Market
Analysis
The global customer experience management market will touch USD 18 billion
at a 22% CAGR during the forecast period 2020- 2027, states the latest Market
Research Future (MRFR) analysis. Customer experience management, put simply, is
the management of customer interactions through every digital and physical
touch point to deliver personalized experiences which increase revenue and
drive brand loyalty.
Various
factors are fuelling the global customer experience management market growth.
As per the recent MRFR market estimates, such factors include the growing need
to cater to consumer satisfaction, growing e-commerce, growing focus towards
consumer oriented market, competitive environment, the advent of multilingual
text analytics that break the language barrier, augmentation in
industry-specific text analytics applications, and the growing importance of
understanding customer behavior. The additional factors adding market growth
include the growing preference of customer experience management by consumers
that drives organizations and brands to adopt CEM to offer the best service
performance in real-time, and the growing use of digital channels by users for communicating
with organizations and brands. Besides, the increasing adoption of customer
experience management solutions by the public and healthcare sector during the
COVID-19 outbreak for the sudden rise in the number of customers are also
adding market growth.
On the
contrary, choosing the consistency and the right technology across various
verticals, difficulty in getting constant CX feedback through all channels, and
data synchronization complexities may limit the global customer experience
management market growth over the forecast period.
Market
Segmentation
The MRFR
report throws light on an inclusive segmental analysis of the global customer
experience management market based on touch point and end users.
By touch
point, the global customer experience management market is segmented into
mobile, company stores, website, social media, email, call centers, and others.
Of these, call centers will lead the market over the forecast period.
By end users,
the global customer experience management market is segmented into energy,
media and entertainment, automotive, IT and telecommunications, retail and
government, manufacturing, healthcare, and BFSI. Of these, the BFSI segment
will dominate the market over the forecast period.
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Regional
Analysis
By region,
the global customer experience management market covers the recent trends and
growth opportunity across Europe, the Asia Pacific (APAC), North America, and
Rest of the World (RoW). Of these, North America will command the market over
the forecast period. Increasing customer expectations, regional growth of the
customer experience management, increased adoption of new technological
solutions, continuous digital transformation across different industries like
banking, retail, and telecom, rising investments & allocation of budgets
for digital channels and marketing by the Canadian and US enterprises, the growing
consumer preference to share experiences and post reviews across digital media
is encouraging enterprises and brands to embark upon a digital transformation
and adopt CEM solutions to pursue a customer-centric business model, a
dedicated budget being allocated by enterprises in Canada and the US for
digital and marketing channels, the presence of key market players, and the
rapid adoption of advanced technologies by industries are adding to the global
customer experience management market growth in the region.
In the APAC
region, the global customer experience management market is predicted to have
healthy growth over the forecast period. Increasing competition among major
players, growing consumer needs, availability of new technological solutions,
growing adoption of technology by consumers in improving the retail shopping
experience, on-demand shopping, personalized experience, and growing focus on
health and wellness are adding to the global customer experience management
market growth in the region. Besides, the growing adoption of modern
technologies, the rising adoption of IoT-based devices and sensors, AI-driven
advanced analytics tools to deliver customized services to B2B and B2C
consumers, the presence of call centers, the growing trend of social media,
emphasis on buyer satisfaction and CEM, and increasing implementation by SMEs
are also adding market growth.
Key
Players
The leading
players profiled in the global customer experience management market report
include SDL (U.K.), Avaya Inc. (U.S.), Nokia Networks (Finland), Open Text
Corporation (Canada), Oracle Corporation (U.S.), Tech Mahindra Limited (India),
Adobe Systems Incorporated (U.S.), SAS Institute Inc. (U.S.), and IBM
Corporation (U.S.), among others.
Industry
Updates
June 2021-
Emplifi has entered customer experience market and unified customer care,
commerce, and marketing to smartly address CX through AI.
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