The North America customer experience management market size is expected to reach USD 7,496.7 million by 2025, registering a CAGR of 17.1% from 2019 to 2025, according to a new report by Grand View Research, Inc. Owing to the intensifying competition across industries, organizations are steadily shifting from the traditional strategy of chasing sales targets and marketing to providing enhanced customer experience as a way of building long-term relationships with customers.
As a result, it has become essential for an organization to understand the changing needs of customers. Thus, the continuous evaluation of customer feedbacks to fetch valuable customer insights as a way of adding business value is becoming one of the top priorities across industries. Moreover, the rising focus of companies on integration with social media and mobile platforms to connect with customers and deliver enhanced customer service is also expected to drive the adoption of CEM tools in the near future. In addition, big data analytics is transforming business operations and customer interaction, necessitating it for companies to adopt advanced customer experience management solutions.
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In terms of deployment, the adoption of cloud-based CEM tools has been on the rise in recent years. Cloud-based CEM solutions help organizations to address customer needs while providing a personalized experience. The cloud facilitates organizations to easily and quickly upgrade features across different channels to accelerate business transformation and, in turn, gain a competitive edge. A notable trend observed in the market is the migration of companies from large CEM vendors to small CEM vendors who offer industry-specific tailor-made solutions. This process is driven by two major factors, including pricing strategies of smaller vendors and their ability to offer customizable solutions. Large vendors are expected not to relinquish their share but witness slow growth.
Another key trend observed in the North America market is the increasing emphasis of large and medium-sized companies on providing multichannel services to deliver a seamless experience to customers across all touch points channels. Organizations are adopting business analytics tools such as sentiment analytics, speech analytics, and text analytics. Such efforts are expected to help enterprises understand the critical insights from unstructured data gathered from interactions with customers to provide enhanced digital services.
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Further key findings from the report suggest:
• The web services touch point segment is anticipated to witness the highest CAGR of 18.8% over the forecast period
• The speech analytics analytical tools segment is anticipated to grow at the highest CAGR of 19.2% over the forecast period. The rising number of contact centers and need for real-time cloud analytical solutions to enhance customer experience is anticipated to strengthen the growth prospects of the segment
• The cloud deployment segment is anticipated to register at the highest CAGR over the forecast period. The promising rate of advancement of cloud computing technologies is expected to create a steady demand for cloud deployment
• Key players in the North America CEM market include Oracle, SDL Plc, Verint, Tech Mahindra Limited and Zendesk.
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