Connect with us

Technology

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

Published

on

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.

Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/A324726

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

Buy this Complete Report (386 Pages PDF with Insights, Charts, Tables, and Figures) at:
https://www.alliedmarketresearch.com/telecommunications-and-bfsi-customer-engagement-solutions-market/purchase-options

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.

Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A324726

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. 

Trending Reports in ICT & Media Industry:

Predictive Maintenance Market Overview

Physical Security Market Overview

Webtoons Market Overview

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

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.

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/telecommunications-and-bfsi-customer-engagement-solutions-market-to-reach-16-1-billion-globally-by-2032-at-8-7-cagr-allied-market-research-302247784.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Typeform Delivers New Solutions to Empower B2C Businesses to Better Engage Customers

Published

on

By

Brands can now use video, data enrichment, and AI-powered capabilities to create interactive, hyper-personalized experiences and uncover deeper insights

SAN FRANCISCO, Nov. 14, 2024 /PRNewswire/ — Typeform, the intuitive form builder and conversational data collection platform, today announced new features that provide business-to-consumer (B2C) businesses with the context, clarity, and convenience needed to better engage and understand their customers. Now businesses can further enhance the respondent experience, all while gathering richer, actionable data. 

Today, 70% of consumer decisions are based on emotion, including brand preference.¹ Buyers expect brands to tailor experiences to their personal preferences more than ever, but at the same time, they’re also becoming more cautious about sharing personal information. Typeform’s latest features help brands collect data directly from customers through interactive, personalized experiences they trust, then automatically enhance it with third-party insights to deepen their understanding. This empowers companies to deliver more targeted, data-driven marketing.

“Businesses can’t thrive on surface-level insights,” said Aleks Bass, Chief Product Officer, Typeform. “Our latest innovations give you the ability to dig deeper into truly knowing your customers by providing dynamic data collection experiences that encourage quality responses. Whether boosting conversions with a personalized product recommendation quiz or gathering feedback through video surveys, the common denominator is that your customers enjoy the experience.”

The offerings were unveiled at Typeforum 2024, Typeform’s first-ever virtual product spotlight event, designed to showcase the latest innovations from the company. Newly released features include: 

Enhanced Video Capabilities: Typeform now allows customers to respond with video, providing businesses deeper insights through voice and expressions, not just text. This builds on Typeform’s existing feature that enables creators to record, edit, and embed personalized videos into forms, boosting engagement and conversions. Typeform research found that 65% of marketers believe video is an effective tool for engaging and interacting with customers in ways that feel more human and create connection and loyalty.²Clarify with AI: Typeform’s Clarify with AI acts as a virtual interviewer, prompting follow-up questions based on customer responses. When a customer is asked about their experience and answers vaguely, like “good,” the AI encourages more detailed feedback, asking, “Good, how? What stood out?” For customers, it feels like a personalized conversation. For brands, it delivers more insights. Automated B2C Data Enrichment: Earlier this year, Typeform introduced automated B2B data enrichment, making it easier than ever to understand customers at a deeper level without needing to ask additional questions. Now, consumer-level enrichment is available in the Typeform platform. With just a personal email address, companies can pull in key data points from trusted third-party sources, providing a more complete picture of who’s on the other side of the screen.AI-powered Qualitative Analysis: With this feature, businesses can instantly analyze large volumes of text and video responses to surface key themes and insights, saving hours of manual work. Data Quality Tools: Invisible reCAPTCHA ensures data integrity by blocking bots and automated submissions, allowing only genuine responses to be collected. This safeguard enhances data reliability, helping teams make accurate, data-driven decisions.Klaviyo Integration: Typeform will soon be launching a new integration with Klaviyo, designed for B2C and direct-to-consumer (DTC) marketers. It will ensure that every insight gathered flows seamlessly into Klaviyo. Manual data transfers are eliminated as segments automatically update with Typeform data, enabling hyper-targeted campaigns customized to each customer’s unique profile. This integration combines Typeform’s interactive data collection with Klaviyo’s automation, facilitating more natural, personalized customer connections while driving business growth.

“We built a powerful product recommendation quiz not just to help our customers, but to generate invaluable data that allows us to better segment and engage them with relevant marketing,” said Addison Wennar, Digital Communications Manager, OGEE. “With the holiday shopping season approaching, these insights will be key. Typeform already delivers the highest response rates for us, and I’m excited to see how the new features will amplify that impact.”

The features are available today in Typeform for Growth plans. Watch the Typeforum 2024 recordings and learn how to use Typeform to better understand and engage customers here

About Typeform
Typeform is a distinctly intuitive form builder that helps over 150,000 customers collect and validate the data they need to grow their businesses. Designed with striking visuals, a conversational flow, and powerful data capabilities, Typeform empowers brands to give and get more with each form. Typeform drives more than 500 million responses each year and integrates with essential tools including Zapier, HubSpot, and Slack. For more information, visit www.typeform.com.

1         Pendell, R. (2024, October 15). Customer brand preference and decisions: Gallup’s 70/30 principle. Gallup.com. https://www.gallup.com/workplace/398954/customer-brand-preference-decisions-gallup-principle.aspx#:~:text=70%25%20of%20decisions%20are%20based,Making%20Process:%20Rational%20or%20Emotional?

2          Data from a survey of 105 Typeform customers conducted on September 30, 2024.

View original content to download multimedia:https://www.prnewswire.com/news-releases/typeform-delivers-new-solutions-to-empower-b2c-businesses-to-better-engage-customers-302305917.html

SOURCE Typeform S.L.

