Newark, NJ, May 10, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global customer experience management market is expected to grow from USD 8020.30 million in 2020 and to reach USD 23943.25 million by 2028, growing at a CAGR of 14.65% during the forecast period 2021-2028.
The customer experience management market is witnessing significant growth in the past years. This growth is attributed to the rising importance of understanding customer behavior & preferences, rising e-commerce responsible for meeting the increasing need to cater to consumer satisfaction, a highly competitive environment, and a growing trend of investments in customer retention approaches.
Customer experience management is the method of responding and planning to consumer experiences to meet their requirements. It is a system that companies utilize to track, oversee, and reply to all consumer communications. This system assists organizations to exceed their consumers’ expectations to improve client advocacy, loyalty, and satisfaction. CEM is a solution by which a company can communicate among their clients and examine buyer behavior, buying patterns, penetrations, satisfaction, complaints, and overall experience.
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The customer experience management market is expected to witness significant growth, owing to customers' rising use of digital channels to interact with organizations and brands. Additionally, the increasing demand from clients for a personalized experience across multiple industries, data analytics advancements to help enterprises design, operate and enhance their end-to-end CEM. Furthermore, the rising deployment of advanced technologies like cloud computing, AI, IoT, big data analytics solutions, and machine learning, among others, to provide better, more reliable, and efficient consumer services that can diminish consumer churn rates, are further expected to propel the market. The requirement to build a consistent multi-channel brand experience is expected to hinder the market's growth in the coming years.
Key players operating in customer experience management market Oracle, IBM, Adobe, Nokia, Avaya, Nice, Tech Mahindra, OpenText, Verint Systems, and SAP, among others. . To gain a significant market shares in the global customer experience management market.
- For example, in March 2020, RingCentral and Avaya collaborated to declare the availability of their new joint offering, Avaya Cloud Office, through RingCentral.
- For example, in July 2020, IBM, Abode, and Red Hat entered a strategic partnership to allow businesses to deliver a personalized experience to their consumers.
Mobile segment dominated the market and held the largest market share of 23.21% in the year 2020
On the basis of touch point type, the customer experience management market is segmented into call centers, web services, social media platform, mobile, email, and stores/branches. Mobile segment dominated the market and held the largest market share of 23.21% in the year 2020. This growth is attributed to the expanding use of mobile phones among consumers, mobile applications, and mobile marketing.
On-premise segment dominated the market and held the largest market share of 64.34% in the year 2020
On the basis of deployment, the customer experience management market is segmented into on-premise and cloud. On-premise segment dominated the market and held the largest market share of 64.34% in the year 2020. This growth is attributed to the increased concerns regarding the protection of data or content associated with entertainment and media projects that is highly valuable and boosts companies to adopt on-premise or local solutions.
Solutions segment dominated the market and held the largest market share of 59.12% in the year 2020
On the basis of component, the customer experience management market is segmented into services and solutions. Solutions segment dominated the market and held the largest market share of 59.12% in the year 2020. This growth is attributed to the growing number of contact centers and an increasing need for real-time CEM solutions to enhance the consumer experience.
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Large enterprises segment dominated the market and held the largest market share of 65.10% in the year 2020
On the basis of organization size, the global customer experience management market is segmented into large enterprises and SMEs. Large enterprises segment dominated the market and held the largest market share of 65.10% in the year 2020. This growth is attributed to the expansion of advanced consumer services and significant expenditure in IT infrastructures.
Healthcare segment dominated the market and held the largest market share of 18.27% in the year 2020
On the basis of vertical, the global customer experience management market is segmented retail, travel & hospitality, government, BFSI, automotive, healthcare, IT & telecom, and others. Healthcare segment dominated the market and held the largest market share of 18.27% in the year 2020. This growth is attributed to the requirement to improve the patient experience. Moreover, there is a broad opportunity over the sector and allied sectors likewise for enhancing CEM execution for company process optimization.
Regional Segment of Customer Experience Management Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the customer experience management market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share of 29.22% in the year 2020. This growth is attributed to the rapid adoption of advanced technologies by industries and key market vendors in this region. The market in the Asia Pacific is expected to witness significant growth, owing to the increasing adoption of technology through customers in improving the retail shopping experience. Further, in countries like India, the number of SMEs is increasing. These SMEs concentrate more on executing CEM solutions as a part of their struggles to stimulate their global and regional industries.
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About the report:
The global customer experience management market is analysed on the basis of value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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