Customer Experience Management Market

Customer Experience Management Market by Analytical Tools (Web analytics & Content Management, Text Analytics, Speech Analytics, and EFM Software), Touch Points (Web Services, Stores/ Branches, Social Media Platforms, Mobile, Emails, and Call Centers), Deployments (On-premise and Cloud), End-users (BFSI, Government, Energy & Utilities, Healthcare, IT & Telecom, Manufacturing, and Retail), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-407
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 3
  • No. Of Pages: 170
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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.

Customer Experience Management Market Key Takeaways

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.

Organizations are largely participating in reorganizing their customer experience management strategies such as usage of advanced data analytics to analyze the customer preference and build a strong position of their brands and products among the consumers. For instance, Deloitte Touche Tohmatsu Limited provides a 360-degree CX retail intelligence, an artificial intelligence (AI)- and machine learning (ML)-based solution for the FMCG industry. It recognizes prime points that are leading to poor and unsatisfied consumer experiences, identifies consumer trends, and offers significant direction to develop operational proficiencies and excellent consumer experience for the organization.

Thus, CXM helps in providing stellar customer satisfaction and improving the sales across several industries including banking, manufacturing, retain, and media & entertainment.

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.
  • The resistance of customer-focused enterprises to adopt latest technology to improve customer experience can hinder the market growth during the analysis period.
  • Several enterprises are heavily investing in products and marketing strategies to improve the sales and acquire new customers, which can generate numerous opportunities for the expansion of market.

Scope of the Report

The report on the global customer experience management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Customer Experience Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Analytical Tools (Web analytics & Content Management, Text Analytics, Speech Analytics, and EFM software), Touch Points (Web Services, Stores/ Branches, Social Media Platforms, Mobile, Emails, and Call Centers), Deployments (On-premise and Cloud), End-users (BFSI, Government, Energy & utilities, Healthcare, IT & Telecom, Manufacturing, Retail)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

SAP SE, Oracle, IBM, Adobe, and Avaya, Inc.


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. To understand complicated text-based data and get valuable insights through social media product reviews and comments, text analytics tools have become a prime choice among organization.

A speech analytics software provides conversational analytics to organize and identify words as well as key phrases spoken during calls into themes. Such benefits has increased the adoption of speech analytics software, which in turn, propelling the speech analytics segment growth. Rising requirement for real time cloud-based analytical solutions is further spurring the segment growth. This segment is anticipated to expand at a CAGR of around 19% during the forecast period.

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. A requirement to offer top quality customer services, has increased the pressure on the contact centers. Several companies are widely using contact centers analytics tools to offer foremost customer experience.

The mobile segment is projected to account a CAGR of around 19.4% during the analysis period owing to the rising penetration smartphones, which is helping enterprises to improve their communication and mobile marketing strategies. Additionally, the mobile customer experience management supports mobile carriers to build significant consumer relationship. Growing use of email-based marketing, personalized marketing, and mass marketing has encouraged enterprises to focus on improving mobile customer experience.

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. Meanwhile, the cloud segment is anticipated to expand at a CAGR of at around 20% in the coming years. The cloud technology enables low-price engagement of customer experience management system in the existing business atmosphere.

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. Additionally, the increasing competition between the product owing to pricing and lack of product differentiation in the retail sector are urging the retailers to improve their management strategies in account to acquire a competitive edge in the market. On the other hand, The BFSI segment is anticipated to account for a high CAGR due to the growing usage of smartphone devices among the customers to process banking transactions.

Customer Experience Management Market By End User

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.

The market in Asia Pacific is projected to witness a high CAGR due to the growing adoption of IoT-based devices, sensors, and advanced analytics tools to provide personalized services to B2C and B2B consumers. Additionally, the growing importance of customer experience management and customer satisfaction, increasing trend of social media, and large number of call centers are some of the factors adding contribution to the regional market growth.

