Chicago, June 08, 2023 (GLOBE NEWSWIRE) -- The global Customer Experience Management Market size to grow from USD 9.5 Billion in 2021 to USD 16.9 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 12.3% during the forecast period, according to a new report by MarketsandMarkets™. The presence of various key players in the ecosystem has led to a competitive and diverse market. Digital technologies facilitate the transformation of business process models and help increase revenue generation for end-user companies. Omnichannel-based customer experience (CE) solutions enable organizations to gather customer data in order to provide a quick and seamless shopping experience to customers.
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312 - Tables
54 - Figures
282 - Pages
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Scope of the Report
| Report Metrics | Details |
| Market size value in 2021 | USD 9.5 billion |
| Market size value for 2026 | USD 16.9 billion |
| Growth Rate | 12.3% CAGR |
| Market size available for years | 2015-2026 |
| Base year considered | 2020 |
| Forecast period | 2021-2026 |
| Forecast units | Value (USD Billion) |
| Segments covered | By Component, touchpoint, Deployment type, Organisation Size, Verticals |
| Regions covered | North America, Europe, APAC, MEA, and Latin America |
| Customer Experience Management Market Drivers |
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| Customer Experience Management Market Opportunities |
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| Companies covered | Adobe (US), IBM (US), Oracle (US), Avaya (US), Nice (Israel), Nokia (Finland), SAP (Germany), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US) and many more. |
Among Components, Solutions is expected to hold a larger market size with customer experience management in 2026. Organizations are deploying CEM solutions to empower customers with highly connected personalized experiences across a wide range of websites, stores, call centers, mobile apps, social media, emails, virtual assistants, and other touchpoints. Customer queries are also expected to be resolved through automatic response processes through solutions wherein the customers receive real-time feedback of the query.
By Organisation size, large enterprises are expected to hold the largest market size during the forecast period. Large enterprises deploy CEM solutions to enhance their CE and satisfaction. Large enterprises encompass distributed data related to customers scattered across different departments and are, hence, opting for cloud-based CEM solutions to gain valuable insights from this data. The adoption of CEM solutions helps large enterprises enhance customer interaction and loyalty. Large enterprises are keen on investing in new and latest technologies such as artificial intelligence (AI), big data, and machine learning to automate the customer engagement process.
By Deployment type, cloud is expected to hold the largest market size in 2026. Cloud-based CE solutions are preferred over traditional systems as they are effective and compatible in addressing the rising level of customer expectations. Besides reducing costs associated with upgrading and updating CE solutions, cloud deployments also help organizations integrate technologies to provide a better CE to their customers.
By verticals, retail sector is expected to hold the largest market share in 2026. In retail, customer experiences depend on personalization and consistency. Customers expect retailers to understand them, anticipate their needs, reach out when, where, and how they prefer, and offer a consistent experience across every touchpoint. Changing consumer behavior to drive the growth of the Customer Experience Management Market in the retail sector. The rising adoption of e-commerce is driving the growth of the e-commerce sector in the market.
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APAC is expected to grow at the highest CAGR during the forecast period. The enormous population in the region has led to an extensive pool of subscriber base for companies. The increasing internet penetration and per-user online consumption have led organizations to enhance their offerings in the Customer Experience Management Market through digital touchpoints such as social media, websites, emails, virtual assistants, and call centers.
The key and emerging market players in the Customer Experience Management Market include Adobe (US), IBM (US), Oracle (US), Avaya (US), Nice (Israel), Nokia (Finland), SAP (Germany), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US), Teradata (US), Sprinklr (US), Medallia (US), InMoment (US), SAS (US), Clarabridge (US), Sitecore (US), NGDATA (Belgium), Amperity (US), Mixpanel (US), Segment.io (US), ZephyrTel (US), MindTouch (US), Algonomy (US), and SoGoSurvey (US). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market shares in the global Customer Experience Management Market.
Frequently Asked Questions (FAQ)
How big is the customer experience management market?
The global Customer experience management Market size to grow from USD 9.5 Billion in 2021 to USD 16.9 Billion by 2026
Who are the major vendors in the Customer experience management market?
Major vendors in the customer experience management market are Adobe (US), IBM (US), Oracle (US), Avaya (US), Nice (Israel), Nokia (Finland), SAP (Germany), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US), Teradata (US), and Sprinklr (US)
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