Customer Experience Management Market Size, Share & Trends Analysis Report By Offering, By Analytical Tools, By Touch Point Type, By Deployment, By Organization Size, By End Use, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the customer experience management market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for customer experience management market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of customer experience management market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Customer Experience Management Market Categorization:

The customer experience management market was categorized into five segments, namely analytical tools (EFM Software, Speech Analytics, Text Analytics, Web Analytics & Content Management), touch point type (Stores/Branches, Call Centers, Social Media Platform, Email, Mobile, Web Services), deployment (Cloud, On-premise), end-use (BFSI, Retail, Healthcare, IT & Telecom, Manufacturing, Government, Energy & Utilities, Construction, Real Estate & Property Management, Service Business), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The customer experience management market was segmented into analytical tools, touch point type, deployment, end-use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The customer experience management market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nineteen countries, namely, the U.S.; Canada; the UK.; Germany; France; Italy; Denmark; Finland; Norway; Sweden; China; India; Japan; Australia; New Zealand; Brazil; Mexico; UAE; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Customer experience management market companies & financials:

The customer experience management market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Avaya Inc.: Avaya offers digital communication products, solutions, and services. The company specializes in wireless data communication, internet telephony, and customer relationship management software. The company offers smart technologies and solutions for team engagement, customer engagement, contact centers, unified communications and collaboration, networking, and customer experience management. The company’s solutions are scalable, secure, reliable, and flexible and are designed to help end users in reducing the Total Costs of Ownership (TCO). The company’s solutions are offered in a variety of cloud deployment models, including hybrid, public, and private cloud. Avaya Inc. operates its business through two major segments, namely products & solutions, and services. The products & solutions segment offers unified communications and contact center platforms while the services segment deals with three business areas, namely global support services, enterprise cloud & managed services, and professional services.

• Clarabridge: Clarabridge provides text analytics and analysis software to collect, classify, and report structured and unstructured data. The company offers a platform called Clarabridge that provides dynamic survey tools to capture data; survey customers, employees, prospects, website users, and influencers; gather feedback; customize survey experiences to individual respondents; and facilitate branding with custom logos, colors, and designs. The platform also helps in connecting with various sources for feedback through multiple integration paths, thereby allowing clients to use social media as social intelligence, capture customers’ voices, automatically transcribe customer call recordings, and combine unstructured text analysis with structured data. Clarabridge’s Clara is an intelligent platform that allows businesses to understand the voice of the customer, and offer support, consulting, and training services. It is used by executives and people working in marketing, customer care, and operations sectors. Clarabridge’s clientele includes the incumbents of various industries and industry verticals, such as retail, BFSI, telecommunication, consumer packaged goods, technology, and travel & hospitality.

• Freshworks Inc.: Freshworks is engaged in the development and sales of customer engagement software solutions for enterprises of all sizes. The company offers software solutions for call centers, information technology service management, customer support, and sales & marketing professionals. The company also provides a load-balancing engine named Omniroute for multi-channel customer inquiries. The company’s product portfolio includes Freshdesk, Freshservice, Freshsales, Freshcaller, Freshchat, Freshteam, Freshmarketer, Freshconnect, Freshping, and Freshstatus. They are easy-to-use solutions and are widely adopted by SMEs, large enterprises, e-commerce companies, healthcare companies, and academic institutions. The company's cloud-based suite of SaaS products is widely used by establishments, such as Bridgestone Corporation; Honda Motor Co., Ltd.; HUGO BOSS; Cisco Systems, Inc.; and TeamViewer, as well as educational institutions, such as Purdue University.

