The global customer experience management market size is expected to reach USD 39.57 Billion in 2030 and register a revenue CAGR of 18.2% during the forecast period, according to the latest report by Reports and Data. Consumers' increased use of digital platforms to connect with businesses and organizations is driving market revenue growth during the forecast period. Understanding customer behavior and preferences are becoming increasingly important, prompting many companies and organizations to adopt Customer Experience Management (CEM) in order to provide the greatest service performance in real-time. CEM solutions are rapidly being used by global organizations and enterprises to promote customer-centricity across processes and, as a result, better differentiate themselves in today's competitive market.
Technological advancements are changing the way customers react to and interact with companies across several platforms. Customers currently utilize a variety of devices to research, comprehend, and finalize things before purchasing. Because of the digital technological disruption, customers now expect a seamless experience when communicating with organizations across several channels or touchpoints such as websites, customer cares or call centers. Companies are increasingly reorganizing their customer management strategies in order to efficiently restructure their products and brands, with customers as their main focus, as a result of the changing customer expectations and this is expected to drive market growth during the forecast period.
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The increase in initiatives by governments and private enterprises to promote digital transformation has indeed had a significant impact on the prices of handheld devices. As a result, the accessibility of these devices has improved, leading to a rise in their sales globally. This, in turn, has facilitated greater access to the internet for a larger portion of the population.
By April 2022, the number of internet users worldwide reached five billion, which accounted for approximately 63% of the global population. This surge in internet users has created a substantial opportunity for enterprises to invest in marketing and advertising to enhance their brand visibility.
To improve customer experience and leave a lasting impression, many businesses have turned to Customer Experience Management (CXM) solutions. These solutions, particularly in the Software-as-a-Service (SaaS) model, offer personalized experiences at every touchpoint with customers. This level of personalization can serve as a significant differentiator for businesses in a competitive market.
Furthermore, the incorporation of Artificial Intelligence (AI) into CXM solutions has the potential to further enhance services. AI enables the extraction and interpretation of large volumes of structured and unstructured customer data from various platforms. This data can then be actively analyzed using AI algorithms to gain valuable insights into customer behavior and preferences.
Analytical Tools Outlook (Revenue, USD Billion; 2019–2030)
- Enterprise Feedback Management (EFM)
- Software
- Speech Analytics
- Text Analytics
- Web Analytics & Content Management
- Others
Touch Point Outlook (Revenue, USD Billion; 2019–2030)
- Stores/Branches
- Call Centers
- Social Media Platform
- Web Services
Deployment Outlook (Revenue, USD Billion; 2019–2030)
- On-premise
- Cloud
End-use Outlook (Revenue, USD Billion; 2019–2030)
- BFSI
- Retail
- Healthcare
- IT & Telecom
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Key Regional Markets Covered in the Report:
· North America (U.S., Canada, Mexico)
· Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)
· Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)
· Latin America (Chile, Brazil, Argentina, Rest of Latin America)
· The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Top 10 Companies Operating in the Global Customer Experience Management Market:
Oracle Corporation, IBM Corporation, Avaya Inc., Adobe, SAP SE, Genesys, Tech Mahindra Limited, Zendesk, SAS Institution Inc., and Open Text Corporation.
Some Key Highlights from the Report
· By components, solutions segment is expected to have largest market share during the forecast period. The growth of the segment is primarily driven by an increase in the number of call centers and a growing need for real-time CEM solutions to better customer experience. Customer experience management solution enables businesses to manage customer interactions.
· By deployment types, cloud segment accounted for largest revenue share in 2020. Organizations can use cloud to improve communication with their customers as well as improve speed, responsiveness, and agility, all without having to operate a server infrastructure which is expensive. Customers today do not expect satisfactory customer service rather, they expect sustained customer interaction that may give a better and more beneficial customer experience. Cloud offers a subscription-based business model, so all businesses can afford it and can maintain a healthy interaction with their customers. Therefore, cloud segment is gaining popularity and contributing to the revenue share of CEM market.
· By organization size, large enterprises segment revenue is expected to grow at a faster rate during the forecast period. Large enterprises deploy CEM systems since they have large customer base to manage and have better ability to invest in innovative solutions.
· CEM market in Asia Pacific is expected to grow at fastest revenue CAGR during the forecast period. The region's large population has resulted in larger consumer base for companies, which is driving market revenue growth.
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