The global customer experience management market was valued at USD 7.5 billion in 2020 and is projected to expand at a CAGR of 17.6% during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing demand for personalized experience among customers.
Customer experience management (CXM) is the method of understanding customers and implementing strategies, which enable cross functional efforts as well as customer centric culture to increase advocacy, satisfaction, and loyalty. It is used to oversee, track, and organize all engagements, to help a business to focus on customers’ requirements. The method is especially designed to eliminate the gap between the expected customer experience and the real customer experience.
Several business organizations are now understanding the significance of customer experience management as it helps the organizations to build a strong presence of their brand. It helps to improve consumer loyalty and reduce consumer churn, which in turn, is fueling the market growth in terms of revenue.
The continuous development of technologies is improving the process through which the customer reacts and interacts with the brand through multiple channels. Consumers are using multiple devices to review, understand, and buy goods. The development in digital technology has inspired the customers to demand a smooth experience while interacting with companies across multiple channels.
Market Trends, Drivers, Restraints, and Opportunities:
- Rapid development in big data analytics to support the business design and improve the consumer experience management is projected to fuel the market growth.
- Increasing investments in the development of marketing technologies to improve customer experience management is expected to enhance the growth of market.
- Rising trend in the investment toward customer retention strategies instead of customer acquisition strategies is projected to boost the market growth.
Global Customer Experience Management Market Segment Insights:
Text analytics segment anticipated to account a large market share
Based on analytical tools, the market is segmented into web analytics & content management, text analytics, speech analytics, and EFM software. The text analytics segment is anticipated to account for a large market share owing to the rising generation of text-based data in the form of reviews, comments, and feedbacks across numerous offline survey systems and digital platforms. Several organizations are using text analytical tools for in-depth analysis and text classification of complicated customer data.
Call centers segment expected to dominate the market
On the basis of touch points, the market is divided into web services, stores/ branches, social media platforms, mobile, emails, and call centers. The call centers segment is expected to dominate the market during the forecast period owing to the growing demand for personal attention and experience among consumers.
On-premise segment is anticipated to dominate the market
By deployments, the market is bifurcated into on-premise and cloud. The on-premise segment is anticipated to dominate the market during the forecast period. Major companies are engaging in buying software license for the dedicated servers and computing infrastructure. In result, this has reduced the total ownership and offers a secure control and better management of the data.
Retail segment is expected to dominate the market
Based on end-users, the market is classified as BFSI, government, energy & utilities, healthcare, IT & telecom, manufacturing, and retail. The retail segment is expected to dominate the market during the forecast period owing to the change in omnichannel model to offer better customer support and services up to end-to-end touch point.
North America is anticipated to dominate the market
In terms of regions the global customer experience management market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period owing to the rapid penetration in several industry verticals such as banking, telecom, and retail. Furthermore, increasing budgets of organizations on digital in the Canada and the US. are also contributing to the regional market growth.
Some major participants competing in the global customer experience management market include SAP SE, Oracle, IBM, Adobe, and Avaya, Inc.
These market players are indulging in strategies such as mergers, acquisition, launches, and product development to build their strong position in the market.
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