Multi-channel communication services allow businesses to communicate with customers through multiple channels such as email, text messages, social media, and more. It helps businesses provide a seamless omnichannel customer experience across all touchpoints. Today’s customers expect connected experiences regardless of which channel they use to interact with brands. The growing need for omnichannel customer engagement is driving increased demand for multi-channel communication services.
Some key uses of multi-channel communication services include customer notifications, marketing campaigns, customer support, lead management, and onboarding. Many businesses use such services to create personalized and context-aware customer journeys. For instance, an e-commerce company may send promotional emails, push notifications, and messages on messaging apps to customers based on their browsing and purchase history. Large enterprises across industries such as retail, banking, and healthcare are investing in multi-channel communication to enhance customer relationships.
The global Multi-channel Communication Services Market is estimated to be valued at US$ 5.08 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
As mentioned in the heading, the growing need for omnichannel experience is a key driver propelling the multi-channel communication services market. Today’s customers interact with brands through multiple channels and expect a consistent and connected experience regardless of the touchpoint. However, legacy systems in many organizations make it challenging to deliver such experiences. This is where multi-channel communication services provide an effective solution by allowing communication through different channels in an integrated manner.
Another driver for this market is the increasing adoption of multi-channel communication strategies by businesses to improve customer engagement and lifetime value. Many companies use such services to create personalized journeys and maintain ongoing interactions with customers through relevant messages. This helps in achieving marketing and business goals like higher conversion rates, average order value, and customer retention.
Segment Analysis
The global multi-channel communication services market is dominated by the managed services segment. Managed service providers help enterprises transform their internal IT infrastructure and adopt multi-channel communication services seamlessly. They offer end-to-end solutions, including IT infrastructure management, strategy and implementation of multi-channel solutions. This makes managed services lucrative for enterprises with limited in-house expertise.
PEST Analysis
Political: Growing focus of governments around the world on digital transformation of citizen services is driving demand for multi-channel communication solutions. Economic: Recovering global economy is boosting technology spending by enterprises. This will fuel investments in multi-channel communication platforms to enhance customer experience. Social: Rising preference of consumers to interact with brands across multiple channels is prompting enterprises to adopt multi-channel strategies. Technological: Emerging technologies like AI and IoT are enabling novel multi-channel engagement models through intelligent routing and personalized interactions.
Key Takeaways
The Global Multi-Channel Communication Services Market Size is expected to witness high growth due to rising demand for personalized and seamless customer experiences.
Regional Analysis: North America currently dominates the market due to high technology adoption rate and presence of leading vendors. Asia Pacific is expected to grow at the fastest pace with increasing digitization of enterprises in countries like India and China.
Key players operating in the multi-channel communication services market are Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, and AVESU GmbH. Growing need to engage customers through their preferred mode of communication will compel enterprises to invest more in multi-channel platforms, thereby driving the overall market growth over the forecast period.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it