Customer Experience Management Market Size Report 2021 Industry Size, Share, Trends, Growth, and Forecast 2027
Market Analysis
The global Customer Experience Management Market Size 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 Size 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 Size
growth over the forecast period.
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Market Segmentation
The MRFR report throws light on an
inclusive segmental analysis of the global Customer Experience Management
Market Size based on touch point and end users.
By touch point, the global Customer
Experience Management Market Size 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 Size 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.
Regional Analysis
By region, the global Customer
Experience Management Market Size 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 Size growth in the region.
In the APAC region, the global Customer
Experience Management Market Size 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 Size 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.
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Key Players
The leading players profiled in the
global Customer Experience Management Market Size 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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