Pune, India, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The global customer experience management market size was valued at USD 10.11 billion in 2021. The market is projected to grow from USD 11.34 billion in 2022 to USD 32.53 billion by 2029, exhibiting a CAGR of 16.2% during the forecast period, 2022-2029. This information is presented by Fortune Business Insights, in its report titled, “Customer Experience Management Market Forecast, 2023-2029.”
Key Industry Developments:
Genesys and Qualtrics entered into a strategic partnership to deliver world-class customer experience solutions at scale.
Medallia Inc. entered into a strategic partnership with Facebook to enable businesses of all scales and sizes to act, share, and collaborate to customer feedback through the Medallia customer experience management platform and Facebook’s workplace.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 16.2% |
| 2029 Value Projection | USD 32.53 Billion |
| Base Year | 2021 |
| Customer Experience Management Market Size in 2021 | USD 10.11 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component, Deployment, Enterprise Size, Touchpoint, End-user and Geography |
Key Takeaways
- By deployment, On-premises segment will generate largest revenue share.
- The global market in BFSI industry is driven by the growing opportunity for customer experience.
- By type, Access segment holds a significant share in the global market.
- Customer Experience Management Market Size in North America was USD 732.6 Million in 2021.
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Drivers & Restraints
- Surging Adoption of Artificial Intelligence and Augmented Reality to Create Lucrative Growth Opportunities
- The rapid digitization and the dynamic consumer demand have led major businesses to adopt advanced customer experience management solutions to improve customer loyalty and reduce customer churn rates. Additionally, the changing purchasing patterns of consumers have induced the organizations to adopt bots or virtual assistants. The dynamic consumer needs and the increasing focus of enterprises to improve customer experience are anticipated to boost the Customer Experience Management market growth.
- The growing adoption of AI and AR have is anticipated lucrative growth opportunities for the market as task automation and self-service resolutions can be achieved with the incorporation of AI and AR. Also, advanced AI applications such as digital assistants, chat bots, biometric measures, and facial recognition improve customer experience and profitability. The rising adoption of advanced AI and AR technologies are anticipated to accumulate growth for the market.
- However, the rising concerns over data privacy and security may hinder Customer Experience Management Market growth.
Segmentation
- Based on component, the market is bifurcated into services and solutions.
- By deployment model, the market is segregated into cloud and on-premises.
- By enterprise size, the market is classified into large enterprises and small and medium enterprises. In terms of touchpoint, the market is divided into call center, website, mobile applications, email, social media, and others.
- By end-user, the market is categorized into BFSI, rental and consumer goods, IT and telecom, healthcare, automotive, media and entertainment, government, and others.
- Geographically, the Customer Experience Management Market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
- The Customer Experience Software Market report provides a 360-degree evaluation of the prospected market.
- The report provides information on the various market segments; type, activity, run time, etc.
- The Customer Experience Management Market report incorporates Porters’ Five Forces Analysis and PESTLE Analysis for an accurate market prediction.
- The report analyzes the impact of the COVID-19 pandemic and suggests strategies for future growth.
- The CEM Market report highlights the market's competitive landscape and presents vital information on new product launches, latest industry developments, key market trends, and others.
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Regional Insights
North America to Witness the Highest Growth Due to Early Technology Adoption
North America is projected to witness the highest growth in the global customer experience management market share. The early adoption of technologies such as big data analytics, AI, and cloud computing in the U.S. and the surging investments in the research and development activities are anticipated to drive the growth of the market.
Asia Pacific is anticipated to gain immense growth due to the rapid development of the e-commerce sector in the region. Additionally, the growing number of mobile phone users and internet users are expected to stimulate the Customer Experience Management Market growth.
The Middle East & Africa is expected to exhibit considerable growth in the coming years due to the surging internet and social media penetration.
Competitive Landscape
Key Players Invest in Advanced Technologies to Enhance Customer Experience Management Solutions & Garner Growth
The key players in the market are focused on improving existing technologies and software. They are investing in advanced technologies to enhance customer experience management solutions. Several companies are eyeing partnership, merger, acquisition, and collaboration strategies to launch new products and others to generate greater revenues and enhance their market presence.
Companies Profiled Customer Experience Management Market:
- Zendesk Inc. (San Francisco, U.S.)
- SAP SE (Walldorf, Germany)
- Oracle Corporation (Texas, U.S.)
- Adobe Inc. (California, U.S.)
- Medallia Inc. (California, U.S.)
- OpenText Corporation (Waterloo, Canada)
- Microsoft Corporation (Washington, U.S.)
- Salesforce.com, Inc. (California, U.S.)
- Genesys (California, U.S.)
- Freshworks Inc. (California, U.S.)
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Major Table of Contents:
- Global Customer Experience Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Services
- Professional
- Managed
- By Deployment Model (USD)
- Cloud
- On-premises
- By Enterprise Size (USD)
- Large Enterprises
- Small and Medium Enterprises
- By Touchpoints (USD)
- Call Center
- Website
- Mobile Applications
- Social Media
- Others (Virtual Assistants, Loyalty Programs, etc.)
- By End-user (USD)
- BFSI
- Rental and Consumer Goods
- IT and Telecom
- Healthcare
- Automotive
- Media and Entertainment
- Government
- Others (Oil and Gas, Education, Etc.)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Customer Experience Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Services
- Professional
- Managed
- By Deployment Model (USD)
- Cloud
- On-premises
- By Enterprise Size (USD)
- Large Enterprises
- Small and Medium Enterprises
- By Touchpoints (USD)
- Call Center
- Website
- Mobile Applications
- Social Media
- Others (Virtual Assistants, Loyalty Programs, etc.)
- By End-user (USD)
- BFSI
- Rental and Consumer Goods
- IT and Telecom
- Healthcare
- Automotive
- Media and Entertainment
- Government
- Others (Oil and Gas, Education, Etc.)
- By Country (USD)
- United States (By End-user)
- Canada (By End-user)
TOC Continued…!
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