Market Analysis
published on Feb 23, 2021
Report Overview:
NelsonHall's market analysis of Social Media CX Servicesconsists of 91 pages.
Who is this Report for:
NelsonHall's "Social Media CX Services" report is a market assessment report designed for:
- Sourcing managers investigating "the art of the possible" and the perspectives of their peers towards next generation customer service
- Vendor marketing, sales and business managers developing strategies to target digital & service transformation opportunities within customer experience
- Financial analysts and investors specializing in the IT services and BPS sector.
Scope of this Report:
The report is based on interviews with CX services providers and clients. It analyzes the worldwide market for CX services in telecom and media and addresses the following questions:
- What is the current and future market for social media CX services?
- What is the market size and projected growth for the social media CX services?
- What is the market size and projected growth for the social media CX services by geography?
- What are the top drivers for the adoption of the social media CX services?
- What are the benefits currently achieved by clients of the social media CX services?
- What factors are inhibiting client adoption of the sector media CX services?
- What are the main social media CX services offerings and services provided by vendors?
- What is the current pattern of delivery location and how is this changing?
- What are the tools and frameworks used by social media CX services vendors for delivery and how are these changing?
- What are the main external partnerships used by social media CX services vendors and how are these changing?
- What are the selection criteria, challenges and critical success factors for social media CX services?
Key Findings & Highlights:
The global social media CX services market is approximately 6.5% of the overall industry and is growing above the average market rate at 6.9% CAAGR through 2024. The U.S. represents ~31% of the global market today, with the German market expanding the fastest of the large markets. The industry is highly fragmented, with social media services typically forming less than 10% of a vendors’ total CX services revenues. Social media customer care is the most widely used service, with clients targeting improved customer satisfaction as a top priority, and most valuing vendors’ capabilities in analytics, reporting and BI, and the use of lower cost locations. Key vendor capabilities include the use of social media command hubs to optimize the traditionally disjointed care, marketing, and analytics functions; experience in developing and deploying semantic technology to analyze the customer voice and brand perception online; and proprietary multichannel engagement platforms with social channel connectors. In content moderation and trust and safety, vendors offer best practices in talent recruitment, training, onboarding, resilience building, and wellbeing development. Investment areas are automation to augment agent performance, integrate marketing and support tools for automated ORM, and develop predictive analytics in VOC and sentiment analysis.