What is Customer Experience Management?
The practice of responding to consumer interactions to meet their expectations is called customer experience management. The process has changed as loyalty and demand for customer experience management increases. The practice is an essential source of development and is facilitated for retaining existing consumers and attract new ones. Customer experience management minimizes the costs of acquiring new customers through regular interactions. Therefore, customer experience management is the perfect solution for companies that focus mainly on a customer-centric approach.
Recent Developments and Trends
March 2019: Adobe developed a real-time Adobe environment platform for its customers. The platform can collect real-time data from a variety of sources and convert it into actionable information.
May 2019: Medallia announces the acquisition of Strikedeck to boost customer support effectively. Both organizations integrate predictive analysis, artificial intelligence and machine learning to understand customer requirements better.
Oracle has introduced the Oracle Retail Xstore Office Cloud service, which can improve the visibility of business inventory and mobile reports, supporting the process involved in customer services.
Market Growth
The Asia-Pacific region is expected to be a critical region for expansion due to better economic conditions, a growing number of calls centres, an increase in social media trends and an emphasis on the experience and satisfaction of the client.
Market Drivers
The APAC customer experience management business is driven by systematic tools used to analyse customer comments at various points of contact, including company websites, mobile devices, branches and social networks. Customer experience management is motivated by broad competition between players in specific industries as it helps companies effectively support their customers. Some companies have invested heavily in solutions that improve customer loyalty by optimizing interactions from a customer perspective.
The growth of the media greatly influences the expectations and behaviour of customers, which affects the experience of the end-user. The use of social networks and the mobile touch is rapidly increasing the speed of sharing opinions and ideas. Customer-centric management companies are adopting new ways to connect users with their organizations to receive systematic comments to focus on a customer-centric approach rather than a company centered strategy.
Restraints
The main obstacle to the customer experience management market is the reluctance to choose the right technology to offer a consistent experience across all channels and create a better practice. Another significant limitation in the market is the unstructured customer feedback process. This problem is mainly faced with organizations that do not have a proper feedback system. The regional market is further hindered by the growing number of alternative technologies that analyse customer knowledge and new competitive landscapes.
Market Segmentation
The APAC customer experience management market can be broken down by type, organization and industry.
By Component, the APAC customer experience management market can be divided into solution and services. The services segment is likely to register the highest profits over the forecast period due to the increased demand for managed services across different enterprises. These services help emerging companies to control their expenses and at the same time, effectively attract new customers.
By Deployment Type, the APAC customer experience management market is segmented as cloud and on-premise. Of these, cloud deployment is predicted to outperform its counterpart in the coming years, owing to the numerous advantages offered by it. The implementation through cloud reduces overall costs and increases the storage space for innovations and add-ons.
Based on Industry, the APAC customer experience management markets include healthcare, communications, media and entertainment, manufacturing, BFSI, retail, IT & telecom, automotive and transport, and others. All these sectors are expected to contribute significantly to the regional market in the prediction period, attributing to the increasing preference for customer-centric strategies.
Regional Analysis
The Asia Pacific region is expected to be the most promising destination for customer experiment management providers during the forecast period. The improvement of economic conditions, the expansion of the bases of call centres, the growing trend of social networks and the emphasis on customer experience and satisfaction are contributing to the growth of the APAC market.
Nations such as India, China, Malaria and Japan use text analysis tools to interpret unstructured data, such as complaints, consumer comments and data collected by customer service representatives, in conversation with consumers. It helps the organization to make the desired changes to product or service. The growing demand for real-time cloud-based analysis at contact centres can have a positive impact on the growth of the local market.
Competitive Scenario
CEM suppliers are strengthening their market presence using strategies such as acquisitions, acquisitions, development and launch of new products.
Oracle acquires ATG, and e-commerce improves customer experience management capabilities to provide a personalized solution for end customers in retail and commercial businesses.
Key Players
The main market players in this area include ClickTale, IBM, Oracle Corporation, Adobe Systems, SAP SE, Verint Systems, Tech Mahindra, Satmetrix, Zendesk and ResponseTek.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Customer Experience Management Market, By Component
6.1.1 Solution
6.1.2 Services
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Customer Experience Management Market, By Deployment Type
6.2.1 Cloud
6.2.2 On-Premise
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Customer Experience Management Market, By Industry
6.3.1 Healthcare
6.3.2 Media & Entertainment
6.3.3 Communication
6.3.4 BFSI
6.3.5 IT & Telecom
6.3.6 Retail
6.3.7 Manufacturing
6.3.8 Automotive & Transport
6.3.9 Market Size Estimations & Forecasts (2021-2026)
6.3.10 Y-o-Y Growth Rate Analysis
6.3.11 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 Asia Pacific
7.2.1 By Country
7.2.1.1 China
7.2.1.2 India
7.2.1.3 Japan
7.2.1.4 South Korea
7.2.1.5 South East Asia
7.2.1.6 Australia & NZ
7.2.1.7 Rest of Asia-Pacific
7.2.2 By Component
7.2.3 By Deployment Type
7.2.4 By Industry
8. Key Player Analysis
8.1 Oracle Corporation
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 IBM
8.3 Adobe Systems
8.4 SAP SE
8.5 Verint Systems
8.6 Tech Mahindra
8.7 Satmetrix
8.8 ClickTale
8.9 Zendesk
8.10 ResponseTek
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
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