Market Overview
Consumer communication services allows companies to manage customer communication across a wide range of media including emails, web pages, and printed document and text messages. It is a process that involves delivery of communication and also the segmentation of messages according to different customer profiles and contexts. Consumer communication services have witnessed rapid changes as per the requirements of the customers. These services enables the organizations to manage communications across all distribution channels more efficiently, through which they will be able to connect with their clients easily and build more profitable relationships with customers.
Rapidly changing consumer living standards and the adoption of advance technology has crucially impacted the market for consumer communication services. In the current scenario, consumers are using smart phones and various other devices for shopping, providing reviews and other tasks. These services provide consumers with instant messaging, live video, and file sharing across all types of communication devices. With the change in service outlooks among consumers, they have started using various communication channels for their needs and many organizations also have started using technology based consumer communication services that are automated, intelligent and scalable. The consumer communication services works in addition with existing processes and helps in reducing the risk of fraud and improves customer services.
Market Size & Forecast
The global consumer communication services market is estimated to grow at a healthy CAGR over the forecast period i.e. 2019-2027. The customer communication services market is mainly driven by consistently growing inclination towards the adoption of managed IT services. Another major factor driving the adoption of consumer communication services is the high acceptance of smart technologies among individuals. Consumer communication services allows a customer to connect with other organizations on an actual time basis. For instance, an insurance company can update consumer on claim processing and telecom providers can manage appointment notifications. Leading players in the market are focusing on significantly developing the services to their customers. They are also using advanced technologies to enhance user experience and to attract their customers.
Growth Drivers & Challenges
High Adoption of Smart Technology
Major factor driving the growth of consumer communication services market is the high adoption of smart technology. These services allow their customers to connect with other organizations such as healthcare providers can also provide home care services. The increasing need to keep customers engaged in communication over various channels has also ensured substantial growth of consumer communication services market. The growing usage of advance technologies, for instance, cloud, 4G, smartphones, social networking and others are continuously increasing. Growing utilization of such technologies has resulted in high market growth attributed to which consumer communication services providers have increased their attention towards technology setup, value added services and other customer support services.
Increasing Awareness for the Adoption of Smart Technology
Increasing awareness among the customers for the adoption of the smart technology is a crucial driving factor for the growth of consumer communication services market. With innovations such as 5G wireless communication on its way, the use of smartphones is expected to increase multifold. This tends to increase the demand for the latest models to raise the bar continuously, and in turn facilitating the growth for customer communication services.
High Network Setup Cost
The factor that challenges the growth of consumer communication service market is to manage revenue expenses. Top players in this market are offering various services owing to which communication service providers have to manage the costly expansion of their networks to fulfill needs and demand of their customers. Furthermore, enterprises have started to set up their business applications on cloud rather than on purchasing heavy machines. Heavy machines are known to unnecessarily increase the work of consumer communication services providers. Thus these factors are likely to hinder the growth of consumer communication market.
Market Segmentation
Our-in depth analysis of the global consumer communication services market includes the following segments:
By Services
- Network Management Services
- HD Voice and Video Calling
- Cloud Integration Services
By End-Users
- Insurance Companies
- Healthcare
- Telecommunication Industries
- Others
By Region
Based on geography, the consumer communication services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America communication services market is anticipated to witness fast growth on account of faster adoption of digital technologies among small and medium business. The adoption of cloud-based application platform has also positively affected the growth of this regional market. Various companies in the region have adopted different expansion strategies such as acquisitions and partnerships in order to gain more market opportunities.
In the European region, the market for consumer communication services has witnessed substantial growth rate attributed to the increasing demand for social analytics and consumer support service for network operations, security management, and cloud application management.
Customer communication services market in Asia Pacific is expected to witness faster growth rate during the forecast period on account of the adoption of cloud based business application and growth in the cloud service providers.
Global consumer communication services market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.
Top Featured Companies Dominating the Market:
-
Samsung
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Salesforce
- Fico
- Metaswitch
- FCA
- Other Prominent Players
Author Credits: Abhishek Verma
- Report ID: 692
- Published Date: Feb 10, 2023
- Report Format: PDF, PPT
