Strategic Considerations for Customer Experience Management Portfolio Rebalancing | Market Insights™
Customer Experience Management
Customer Experience Management
Customer Experience Management
Customer Experience Management
Customer Experience Management
Customer Experience Management
Customer Experience Management
Conversational AI has become a transformative force in technology, particularly for businesses seeking to enhance customer experiences, drive customer acquisition, and establish market differentiation. It has evolved through several stages, starting with traditional chatbots that primarily handled basic tasks and customer support inquiries, followed by the introduction of Artificial Intelligence (AI)-based chatbots. However, the most profound shift in the field of conversational AI has occurred with the emergence of generative AI and Large Language Models (LLMs). Conversational AI providers are actively responding to the growing demand for more advanced capabilities. They are not only introducing new capabilities but also fortifying their existing offerings to provide more comprehensive and accessible solutions catering to diverse use cases.
While AI chatbots have demonstrated commendable capabilities in conversational intelligence and sentiment analysis, the integration of generative AI and LLMs represents a groundbreaking advancement. These advanced AI systems can generate text that closely resembles human language, thereby facilitating more natural and context-aware conversations. This progress is leading to a host of benefits, including enhanced customer experiences, streamlined operational processes, and improved accessibility. Organizations are increasingly recognizing the potential of generative AI to bolster their agent-assist capabilities. This includes functions such as call summarization and recommendations for next-best actions, further enhancing their ability to deliver exceptional customer service and operational efficiency.
The report assesses the conversational AI technology providers landscape across various dimensions, including:
Scope:
The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.
The combination of Concentrix and Webhelp will create a global customer experience management (CXM) titan that can significantly shape the industry’s future. Let’s explore the benefits and other implications of this mega deal.
The recent announcement of Concentrix’s planned acquisition of Webhelp in a US$4.8 billion deal is a major milestone in the growing trend of mergers and acquisitions in the CXM industry over recent years.
With an estimated pro forma 2023 annual revenue of US$9.8 billion across multiple businesses, including CXM, trust and safety, and legal services, the combined entity will emerge as a global service powerhouse with the potential to significantly shape the CXM industry.
The strategic benefits of this acquisition include:
The announcement of Concentrix’s acquisition of Webhelp has generated a significant buzz in the CXM industry. Certainly, we expect this pending acquisition to fuel more CXM market consolidation, which may potentially limit buyers’ choices for transformation-oriented strategic partnerships.
Despite these concerns, the Concentrix and Webhelp combination creates a formidable CXM force that will likely shape the industry’s trajectory for years to come. Monitoring the impact of this collaboration on the CXM landscape as well as watching other market players respond to the ongoing consolidation trend will be fascinating. Who will be the next global CXM titan to join their ranks?
To discuss global customer experience management topics, contact Shirley Hung [email protected], Sharang Sharma [email protected], or Divya Baweja, [email protected].
And watch our LinkedIn Live event, Delivering CXM Services from Africa: Who, Where, Why, and How, to learn why Africa has become an ideal option for global customer experience management.
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