New York, United States, Dec. 14, 2023 (GLOBE NEWSWIRE) -- The Global Customer Experience Management Market Size is to Grow from USD 16.85 Billion in 2022 to USD 65.95 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 14.6% during the projected period. The market is expected to see a rise in the proportion of work completed using digital engagement models based on collaboration tools and platforms. The price of computing and storage power has decreased due to the quick spread of smart technologies like Machine Learning (ML), Artificial Intelligence (AI), and the Internet of Things (IoT), among others. During the expected period, this development will fuel the market for customer experience management significantly.
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The market's growth can be attributed to the increasing importance of knowing consumer behavior and preferences, which drives different brands and organizations to implement customer experience strategies like frequently speaking and engaging with consumers, developing a long-term program, and utilizing automation to provide the best service performance to consumers in real-time. These innovations will further the customer experience management market's growth during the anticipated period. Businesses deploy cutting-edge AI tools like facial recognition, biometric authentication, chatbots, and digital assistants to increase customer happiness. AI-driven technology helps companies comprehend customer concerns, examine consumer conversations, and offer customized responses. The requirement for significant investments in technology infrastructure, staff acquisition, and training is a challenge for smaller businesses looking to implement full customer experience management systems.
COVID-19 Impact
With the growing popularity of internet commerce, the COVID-19 pandemic had a negligible effect on this industry. Consumer shopping habits and preferences saw a significant transformation during this COVID-19 pandemic time. Customers preferred using digital channels over traditional stores. Businesses were emphasizing retaining and gaining new customers. It was anticipated that businesses that implemented virtual assistants or bots to meet shifting client expectations at that time would open up new market prospects for customer experience management solution vendors. The need for customer experience management solutions has stabilized as a result of the expanding popularity of online shopping and the increasing emphasis that consumers are placing on utilized digital platforms.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Customer Experience Management Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution, Services, Others), By Deployment (On-Premises, Cloud, Others), By Enterprise Size (Large Enterprises, SMEs), By Touchpoint (Call Center, Website, Mobile Applications, Email, Social Media, Others), By End-user (BFSI, Retail & Consumer Goods, IT & Telecom, Healthcare, Automotive, Media & Entertainment, Government, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The solution segment dominates the market with the largest revenue share over the forecast period.
Based on components, the global customer experience management market is divided into solutions and services. Managed and professional categories are further separated under the services market. The services segment is expected to have the highest CAGR during the projection period. Many companies offer managed and professional services to end users in addition to customer experience management systems. Professional services are predicted to hold the largest market share during the anticipated period due to increased client satisfaction rates. The growth of the customer experience management market is driven by professional services that provide clients with expertise, specialized knowledge, and experience to help in the development of their enterprises.
The on-premises segment is witnessing significant CAGR growth over the forecast period.
Based on deployment, the worldwide customer experience management market is divided into on-premises and cloud. Among them, the on-premises segment is expected to experience a significant CAGR increase. For a range of functions, many businesses are converting from manual to automated solutions. SelectHub conducted a customer relationship management buyer survey, and its results indicated that some larger business organizations preferred on-premise implementation over cloud-based deployment. In addition to the rising demand for data protection, on-premise customer experience management systems are growing in popularity. As a result, on-premise solutions are growing in popularity.
The call center segment is expected to hold the largest share of the global customer experience management market during the forecast period.
Based on the touchpoint, the global customer experience management market is classified into call centers, websites, mobile applications, email, social media, and others. Among these, the call centers segment is expected to hold the largest share of the customer experience management market during the forecast period. The main driving forces are the expansion of cloud-based and virtual contact center solutions, the increased use of social media in contact center operations, the adoption of innovative contact center technologies at a faster rate, and the streamlining of customer interactions to raise customer satisfaction.
The BFSI segment accounted revenue share of more than 17.8% over the forecast period
Based on End users, the global customer experience management market is divided into BFSI, retail and consumer goods, IT & telecom, healthcare, automotive, media and entertainment, government, and others. With a revenue share of 17.8% throughout the anticipated period, the BFSI category leads the other categories. As a result of growing client contacts across a variety of touchpoints, such as call centers, emails, online banking platforms, and social media, the BFSI sector may adopt customer experience management systems.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 38.7% market share over the forecast period. The growing investments made by U.S. and Canadian businesses in digital marketing and communications are promoting regional market growth. Businesses are increasingly using social media to interact with customers, get product feedback, and build brand recognition. Thanks to the development of products like social middleware, social management, social monitoring, and social measurement, businesses can now build customer relationships and increase consumer awareness of their brands. Asia-Pacific market is expected to grow the fastest during the forecast period. As a result of the ongoing development of AI-based tools and self-service options like chatbots, IVR, web self-service, and online communities, businesses are now better equipped to understand changing consumer behavior, provide quick support, and implement proactive actionable answers. The use of Big Data and the expansion of digitization in Europe will also boost spending on digital platforms.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Customer Experience Management Market include SAP SE, Freshworks Inc., Medallia Inc., Microsoft Corporation, Genesys, Zendesk Inc., Oracle Corporation, Adobe Inc., OpenText Corporation, Salesforce.com, Inc. and among others.
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Recent Developments
- In June 2023, Avaya Customer Experience Services (ACES), formerly known as Avaya Professional Services, was announced by a corporation that is a global leader in customer experience solutions. The improved strategy enables the seamless integration of AI, digital, and cloud technologies to provide customers with improved business outcomes.
- In March 2023, Q-nomy, Cubu was launched by Q-nomy, a firm that specializes in customer journey management systems. Cubu is an integrated solution that integrates customer interaction management, appointment scheduling, and customer flow management.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2032. Spherical Insights has segmented the global customer experience management market based on the below-mentioned segments:
Customer Experience Management Market, Component Analysis
- Solution
- Services
- Others
Customer Experience Management Market, Deployment Analysis
- On-Premises
- Cloud
- Others
Customer Experience Management Market, Enterprise Size Analysis
- Large Enterprises
- SMEs
Customer Experience Management Market, Touchpoint Analysis
- Call Center
- Website
- Mobile Applications
- Social Media
- Others
Customer Experience Management Market, End-user Analysis
- BFSI
- Retail & Consumer Goods
- IT & Telecom
- Healthcare
- Automotive
- Media & Entertainment
- Government
- Others
Customer Experience Management Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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