Customer Experience Management Market Worth $29.78 Billion by 2028 at 17.1% CAGR Led by IT and Telecom Segment (25.5% Market Share in 2021) Global Analysis by The Insight Partners
NEW YORK, Aug. 10, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Customer Experience Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Service), Deployment Mode (On-Premise and Cloud-Based), Organization Size [Small and Medium Enterprises (SMEs) and Large Enterprises], Touchpoint (Call Center, Website, Mobile Application, Email, Social Media, and Others), and Industry Vertical (IT & Telecom, BFSI, Energy & Utilities, Government, Retail, Manufacturing, and Others)", the global customer experience management market size is projected to grow from $11.55 billion in 2022 to $29.78 billion by 2028; it is expected to grow at a CAGR of 17.1% from 2022 to 2028.
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Customer Experience Management Market Report Scope & Strategic Insights:
Customer Experience Management Market: Competitive Landscape and Key Developments
Adobe; Avaya Inc.; IBM Corporation; NICE Ltd.; Oracle Corporation; SAP SE; Verint Systems, Inc.; Zendesk; SAS Institute Inc.; and Salesforce.com, Inc. are among the leading players profiled in the customer experience management market report. Several other essential market players were analyzed for a holistic view of the customer experience management market and its ecosystem. The report provides detailed market insights, which help the key players to strategize their growth, as mentioned below.
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In 2021, Zendesk announced that it is acquiring Momentive, a leading agile experience management company, and its SurveyMonkey Platform. With this acquisition, Zendesk is aiming to develop a customer intelligence company.
In 2020, Avaya launched Avaya Experience Business. It aligns services, partners, and developers of Avaya into an ecosystem for improving experiences for both customers and employees.
In 2020, with Salesforce Service Cloud Voice, Deloitte Digital provided an enhanced customer experience across all touchpoints. The new offering improves the omnichannel customer experience for contact centers.
In 2020, Verint extended its partnership with Adobe for providing support to improve customer experiences by combining Verint Experience Cloud with Adobe Experience Platform.
Growing E-Commerce Industries Globally Propels Customer Experience Management Market Growth:
With the development of e-commerce and digital banking, customers are becoming more open to digital channels. Several retailers have moved from physical stores to digital channels over the decade. For instance, Statista stated that over 2 billion people purchased products and services online in 2020, with global electronic retail sales exceeding US$ 4.5 trillion. As a result, retailers employ AI-enabled virtual rehearsal rooms, chatbots, and surveillance to capture and analyze customer behavior.
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Brands use multiple channels such as social media, mobile applications, and websites to increase awareness. Such factors are propelling the growth of the customer experience management market. Further, the proliferation of social media channels such as Facebook, Instagram, YouTube, Twitter, and Pinterest drives brand awareness, marketing, and direct purchases. Various brands use social media shops to simplify the customer purchasing process. For example, Facebook and Instagram shops help retailers to attract new customers and shop directly on social media platforms. Consumer experience solutions help these retailers to reduce churn, increase lifetime value, and retain customers. Hence, changing consumer buying behavior is boosting market growth.
Furthermore, the digitization of healthcare is accelerating the adoption of e-health applications, telemedicine, smart health devices, and wearable devices. The digitization of healthcare is changing customer expectations for 24/7 service and immediate response. Therefore, companies are adopting different digital strategies to improve the customer experience. Thus, the factors mentioned above are driving the market growth.
The COVID-19 pandemic severely impacted European countries, such as Italy, Spain, France, and Germany. Before the emergence of the COVID-19 pandemic, the customer experience management market was expected to rise significantly due to growing demand from various industries such as e-commerce and IT & telecom and a rise in business activities in all industry verticals. Furthermore, the pandemic resulted in imposed lockdowns in Europe, which boosted the adoption of online platforms over traditional ones. Thus, the emergence of the COVID-19 pandemic in 2020 benefitted the market due to the rise in the adoption of CEM solutions in industry verticals.
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In 2022, the demand for CEM solutions is expected to increase due to a rise in multiple industries such as healthcare, tourism & hospitality, telecommunication, and BFSI. Further, the European Commission is working on the capital markets union to introduce new funding for Europe's businesses and boost growth in EU countries in 2022. Thus, such growth initiatives in strengthening business activities are anticipated to increase the demand for CEM solutions.
Customer Experience Management Market: Industry Overview
The customer experience management market is segmented into component, deployment mode, organization size, touchpoint, industry vertical, and geography. The customer experience management market analysis by component, the market is bifurcated into solution and service. The customer experience management market analysis by deployment mode, the market is bifurcated into cloud-based and on-premise. Based on organization size, the market is divided into large enterprises and small and medium enterprises (SMEs). Based on touchpoint, the market is segmented into call center, website, mobile applications, email, social media, and others. Based on industry vertical, the market is segmented into IT & telecom, BFSI, energy & utilities, government, retail, manufacturing, and others.
By geography, the customer experience management market is categorized into five regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America. In North America, the US is one of the primary markets for the customer experience management market players due to their increasing adoption of big data solutions to gain insights into customer behavior and preferences. CEM solutions provide quantifiable metrics and actionable insights into the issues that impact end users and help organizations improve their overall customer experience. In addition, the increasing digitalization of processes and infrastructure in the enterprise sector is fueling the adoption of automated CEM solutions in North America. Further, increasing the adoption of digital channels for interaction will help organizations better understand the underlying needs of their end users through a digital experience.
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The highly informed and demanding customers increasingly need timely and personalized interaction services. As a result, companies in the region must adopt CEM solutions that ensure consistent service. In recent years, the US made significant corporate investments in software development, network deployment, and the latest technologies. This trend remains strong for the foreseeable future and can strengthen the US market for CEM over the forecast period. Various companies in North America focus on organic growth strategies and new product launches to meet growing demands. For instance, in 2020, Adobe launched the Digital Economy Index, the real-time barometer of the digital economy. It analyzes trillions of online transactions across 100 million products in 18 different categories.
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