approach and customer-focused strategies, KNEX enables organizations to navigate the complexities of today’s technology landscape. For more information, visit www.knextech.com.

Media Contact

Husna Gyasi, KNEX Technology, 1 (949) 232-0786, husna.ghayaisi@knextech.com, https://knextech.com/

Twitter, LinkedIn

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SOURCE KNEX Technology

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Dr. Gerard van Belle Appointed Director of Science at Lowell Observatory, Charting a Bold Future for Research

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Dr. van Belle to guide scientific exploration and foster innovation in the next era of astronomical research

FLAGSTAFF, Ariz., Jan. 10, 2025 /PRNewswire/ — Lowell Observatory is pleased to announce the appointment of Dr. Gerard van Belle as the new Director of Science. Van Belle, who has been an astronomer at the observatory since 2011, has been serving as the interim Director of Science.

In his new role, van Belle will lead a diverse team of astronomers and planetary scientists. He will spearhead the observatory’s new Science Vision, which focuses on advancing research capabilities and implementing cutting-edge technological improvements supporting Lowell’s leadership in astronomical research.

Under his leadership, the science department will continue to advance Lowell Observatory’s mission to pursue the study of astronomy, including the study of our solar system and its evolution, and to conduct pure research in astrophysical phenomena.

Van Belle’s own research focuses on fundamental stellar parameters, including the sizes, shapes, masses, distances, and temperatures of various types of stars. He is also renowned for his expertise in optical and near-infrared astronomical interferometry.

He earned his bachelor’s degree in physics from Whitman College in 1990, followed by a master’s degree from The Johns Hopkins University in 1993, and a Ph.D. in physics from the University of Wyoming in 1996.

Throughout his career, van Belle has been instrumental in the development and commissioning of major optical interferometers worldwide, including the Palomar Testbed Interferometer, the Keck Interferometer, and the Very Large Telescope Interferometer. His pioneering work in stellar surface imaging earned him the inaugural Edward Stone Award for Outstanding Research Publication at NASA’s Jet Propulsion Laboratory in 2002.

In 2011, van Belle joined Lowell Observatory’s science staff, where he applied high-resolution astronomical techniques to detect nearby exoplanets and map stellar surfaces. He served as the Director of the Navy Precision Optical Interferometer (NPOI) in Flagstaff, Arizona, from 2017 to 2018, and subsequently as its Chief Scientist until 2022.

Notably, van Belle was among the astronomers who voted against the definition of ‘planet’ advanced during the 2006 International Astronomical Union (IAU) conference in Prague, which relegated Pluto to being a ‘dwarf planet’ (which according to the IAU resolution is not a planet).

His extensive experience and dedication to advancing astronomical research make him a valuable leader for Lowell Observatory’s scientific endeavors.

“I am honored to take on this role at such a pivotal time for Lowell Observatory,” said van Belle. “Our Science Vision will guide us in exploring new frontiers in astronomy while strengthening our commitment to public engagement and education.”

Executive Director Dr. Amanda Bosh expressed her confidence in van Belle’s leadership: “Gerard’s extensive experience and dedication to our mission make him the ideal person to lead our scientific endeavors. I look forward to working closely with him as we embark on this exciting new chapter for Lowell Observatory.”

For more information about Lowell Observatory’s research and public programs, visit lowell.edu.

About Lowell Observatory
Founded in 1894, Lowell Observatory in Flagstaff, Arizona, is a renowned nonprofit research institution. It is the site of historic and groundbreaking discoveries, including the first evidence of the expanding universe and the discovery of Pluto. Today, Lowell’s astronomers utilize global ground-based and space telescopes, along with NASA spacecraft, for diverse astronomical and planetary science research. The observatory hosts more than 100,000 visitors annually for educational tours, presentations, and telescope viewing through a suite of world-class public telescopes.

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SOURCE Lowell Observatory

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ALTICE USA IS ABANDONING LOCAL SPORTS FANS AND IS KEEPING MSG NETWORKS AND ITS KNICKS, RANGERS, ISLANDERS AND DEVILS COVERAGE OFF THE AIR

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NEW YORK, Jan. 10, 2025 /PRNewswire/ — MSG Networks released the following statement about their dispute with Altice USA:

“Altice USA has pulled their last proposal and walked away from negotiations to bring MSG Networks back to its Optimum subscribers. They also just dropped WPIX Channel 11 in New York and other local stations around the country. If you have been waiting, like we have, for them to do right by their customers – don’t wait any longer. Now is the time to switch to Verizon Fios who has a special offer for Optimum subscribers. Meanwhile, Optimum has been charging their over 1 million customers for local sports programming they have not been receiving and EVERY subscriber should be credited at least $10 a month.

Verizon Fios is ready to take your business. If you are not in Verizon Fios area, you can get games through these other providers DirecTV, DirecTV Stream, Fubo and The Gotham Sports App. For more options on how to switch providers, visit www.keepMSG.com.”

About MSG Networks

MSG Networks, a pioneer in sports media, owns and operates two award-winning regional sports and entertainment networks (MSG and MSG Sportsnet) and MSG+, a direct-to-consumer and authenticated streaming offering (included in the Gotham Sports App), that serve the nation’s number one media market, the New York DMA, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania. The networks feature a wide range of compelling sports content, including exclusive live local games and other programming of the New York Knicks, New York Rangers, New York Islanders, New Jersey Devils and Buffalo Sabres, as well as significant coverage of the New York Giants and Buffalo Bills. This content, in addition to a diverse array of other sporting events and critically acclaimed original programming, has established MSG Networks as the gold standard in regional sports. MSG Networks is part of the Sphere Entertainment Co. (NYSE: SPHR).

Contact:

Dan Schoenberg (dan.schoenberg@msg.com)

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SOURCE Sphere Entertainment Co.

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