Continue Reading

Technology

Electronic Drives and Controls Celebrates Impressive Growth and Strong Demand for Industrial Automation Solutions

Published

on

By

EDC has announced 39% revenue growth over the past year and a strengthened presence in the metals converting and composites industries. The company has also maintained key certifications, including CSIA, UL508A, Rockwell Automation, Siemens, and Ignition.

PARSIPPANY, N.J., Nov. 14, 2024 /PRNewswire-PRWeb/ — Electronic Drives and Controls, Inc. (EDC), a leading control system integrator and field service company for industrial automation and drive technology, today announced that the company has experienced a year of growth and success, achieving a 39% increase in revenue year-over-year. To meet the growing demand for automation and drive solutions, EDC has expanded its team, hiring Ricky Arcky as human resources manager and Tyler Schaberick as systems engineer. EDC attributes this growth to maintaining industry certifications, digital marketing efforts, a dedicated team, and strong, long-term partnerships.

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients.”

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients,” said Chuck Dillard, Vice President of EDC. “Our recent hires and increased project load reflect our strategy to grow both wider and deeper with our existing clients, as well as entering new industries.”

“We’ve put in years of preparation and invested heavily in digital marketing to get the word out about our services, knowing that growth was inevitable,” Dillard added. “Our team has worked tirelessly and the results speak for themselves: clients continue to return to us because of our technical expertise and the strong results we deliver.”

EDC’s expertise in coating & laminating, wire and cable, PLC programming and upgrades, as well as drive service, has allowed the company to strengthen its presence in the metals converting industry, securing new and expanded projects across multiple client plants. EDC has also successfully completed upgrades for a new client in the composites industry, widening the portfolio of industries it caters to.

In addition to recent growth, EDC remains committed to maintaining the highest industry standards through its CSIA certification, which ensures adherence to best practices in control system integration. Several certifications, including UL508A recertification and certifications from Rockwell Automation, Siemens, and Ignition, further emphasize EDC’s dedication to safety, technical proficiency, and continuous improvement.

About Electronic Drives and Controls, Inc.
Founded in 1968, Electronic Drives and Controls, Inc. (EDC) is a CSIA Certified control system integrator with deep domain expertise in the coating and laminating, and converting industries. The company’s large field service team specializes in AC and DC drives, PLCs and factory automation. Family owned and operated for more than 50 years, EDC’s team of engineers and technicians has a vast experience integrating new control systems and breathing life into older equipment. EDC has the engineering capability to design, build, start-up and service projects from the sophisticated to the simple and the service support team on call 24/7/365 to keep it all running at peak efficiency from day one and for years to come. In addition to the company’s certification as a Siemens Solution Partner and a Rockwell Automation Recognized System Integrator, EDC is a factory authorized/factory trained service center for over 40 drive brands. For more information, visit the company’s website, LinkedIn, Twitter, Facebook, and YouTube.

Media Contact

Georgia Whalen, Rivergate Marketing, (978) 697-2664, Gwhalen@rivergatemarketing.com, www.electronicdrives.com/home/

View original content to download multimedia:https://www.prweb.com/releases/electronic-drives-and-controls-celebrates-impressive-growth-and-strong-demand-for-industrial-automation-solutions-302305739.html

SOURCE Electronic Drives and Controls, Inc. (EDC)

Continue Reading

Technology

Allstate Financial Services Selects Covr to Provide Life Insurance, Long-Term Care, and Disability Insurance Solutions

Published

on

By

Covr’s Digitally Enabled Insurance Platform Will Simplify the Buying Process

HARTFORD, Conn., Nov. 14, 2024 /PRNewswire/ — Covr, a leading digital insurance provider, has partnered with Allstate Financial Services, LLC to offer a streamlined suite of life, long-term care (LTC), and disability income insurance solutions through Covr’s digital platform. This partnership provides Allstate Financial Services customers with a simple, connected experience, featuring an intuitive, paperless process that makes it easier than ever to purchase insurance tailored to their diverse needs.

Covr’s platform offers an easy-to-use, self-guided experience to efficiently compare and recommend insurance products. Additionally, Allstate Financial Services will offer a range of products through Covr’s platform, including guaranteed issue life insurance through Gerber Life and disability insurance through Assurity, Ameritas, MassMutual, Mutual of Omaha and Principal. Traditional long-term care will also be available through Mutual of Omaha.

“We are extremely pleased to add Allstate’s network of 7,000+ representatives to our insurance platform,” said Michael Kalen, CEO of Covr. “Their business owners and individual customer base fits perfectly with our portfolio of simplified life, LTC, and disability income solutions for agents and their customers.”

“We’re committed to expanding solutions that better meet our customers’ protection needs,” said Scott Delaney, President and CEO, Allstate Financial Services. “With Covr’s digital platform, our representatives can deliver a more connected experience and offer a broader range of insurance options tailored to each customer’s unique needs.”

Allstate representatives will collaborate closely with Covr’s sales team to ensure ongoing support. Allstate Financial Services will also benefit from Covr’s top-tier case management services, providing end-to-end support throughout the entire insurance process.

View original content to download multimedia:https://www.prnewswire.com/news-releases/allstate-financial-services-selects-covr-to-provide-life-insurance-long-term-care-and-disability-insurance-solutions-302306004.html

SOURCE Covr Financial Technologies

Continue Reading

Trending