North America Customer Experience Management Market Size

North America Customer Experience Management Market Size (2022 - 2027)

The North America customer experience management market was valued at US$ 3,744.2 million in 2021 and is expected to have a CAGR of 18.4% from 2021 to 2026. The growing demand for personalized customer experiences in various industries is one of the key trends to accelerate market growth.

Customer Experience Management (CEM) is receiving a lot of attention in the technology market. CEM is a solution that allows organizations to interact with their customers and analyze their behavior, purchasing patterns, satisfaction, complaints, ideas and overall experience. Organizations are applying this customer-centric approach, as they need to reach their customers. This approach allows organizations to improve customer experience and customer loyalty to help organizations grow. All organizations rely on customer satisfaction because unfortunate customers spread negativity against their organizations and destroy brands. With CEM, organizations collect customer feedback that consists of valuable experience data.

Recent Developments and Trends

• In June 2018, Avaya Inc. launched a new version of Avaya Workforce Optimization Suite. The latest version offers better data confidentiality, employee productivity and quality of service.
• In May 2018, Intouch Insight launched its new CEM software called LiaCX. The software helps companies achieve positive results from their customer experience programs using Action Campaign technology.
• In May 2019, Medallia announces the acquisition of Strikedeck to boost customer success 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.

Drivers 

The growth of the North America Customer Experience Management market began as the adoption of big data solutions increased to obtain information on customer behavior and preferences. In addition, the need to solve problems in real-time to improve customer participation is expected to increase the demand for these solutions in North America. CEM solutions help organizations improve their overall customer experience by providing measurable knowledge and actionable knowledge related to problems that have the most significant impact on end-users. 

Also, the speed of digitalization of processes or infrastructure in the business sector is driving the adoption of automated CEM solutions in North America. As the adoption of digital channels for interaction increases, companies can better understand the basic needs of end-users through digital experiences. The demanding and information-rich customers of today demand more and more interactive services on demand. Therefore, companies in this region should adopt CEM solutions that guarantee consistent services.

Restraints

However, perfect implementation and a solid strategy are necessary to create an ideal experience in all channels. The lack of quality control is often found in the case of outsourcing support/customer service operations. These factors could cast doubt on the growth prospects for the CEM market in North America in the near future.

Market Segmentation

North America Customer Experience Management Market - By Component

• Solution
• Services

The services segment is anticipated to record the highest profits over the projection period due to the heightened demand for managed services across different industries. These services help rising companies to control their expenses and at the same time, effectively lure new buyers.

North America Customer Experience Management Market - By Deployment Type

• Cloud
• On-Premise

Of these, cloud deployment is estimated to dominate its counterpart in the future, attributing to the various benefits offered by it. The implementation through cloud reduces overall expenses and increases the storage space for innovations and add-ons.

North America Customer Experience Management Market - By Industry

• Healthcare
• Communications
• Media and Entertainment
• Manufacturing
• BFSI
• Retail
• IT & Telecom
• Automotive and Transport
• Others.

All these sectors are presumed to contribute significantly to the regional market in the forecast period, ascribing to the expanding preference for customer-centric approaches.

Regional Analysis

The North America CEM industry has been surveyed for the US and Canada. The US customer experience management market is the largest and is expected to grow at a promising rate during the forecast period. The United States has made significant investments in recent years to develop software, build networks and implement the latest technologies. In the near future, this trend will remain strong, strengthening the US CEM market during the forecast period.

The growth of Canada's BFSI and IT sectors is also driving the Canadian customer experience management market. Canadian companies focus on improving the customer experience by providing satisfactory services.

Leading Company

Oracle acquired ATG, and e-commerce improved customer experience management capabilities, providing a personalized experience that helped provide the retail and commercial customers with the ultimate experience.

Key players in the North America CEM market include Qualtrics, Oracle, Avaya Inc., Adobe, Clarabridge, Nokia, Freshworks Inc., Open Text Corporation and Genesys.