by Multi-channel communication services allow organizations to interact with customers through various mediums like phone calls, emails, chats and SMS. These services facilitate seamless conversations across different channels by integrating different communication platforms and technologies. They help businesses provide consistent and personalized experiences to each customer irrespective of the mode of interaction. With features like call routing, interactive voice response, call recording and analytics, multi-channel communication services empower contact centers to efficiently handle high call volumes and resolve queries faster.
The global multi-channel communication services market is growing as businesses recognize the importance of omnichannel interactions in enhancing customer experience. These services offer real-time communication solutions for industries like IT & telecom, BFSI, healthcare, retail and government. They streamline disparate platforms, consolidate customer profiles and make interactions more convenient. For example, a customer can start an inquiry over email and the agent can later call or chat with them. The insight gathered is accessible across channels, avoiding repetition. Multi-channel services thus improve agent productivity while satisfying customer needs.
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 key trends:
Rise of AI and cloud technologies is a key trend in the multi-channel communication services market. Integration of AI capabilities like machine learning and natural language processing is allowing personalized and intuitive interactions. AI assists agents by providing insights on customer preferences, purchase patterns and contact history. Cloud-based multi-channel platforms offer scaled infrastructure and are easier to deploy, manage and upgrade. Their pay-as-you-use business model reduces upfront capital expenditure for businesses. This has boosted the adoption of cloud-based multi-channel communication services, especially among SMEs looking for cost-effective solutions. Advancements in AI and cloud are expected to further augment market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low-medium. Starting a new multi-channel communication business requires high initial investments and established relationships with clients and partners.
Bargaining power of buyers: High. Buyers have many vendors to choose from and can negotiate on price and quality of service.
Bargaining power of suppliers: Medium. Key suppliers for Multi-channel communication services include IT and technology providers which have some bargaining power.
Threat of new substitutes: Medium-high. Alternatives like social media marketing and search engine optimization can replace some multi-channel communication needs.
Competitive rivalry: High. The market has many small and large players competing on pricing and capabilities.
Key Takeaways
The Global Multi-Channel Communication Services Market Size is expected to witness high growth.
Regional analysis: The Multi-channel communication services market in North America is expected to hold the highest market share during the forecast period. This is attributed to the strong presence of key service providers in the region along with growing adoption across industries for customer engagement and retention.
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.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
