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2021 Predictions - COVID-19 Accelerates CX Investments

  • Report

  • 70 Pages
  • February 2021
  • Region: Global
  • Frost & Sullivan
  • ID: 5301157

Growth Opportunities Revealed by End Customers

The COVID-19 pandemic wreaked havoc in 2020 and continues to harm people, businesses, and economies. Accelerated vaccine deployment, a strong rebound in consumer demand, faster services sector recovery could enable full GDP recovery by mid-2021 (optimistic scenario). Full recovery will be pushed out beyond 2021 in case of multiple fresh outbreaks, lockdown extensions, and delayed vaccine administration (pessimistic scenario).

Delivering excellent customer experience became especially tough for specific sectors, specifically, travel and hospitality, manufacturing, retail, and transportation.

In the meantime, technology trends took off - everyone is using video conferencing now, and companies are accelerating moving applications to the cloud. This survey found that 80% of CX applications are expected to be in the cloud by 2023. Companies will invest in the Internet of Things (IoT) and artificial intelligence and (AI) technologies sooner than initially predicted to automate processes and improve the customer experience.

This study's overall objective is to measure the current use and future decision-making behavior toward information technology (IT) and telecommunications across industries, regions, and business sizes. Industries include insurance and agriculture/food and beverages, banking/finance/insurance, education, energy and utilities, government, healthcare, high tech, manufacturing, retail/wholesale, transportation/storage, travel and hospitality, and professional services. Technologies assessed are the following: enterprise mobility management, digital commerce, communications & collaboration, data centers & cloud infrastructure, digital marketing (omnichannel marketing, marketing automation), customer experience (CX), cybersecurity, enterprise content management (ECM), enterprise resource planning (ERP), internet of things (IoT), AI, digital visualization, blockchain, and big data analytics.

IT and safety issues that have emerged from the pandemic prevent some companies from investing in transformative technologies, yet COVID-19 challenges have initiated more companies to accelerate investments than slow them down. This will have a positive impact on the IT sector as a whole.

CX is a top priority for IT investments, followed by marketing and sales, which are also customer-related. Companies are investing in CX self-serve, digital marketing, and digital commerce.

The study will enable your organization to:

  • Key benefits for CX solution providers and end-user organizations:
  • Understand the impact of COVID-19
  • Identify the IT-related challenges organizations face today
  • Monitor the status of digital transformation
  • Assess the current and future use of business communications technologies
  • Evaluate factors that drive investments in communications technologies
  • Gauge IT and communications trends
  • Appraise available IT budgets
  • Discover opportunities in different regions, verticals, and business size

Table of Contents

1. Research Objectives and Methodology
  • Research Objectives
  • Benefits of Research
  • Research Methodology
  • Sample Distribution - Country

2. Respondent and Organization Profile
  • Respondent Profile - Decision-Making Authority
  • Respondent Profile - Familiarity with IT Budget
  • Respondent Profile - Involvement in IT-Related Purchases
  • Organization Profile - Industry Segments
  • Organization Profile - Size of Organization

3. Executive Summary
  • Introduction
  • Top IT Challenges Faced by Organizations: Global, 2021
  • Top Predictions for 2021

4. The Strategic Imperative
  • Why is it Increasingly Difficult to Grow?
  • The Strategic Imperative 8™
  • The Impact of the Top Three Strategic Imperatives on the CX Industry
  • Growth Opportunities Fuel the Growth Pipeline Engine™

5. Macro Economic Factors Impacting the CX Industry
  • 2020 Global Economic Highlights
  • 2008-2020 GDP Growth
  • Top 2021 Global Economic Predictions
  • 2021 Scenario Analysis: Quarterly Global Growth
  • Advanced Economies: Predictions for 2021
  • Emerging Economies: Predictions for 2021

6. Key Global CX Customer Perspectives
  • Top Business Goals, Global, 2021
  • Top Factors Preventing Investments in Transformative Technologies, Global, 2021
  • Top Departments to Procure Digital Transformation Budgets, Global, 2021
  • How Organizations Measure Digital Transformation Success, Global, 2021
  • Rise in Remote Work Due to COVID-19 by Industry, Global, 2021
  • Top Industries Impacted by Low Employee Morale Due To COVID-19, Global, 2021
  • Top IT Challenges Supporting Remote Workers, Global, 2021
  • Impact Of COVID-19 On Digital Transformation Strategy And Investments, Global, 2021
  • Key Digital Transformation Objectives Accelerated by COVID-19, Global, 2021
  • Top Investment Priorities, Global, 2021 to 2022
  • Post-pandemic Plans for Technology Investments, Global, 2021 to 2022
  • Future Deployment “In the Cloud,” Global, 2020 to 2022
  • Decision-Making Factors for Selecting a Cloud or Cloud Communications Provider, Global, 2021
  • Top Transformative Digital Solutions Used Today, Global, 2021
  • Top Priorities for Investment In Transformative Technologies, Global, 2021 to 2022
  • Top Competitive Advantages of AI Implementations, Global, 2021
  • Top Reasons for AI Investments, Global, 2020 to 2022
  • Importance Of AI Features/Capabilities to Enhance Enterprise Communications and Contact Center Capabilities, Global, 2020
  • Benefits Of AI For Business Communications And Contact Center Capabilities, Global, 2020
  • Risks of Using AI, Global, 2021
  • Top Purchase Decision Factors in Selecting Big Data Analytics Solutions, Global, 2021
  • Features Lacking in Big Data Solutions, Global, 2021
  • Top Purchase Decision Factors in Selecting Marketing Automation Software, Global, 2021
  • Top CX Priorities, Global, 2021 to 2022
  • Top CX Priorities by Vertical, Global, 2021 to 2022
  • Top Challenges To Delivering Excellent CX, Global, 2021

7. Regional Predictions, 2021
  • 2021 Predictions - North America
  • 2021 Predictions - Latin America
  • 2021 Predictions - Europe
  • 2021 Predictions - Asia-Pacific

8. Growth Opportunity Universe, 2021
  • Growth Opportunities

9. Key Conclusions
  • List of Exhibits