Global Customer Experience Management (CEM) Market by Component, Touchpoint, Deployment Type, Organization Size, Vertical and Region - Forecast to 2025
DUBLIN, Aug. 14, 2020 /PRNewswire/ -- The "Customer Experience Management Market by Component (Solutions, Services) Touchpoint, Deployment Type, Organization Size, Vertical (IT and Telecom, BFSI, Retail, Healthcare, Media and Entertainment), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global customer experience management market is projected to grow from USD 8,556 million in 2020 to USD 14,954 million by 2025, at a CAGR of 11.8%, from 2020 to 2025.
Increasing necessity to improve customer engagement and reduce customer churn rate due to growing competition to drive the market for customer experience management
The increasing need for improving customer engagement and reducing customer churn rates due to growing competition has led organizations to deploy advanced customer experience solutions. However, Difficulty in getting consistent CX feedback through all channels, and data security and privacy concerns are considered to pose challenges to the growth of the customer experience management market.
By component, the solutions segment to account for a larger market share during the forecast period
Based on component, the solutions segment is expected to hold a larger market share than the services segment during the forecast period. Organizations are deploying customer experience management 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 queries.
By services, the managed services segment to account for a larger market share during the forecast period
Based on services, the managed services segment is expected to hold a larger market size than the professional services segment during the forecast period due to the growing demand for the management of customer experience management operations on-premises as well as on the cloud. The prime responsibility of the managed service providers is to improve the efficiency of inbound and outbound operations cost-effectively for enterprises.
Among regions, APAC to grow at the highest CAGR during the forecast period
The market in APAC is projected to grow at the highest CAGR during the forecast period, due to the widespred adoption of emerging technologies, such as cloud computing, AI, and analytics. The presence of growing economies such as China and India which are rapidly implementing the latest technologies has also contributed to the growth of the customer experience management market in the region.
Key Topics Covered
1 Introduction 1.1 Introduction to COVID-19 1.2 COVID-19 Health Assessment 1.3 COVID-19 Economic Assessment 1.4 Objectives of the Study 1.5 Market Definition 1.6 Market Scope 1.7 Currency 1.8 Stakeholders
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Customer Experience Management Market 4.2 Asia-Pacific Market, by Component and Country 4.3 Market: Major Countries
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Need for Better Understanding Customers Increasing the Demand for CEM Solutions 5.2.1.2 Customer-Related Scores Helping Organizations to Plan Better Customer Engagement Strategy 5.2.1.3 CEM Solutions Help in Reducing Customer Churn Rates 5.2.1.4 CEM Solutions Help in Keeping Customer Engagement Through Omnichannel 5.2.2 Restraints 5.2.2.1 Data Synchronization Complexities 5.2.3 Opportunities 5.2.3.1 Need for Insights to Predict Customer Intents 5.2.3.2 Information Extracted from CEM Solutions Can Be Used to Make Optimal CX Strategy 5.2.4 Challenges 5.2.4.1 Difficulty in Getting Consistent CX Feedback Through All Channels 5.2.4.2 Difficulty in Synchronizing CX Data Collected from Different Touchpoints Within Different Domains 5.2.4.3 Data Security and Privacy Issues 5.3 COVID-19 Pandemic-Driven Market Dynamics and Factor Analysis 5.3.1 Drivers and Opportunities 5.3.2 Restraints and Challenges 5.4 Industry Trends 5.4.1 Use Cases 5.4.1.1 Use Case 1: Icici Bank Transforms Its CX With Genesys 5.4.1.2 Use Case 2: Safaricom Uses Nokia Customer Experience Management on Demand 5.4.1.3 Use Case 3: Schwan's Company Uses Oracle Cross-Channel Marketing 5.4.1.4 Use Case 4: Opentext and Livesite's Solutions Help in Delivering Information According to Its Members' Need
6 Customer Experience Management Market, by Component 6.1 Introduction 6.2 Solutions 6.3 Services
7 Customer Experience Management Market, by Touchpoint 7.1 Introduction 7.2 Website 7.3 Store 7.4 Call Center 7.5 Mobile App 7.6 Social Media 7.7 Email 7.8 Virtual Assistant 7.9 Others
8 Customer Experience Management Market, by Deployment Type 8.1 Introduction 8.2 On-Premises 8.3 Cloud
9 Customer Experience Management Market, by Organization Size 9.1 Introduction 9.2 Large Enterprises 9.3 Small and Medium-Sized Enterprises
10 Customer Experience Management Market, by Vertical 10.1 Introduction 10.2 IT and Telecom 10.3 BFSI 10.4 Retail 10.5 Healthcare 10.6 Automotive 10.7 Travel & Hospitality 10.8 Media & Entertainment 10.9 Public Sector 10.10 Others
11 Customer Experience Management Market, by Region 11.1 Introduction 11.2 North America 11.3 Europe 11.4 Asia-Pacific 11.5 Middle East & Africa 11.6 Latin America
12 Competitive Landscape 12.1 Competitive Leadership Mapping 12.1.1 Visionary Leaders 12.1.2 Innovators 12.1.3 Dynamic Differentiators 12.1.4 Emerging Companies 12.2 Strength of Product Portfolio 12.3 Business Strategy Excellence 12.4 Competitive Leadership Mapping (Start-Up/SMEs) 12.4.1 Progressive Companies 12.4.2 Starting Blocks 12.4.3 Responsive Companies 12.4.4 Dynamic Companies 12.5 Market Ranking for the Market, 2020
13 Company Profiles 13.1 Adobe 13.2 IBM 13.3 Oracle 13.4 Avaya 13.5 Nice 13.6 Nokia 13.7 SAP 13.8 Opentext 13.9 Tech Mahindra 13.10 Verint Systems 13.11 Zendesk 13.12 SDL 13.13 Teradata 13.14 Sprinklr 13.15 Medallia 13.16 Inmoment 13.17 SAS Institute 13.18 Clarabridge 13.19 Sitecore 13.20 NGdata 13.21 Amperity 13.22 Manthan 13.23 Mixpanel 13.24 Segment.io 13.25 Zephyrtel 13.26 Mindtouch
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