Mordor Intelligence valued the worldwide customer engagement solutions market at $15.52 billion in 2020 and expects it to reach $30.92 billion by 2026, growing at a compound 12.65 percent per year.
The firm defines customer engagement software as solutions to manage customer communications and interactions throughout a variety of channels and touchpoints.
The research firm identified a growing availability of cloud-based solutions and the integration of artificial intelligence as key industry growth drivers. However, data security and privacy issues can hinder the growth of the customer engagement solutions market, it said.
The report also identified Zendesk, HubSpot, and Sprinklr, as key market players.