According to a new market research report published by Credence Research “Customer Communication Management (CCM) Managed Services Market (Industry Verticals – IT & Telecom, Banks, Financial Services & Insurance (BFSI), E-commerce & Retail, Hospitality & Travel, Government & Utilities and Others (Healthcare, Education, Media & Entertainment)) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global CCM managed services market is set to cross US$ 1.20 Bn mark by 2026.
The overall market for CCM managed services is driven mainly by a steadily increasing trend towards the adoption of managed IT services. The growing need to keep customers engaged through connectivity through different channels has ensured a significant penetration of CCM solutions over time. CCM managed services allow companies to do this efficiently while at the same time reducing human labor costs.
In addition, the strong adoption of cloud services, especially in small and medium-sized enterprises (SMEs) in North America and Europe, has significantly broadened the consumer base for CCM managed services. Nonetheless, the possibility of data breach remains a major obstacle for the market for CCM managed services.
Based on the product type, the IT & Telecom segment of the CCM managed services industry accounts for more than 1/4 of the overall market revenue generated worldwide. Certain prominent vertical industries for CCM managed services include BFSI, e-commerce & retail and government & utilities. The Hospitality & Travel segment is expected to experience high market growth over the forecast period.
Therefore, based on geography, the market is led by North America and is expected to remain dominant in the region throughout the forecast period. The field is largely backed by the US, which produces more than 25% of the total revenue of the IT industry worldwide. Asia Pacific is set to show the highest growth rate over the forecast period.
Managed services have gained momentum due to factors such as versatility, scalability, decreased overheads and smooth operation. Major players in the market therefore emphasize the importance of expanding their service portfolio. One of the main approaches described is collaboration with other market players with a view to providing application-specific CCM managed services. For starters, in July 2017, Pitney Bowes announced its collaboration with NMPi, a digital marketing agency, to provide superior digital marketing solutions to online retailers.