New York, US, July 06, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Global Customer Experience Management Market, By Touch Point (Call Centers, Email, Social Media), By End-users (BFSI, Healthcare, Manufacturing, Retail) - Forecast 2030” to thrive at a healthy CAGR over 17.9% to acquire a size of approximately USD 17.68 billion by the end of 2030.
Customer Experience Management Market Overview:
Customer experience management can be broadly defined as a dynamic process by which an organization traces the general interaction between the organization and consumers. The complete procedure of customer experience management carries out by a typical and specific consumer lifecycle.
Report Scope:
| Report Metric | Details |
| Market Size | USD 17.68 Billion in 2030 |
| CAGR | 17.9% From 2021 to 2030 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Touch Point, End-Users and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | IBM Corporation (U.S.), SAS Institute Inc. (U.S.), Adobe Systems Incorporated (U.S.), Tech Mahindra Limited (India), Oracle Corporation (U.S.), Open Text Corporation (Canada), Nokia Networks (Finland), Avaya Inc. (U.S.), SDL (U.K.) |
| Key Market Opportunities | The dynamic concept of Customer experience management is a varied range of cross and multi-channel several business activities that are very well executed and implemented on a strategic enterprise level to manage or develop commercial activities all across the various customer lifecycle. |
| Key Market Drivers | Expanding demand to meet desirable consumer satisfaction, rising e-commerce activities, competitive environment, and increasing focus towards major consumer oriented markets. |
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Customer Experience Management Market USP Covered
Customer Experience Management Market Drivers
The global market for customer experience management witnessed a major surge in the growth rate in the last few years. The major aspect causing an upsurge in the market's growth is the growing demand to fulfill advantageous consumer satisfaction. Furthermore, factors such as the increasing focus on major consumer-oriented markets, the competitive environment, and rising e-commerce activities are likely to catalyze the market's growth over the coming years. Moreover, the several language barriers and numerous monotonous augmentations across the market, several launches of multilingual text analytics that burst the numerous industry-specific text across analytics applications are the major aspects boosting the market's growth across the globe.
Customer Experience Management Market Restraints
On the other hand, various aspects may impede the growth of the customer experience management market. The growing amount of data prone to cyber attacks is the major aspect restricting the market's growth across the globe.
COVID-19 Impact
The global COVID-19 pandemic has affected the majority of the market sectors across the globe. The consistent outbreak of the global pandemic COVID-19 has impacted public health and economic growth across the globe. The global market for customer experience management is no different than others. The market players across the globe faced several unexpected challenges in recent times. To stop the spread of the disease, several governments across the globe imposed partial or complete lockdowns. Some of the major market sectors affected by the global health crisis include the retail sector, logistics & transportation sector, and manufacturing sector. The moderately affected sectors include non-core sectors, such as the e-commerce industry and the IT and telecom sectors.
On the other hand, market sectors such as the public sector and public & government healthcare are mainly implementing prime customer experience management (CEM) global solutions during the COVID-19 pandemic, given the sudden rise in the number of clients. The global COVID-19 pandemic has severely affected the global market for customer experience management's growth and lifestyle. Several organizations have to combat the fight for existence and client relationships persistently.
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Customer Experience Management Market Segment Analysis
Among all the components, the services segment is anticipated to account for the highest contribution across the global customer experience management (CEM) market over the assessment timeframe. The segment has a major impact on the growth of the customer experience management market. These services help end users lower overall costs, enhance business performance, and expand overall revenues. With the assistance of these services, organizations can trace, examine, and study the needs of their business to make better-informed decisions.
Out of all the deployment types, the cloud segment is anticipated to register the highest growth rate over the review timeframe. With the help of the cloud, companies can achieve better collaboration, agility, responsiveness, and faster performance without functioning a server infrastructure.
Among all the organization sizes, the large organization's segment is anticipated to dominate the global customer experience management (CEM) market over the coming years. the growing adoption of CEM solutions across large enterprises is anticipated to boost the segment's growth over time assessment timeframe. The large scale of economies and the affordability of large organizations allow these companies to implement CEM solutions.
Among all the end-users, the healthcare segment is anticipated to register the highest growth rate across the global customer experience management (CEM) market over the review timeframe. The requirement to improve patient experience is the primary aspect propelling the growth of the CEM in the healthcare sector over the coming years.
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Customer Experience Management Market Regional Analysis
The global market for customer experience management (CEM) is studied across five major regions: Latin America, North America, Europe, Asia-Pacific, and the Middle East & Africa.
According to the research reports by Market Research Future (MRFR), the North American region is estimated to acquire the largest revenue share across the global market for customer experience management (CEM) over the forecasted timeframe. The regional market's growth is mainly attributed to the increasing adoption of modern technological solutions. Furthermore, the factors such as increasing customer expectations and several regional growths in consumer experience management are also anticipated to boost the market's growth over the assessment timeframe. Moreover, the presence of large companies across the region is also projected to impact the regional market's growth over the assessment timeframe.
The Asia-Pacific region's customer experience management (CEM) market will likely register substantial growth over the assessment timeframe. The major aspect causing an upsurge in the regional market's growth is the increasing competition among major players across the region. Furthermore, factors such as the maxim unavailability of latest technological solutions and rising consumer needs are also anticipated to boost the regional market's growth over the forecasted timeframe.
Customer Experience Management Market Competitive Analysis
The global market for customer experience management has prominent leaders such as:
- Sprinklr (US)
- SoGoSurvey (US)
- Adobe (US)
- Algonomy (US)
- IBM (US)
- MindTouch (US)
- Oracle (US)
- ZephyrTel (US)
- Avaya (US)
- io (US)
- Nice (Israel)
- Mixpanel (US)
- Nokia (Finland)
- Amperity (US)
- SAP (Germany)
- NGDATA (Belgium)
- OpenText (Canada)
- Sitecore (US)
- Tech Mahindra (India)
- Clarabridge (US)
- Verint Systems (US)
- SAS (US)
- Zendesk (US)
- InMoment (US)
- Teradata (US)
- Medallia (US)
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Recent Developments:
- European countries are emerging players in the regional market.
- Asia pacific is also leading in this direction because of huge demand.
The various customer experience management market has been divided vertically into numerous IT and telecom; banking sector, financial services sector, and insurance (BFSI); retail; healthcare sector; automotive; travel and hospitality sector; media and entertainment; public sector; and others.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