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Customer Experience Management Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Customer Experience Management Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Customer Experience Management Market - Supply Chain
  4.5. Global Customer Experience Management Market Forecast
     4.5.1. Customer Experience Management Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Customer Experience Management Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Customer Experience Management Market Absolute $ Opportunity
5. Global Customer Experience Management Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Customer Experience Management Market Size and Volume Forecast by End Users
     5.3.1. BFSI
     5.3.2. Government, Energy & utilities
     5.3.3. Healthcare
     5.3.4. IT & Telecom
     5.3.5. Manufacturing
     5.3.6. Retail
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Customer Experience Management Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Customer Experience Management Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Customer Experience Management Demand Share Forecast, 2019-2026
7. North America Customer Experience Management Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Customer Experience Management Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Customer Experience Management Market Size and Volume Forecast by End Users
     7.4.1. BFSI
     7.4.2. Government, Energy & utilities
     7.4.3. Healthcare
     7.4.4. IT & Telecom
     7.4.5. Manufacturing
     7.4.6. Retail
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Customer Experience Management Demand Share Forecast, 2019-2026
8. Latin America Customer Experience Management Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Customer Experience Management Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Customer Experience Management Market Size and Volume Forecast by End Users
     8.4.1. BFSI
     8.4.2. Government, Energy & utilities
     8.4.3. Healthcare
     8.4.4. IT & Telecom
     8.4.5. Manufacturing
     8.4.6. Retail
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Customer Experience Management Demand Share Forecast, 2019-2026
9. Europe Customer Experience Management Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Customer Experience Management Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Customer Experience Management Market Size and Volume Forecast by End Users
     9.4.1. BFSI
     9.4.2. Government, Energy & utilities
     9.4.3. Healthcare
     9.4.4. IT & Telecom
     9.4.5. Manufacturing
     9.4.6. Retail
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Customer Experience Management Demand Share Forecast, 2019-2026
10. Asia Pacific Customer Experience Management Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Customer Experience Management Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Customer Experience Management Market Size and Volume Forecast by End Users
     10.4.1. BFSI
     10.4.2. Government, Energy & utilities
     10.4.3. Healthcare
     10.4.4. IT & Telecom
     10.4.5. Manufacturing
     10.4.6. Retail
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Customer Experience Management Demand Share Forecast, 2019-2026
11. Middle East & Africa Customer Experience Management Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Customer Experience Management Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Customer Experience Management Market Size and Volume Forecast by End Users
     11.4.1. BFSI
     11.4.2. Government, Energy & utilities
     11.4.3. Healthcare
     11.4.4. IT & Telecom
     11.4.5. Manufacturing
     11.4.6. Retail
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Customer Experience Management Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Customer Experience Management Market: Market Share Analysis
  12.2. Customer Experience Management Distributors and Customers
  12.3. Customer Experience Management Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. SAP SE
     12.4.2. Oracle
     12.4.3. IBM
     12.4.4. Adobe
     12.4.5. Avaya Inc.
Segments Covered in the Report
The global customer experience management market has been segmented based on

Analytical Tools
  • Web analytics & content management
  • Text analytics
  • Speech analytics
  • EFM software
Touch Points
  • Web Services
  • Stores/ Branches
  • Social Media Platforms
  • Mobile
  • Emails
  • Call Centers
Deployments
  • On-Premise
  • Cloud
End-users
  • BFSI
  • Government, Energy & utilities
  • Healthcare
  • IT & Telecom
  • Manufacturing
  • Retail
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • SAP SE
  • Oracle
  • IBM
  • Adobe
  • Avaya, Inc.

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.

In January 2019, SAP SE acquired Qualtrics, a US-based customer experience management software supplier. The former company is improving its experience management category by integrating Qualtrics experience data along with its software’s operational data Both companies have targeted to offer enterprises an efficient customer, product, employee, and brand experience with the help of their product offering.

Customer Experience Management Market By Key Players 

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