Customer Experience Management Market

Customer Experience Management Market Size (2022 - 2027)

The global customer experience management market is expected to grow from US $8.56 billion in 2020 to $16.23 billion in 2026, at a CAGR of 14.7% from 2021 to 2026.

A practice followed to respond to consumer interactions to meet your expectations is known as customer experience management. The increased loyalty and support for customer experience management led to a change in the process. This strategy has made it possible to reduce income at risk and gain lost customers. The practice is provided to the consumer as an important source of progress. Customer experience management reduces the overall costs of attracting new customers.

Many enterprises are adopting customer experience management as part of productivity. The organization can interact with its customers using this solution. It is also able to analyze customers' buying habits, behavior, knowledge, satisfaction, complaints, and overall experience. Large organizations aim to reach their customers; therefore, customer experience management is the perfect solution for a customer-centric approach. This approach will allow organizations to analyze customer knowledge and help increase organizational productivity by improving customer experience and loyalty.

Market growth and trends

The global market is driven by the growing need to improve the customer experience and improve levels of customer satisfaction. In addition, increasing the implementation of advanced technologies such as Artificial Intelligence, big data analytics, IoT, Cloud Computing, Machine Learning, among others, to provide customer services better, more reliable and efficient which can reduce customer turnover rates. They are expected to further stimulate the market by 2026.

Market Drivers and Restraints

A growing number of consumers and the constant pressure that companies face to maintain competition are the sources of this market. The growth of the market is also favored by the increase in the spending capacity of companies. The high cost and lack of technology awareness have further hampered market growth. However, the user who relies on new digital channels at work or for personal activities should create more opportunities for the EMC market in the future.

To support fierce competition, several companies are introducing this solution, which should spur the growth of the global customer experience management market. The growth of the worldwide market is increasing due to the increased spending capacity of large companies where people rely on improved digital channels for office work or personal activities. In contrast, the growth of the global customer experience management market is hampered by a lack of knowledge of technology and high costs.

CUSTOMER EXPERIENCE MANAGEMENT MARKET REPORT COVERAGE:

Segmentation Analysis

This global report on customer experience management market is segmented and sub-segmented into the following categories:

Customer Experience Management Market - By Component

• Solutions
• Services

The growth in this segment can be credited to the increasing use by customers of digital channels such as web chat, SMS, social networks, virtual assistants, and chatbots.

Customer Experience Management Market - By Deployment Type

• On-Premise

• Cloud

The cloud segment is estimated to have a higher market share than the local segment. The growth of the cloud segment can be credited to the easy implementation, less cost, easy upgrade, and accessibility compared to others.

Customer Experience Management Market - By Vertical

• IT & Telecom
• BFSI
• Retail
• Healthcare
• Media & Entertainment
• Automotive
• Travel & Hospitality

Travel and Hospitality segment is determined to rule the worldwide market. It is one of the fastest-growing industry verticals due to the addition of several novels and innovative technologies like cloud computing, big data analytics, DevOps, digital and social networking stores.

Regional Analysis

By geography, the global customer experience management market is classified into:

1. North America
2. Europe
3. Asia-Pacific
4. Latin America
5. Middle East and Africa

North America is foreseen to register the most substantial share of the worldwide market. Enterprises in this are among the first to implement this customer experience management business. The region has several well-established nations, which are funding heavily in R&D activities for the expansion of new procedures. Moreover, the availability of leading service providers has also contributed to the development of the business in the APAC region.

North America is also estimated to expand with a notable CAGR in the global marketplace due to overall growth in the global customer experience management market. In addition, the growing need for customer experience management in various industries is expected to drive growth in the global business.

Key players in the market

The major key players that are included in this report are OpenText Corporation, Oracle Corporation, IBM Corporation and Avaya Inc. The other players influencing the global market are Tech Mahindra, Nokia Networks and MaritzCX.

Recent Developments

• In April 2019, Avaya Holdings Corp., the parent company of Avaya Inc., introduced self-service automation abilities with easy-to-navigate conversation interfaces embedded into its Avaya IX Contact Center solutions.
• In April 2019, Oracle collaborated with Prada to provide the company with advanced technology solutions to support its retail processes. This collaboration also includes the provision of Oracle Retail Customer Engagement Cloud Service and Oracle Retail Xstore Point of Service which will provide Prada with real-time visibility of all customer-related details at each point of contact, providing an experience of personalized purchase to their customers.
• In March 2019, Adobe announced the availability of its customer experience product, Adobe Experience Cloud, worldwide. This is anticipated to enable users in accessing customized profiles by collecting information from enterprises and making use of Adobe Sensei artificial intelligence (AI) and machine learning (ML).
• In February 2019, IBM announced a deal with BUCKiTDREAM to offer Watson Marketing to enhance customized brand engagement experiences with customers. This partnership would analyze customer data models, providing practical information for further discovery and personalization to generate business conversions.
• In January 2019, SAP purchased Qualtrics International, a global leader in experience management software, which is determined to help SAP accelerate the new category of experience management by combining experience and operational data.