The State of the CCM Market in 2018
Despite the continued projected growth and importance of the CCM market, sometimes it’s challenging to track down good information on the customer communications management market, along with a meaningful analysis of solution vendors. Below, I will highlight the latest research available to help you navigate the evolving CCM market place.
The CCM Market is Set to Grow at 13.4% Through 2025
According to the latest research by Credence Research, the customer communication management (CCM) market continues to grow at a rapid pace, and is set to post a CAGR of 13.4% from 2017 through 2025.
This report called out the importance of integrating customer journey maps with customer communications management.
(There is) "Increasing demand for comprehensive CCM solutions encompassing complete customer journey mapping and analytics"
The team at Quadient foresaw this development 3 years ago, as the requirements of CX executives become more important in driving a holistic experience across the enterprise and responded by bringing our comprehensive customer journey mapping capability into the Inspire CCM platform. For a deep dive on this trend and how to integrate journey mapping into your communications, check out this complimentary ebook: Rise of the Customer Experience Executive.
The CCM Market is Set to Reach $1.2B by 2026
The research team at Acute Market Reports is also bullish on the CCM market, anticipating that the market for customer communications management technology is set to reach $1.2B by 2026.
Two interesting callouts in the research are:
"The increasing need to keep customers engaged through communication over various channels has also ensured substantial penetration of CCM solutions. In addition, strong adoption of cloud services, especially in small and midsized businesses of North America and Europe, has significantly expanded the consumer base for CCM managed services."
The team at Quadient is seeing similar conditions in the marketplace, as more enterprise customers are adopting CCM to communicate out to clients via an increasing number of channels. The ability to manage everything in one system - from design, to content creation and management, to interactive document personalization and delivery across omnichannel is a game changer for companies looking to bring more consistent and compliant communications to their customers across the entire customer journey.
CCM Makes the Shift to Digital
The pressure is on for companies to keep up and provide the digital experience their consumers want. Embarking on a digital transformation journey may be overwhelming, especially for companies burdened with legacy systems, a disjointed customer communications management (CCM) technology infrastructure, and business processes that rely heavily on paper.
For more information on how to manage the increasing digital requirements of your customers, check out this complimentary research report from Madison Advisors - Keeping the Customer in Mind When Going Digital
The First Cloud Solutions for Small and Medium Enterprises
The mention of small and medium sized businesses beginning to a leverage CCM via cloud services mirrors our recent investment in Quadient Correspondence, which brings enterprise-grade customer communications within reach of small and medium sized P&C insurers in the United States./p>
Where to Get Updated Information on the CCM Market
Despite the continued growth in the market, there has been little research published on the CCM market from Gartner since the Magic Quadrant for Customer Communication Management Software was released on January 26, 2017. This report recognized Quadient (at the time GMC Software) as a leader in the industry. This report has been archived and is no longer available. However, it is possible to get a good overview of the capabilities of current CCM vendors by visiting the Gartner Peer Insights website to read reviews from current users here: Gartner Peer Insights - Reviews for Customer Communications Management (CCM) Software
As many of the traditional CCM providers have been acquired, they are struggling to bring together disparate portfolios of CCM technologies and it is not uncommon to find that users have found these vendors difficult to deal with, or that no positive reviews are available for solutions from these providers. A quick trip to this site will provide you with a good overview of current vendor capabilities.
Similarly, Forrester has been slow to offer up to date coverage of the industry, with the most recent report on the CCM market being The Forrester Wave™: Customer Communications Management, Q2 2016, originally published on June 15, 2016.
This report also named Quadient (formerly GMC Software) as a leader in the industry. However, much has changed in the industry since the release of that report. For a more current resource that delves into where CCM is heading, and how it can help you in "Making the Move to Omni-Channel Customer Communication", check out this recent webinar featuring guest speaker Craig LeClair, Vice President & Principal Analyst at Forrester Research Inc.
The Aspire CCM Leaderboard Market Study 2018
For the most comprehensive and up to date view of the CCM market, look no further than the CCM Leaderboard Market Study 2018 from Aspire Communications. In this report, the team at Aspire look at CCM in 4 different categories including:
- Automated Document Factory
- Customer Communication
- Business Automation
- Omni-Channel Orchestration
The team then rated the capabilities of each of the top vendors in each of these areas. The leaderboard is a good source of information for narrowing down the vendors that best fit your decision criteria. For a complimentary pass to view the advanced version of the leaderboard, click on this link and register to get a pass courtesy of the team at Quadient.