A recent report published by Ovum forecasting growth possibilities within the enterprise application software market pegged systems focused on customer engagement to be the market’s fastest growing area.

Both e-commerce and CRM solutions are slated to see compound annual growth rates (CAGRs) climb to approximately 10% within the next four years to 2018 while other enterprise application areas such as product lifecycle management and innovation management platforms are forecasted to see slightly lower CAGRs of 8% over the same period.

While these figures may be surprising to some, they provide evidence to analysts’ claims of the arrival of the age of the customer.  Major predicted growth within the customer engagement enterprise application sector showcases the shift in focus many of the world’s largest companies are beginning to make toward strengthening customer engagement capabilities while reducing costs.

In a press released earlier this July, Jeremy Cox, principal analyst of customer engagement at Ovum had this to say:

“Globalization and disruptive technologies – particularly social networks, cloud computing, and mobile – have had a massive impact, raising customer, consumer, and citizen expectations and giving them greater power.  This, plus a strong focus on cost reduction through IT modernization and fierce competition for customers, is leading organizations to invest in their ability to adapt quickly enough to remain relevant to consumers.”

It has become clear that organizations looking to remain relevant in today’s world must invest in their capabilities to adapt to their customers’ needs and expectations, with customer engagement enterprise applications providing the key solution.

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