• Genesys: The company offers cloud-based and on-premise customer experience and contact center solutions. Its products and services are available on three platforms, namely PureCloud, which consolidates customer service applications in one place; PureConnect, which connects a contact center and the business communications infrastructure; and PureEngage, which allows the management and operation of customer engagement from one place. The company’s customer experience platform allows enterprises to monitor omnichannel journeys and orchestrate interactions. The company also offers SIP communications solutions for contact centers and virtual call centers. Genesys also provides business consulting and professional support, routing, application design, reporting and analytics, and management and deployment, among other services. Apart from that, the company also provides eLearning on-demand courses. The company serves the incumbents of various industries and industry verticals, including banking, energy & utilities, healthcare, insurance, retail, telecommunication, travel, and pharmaceutical. Government agencies also opt for the company’s solutions and services.

• International Business Machines Corporation: The company offers infrastructure hosting and consulting services, manufactures computer hardware, and develops middleware and other software solutions. It also provides support services in areas ranging from nanotechnology to mainframe computers. The company is primarily focused on providing software-defined networking solutions to its customers. The company’s IBM Cloud is particularly getting popular among incumbents of various industries owing to the flexible software and secure hardware it features. International Business Machines Corporation operates through five business segments, namely cloud & cognitive software, global business services, global technology services, systems, and global financing. The global business services segment offers application management and consulting services. The cloud & cognitive software segment boasts a myriad of capabilities that can help clients gain valuable business insights and subsequently a competitive edge over their rivals. As such, it offers Watson, an intellectual computing platform capable of learning from interactions with people and computers, processing big data, and interacting in various languages.

• Medallia Inc.: The company provides service platforms that help in capturing customer feedback from various channels, including mobile telephony, in-store, and online. The company specializes in offering solutions for customer experience management (CEM), business intelligence, enterprise feedback management, social media management, and text analytics. The company’s CEM solutions are designed to gather customer feedback from various channels in real-time and impel corrective actions on the frontline. They are delivered through the Software as a Service (SaaS) delivery model, which is built on an open architecture that utilizes machine learning and artificial intelligence to analyze large volumes of data. Medallia Inc.’s research & development operations are mainly engaged in the development, designing, testing, and delivery of innovative products and platforms. The operations also focus on developing core technologies as well as enhancing the functionality, usability, performance, reliability, and flexibility of the existing platforms. The company has research & development hubs in the U.S. in the states of California and Virginia as well as in Argentina and Israel.

• Miraway: Miraway provides multichannel customer experience management solutions to government agencies and public administration bodies as well as entities operating in the fields of insurance, finance, banking, education, aviation, telecommunications, retail, and advertising. Hospitals, hotels, and shopping centers, among others, also opt for the company’s solutions. Miraway has offered consulting to more than 200 customers and has implemented several projects at more than 1,000 domestic and overseas locations.

• Open Text Corporation:  The company primarily caters to the Enterprise Information Management (EIM) market, and develops enterprise software solutions that can help businesses and government agencies in their digitalization efforts. The company’s EIM platform and the suite of software services and products offer scalable and secure solutions. EIM’s product portfolio integrates digital applications and information platforms while bringing together content services, security, and the business network and ensuring optimized customer experience, asset utilization, employee engagement, and supply chain efficiency. The company offers its products and solutions across automotive, energy & utilities, healthcare, BFSI, media & entertainment, and manufacturing sectors. Companies across the public sector also opt for the company’s products and solutions.

• Oracle Corporation: Oracle’sproducts and services for optimally designed for information technology platforms, applications, and infrastructure. The company markets and sells its offerings to enterprises of all sizes, government agencies, resellers, and educational institutions. The company operates through three business segments, namely hardware, cloud and license, and services. The cloud and license segment offers next-generation cloud computing solutions through delivery modes, such as Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). The hardware segment’s offerings include Oracle Engineered Systems, storage, servers, and industry-specific products. The services segment offers consulting services, educational services, and advanced customer support services. Oracle Corporation’s SaaS offerings include a comprehensive suite of next-generation, modular, cloud-based software solutions that support cross-business functions, including Enterprise Resource Planning (ERP), human capital management (HCM), customer experience management (CX), and Supply Chain Management (SCM). The company offers its CX solutions across different industry verticals, including BFSI, automotive, manufacturing, hospitality, and telecommunications. 

• Adobe: Adobe provides a wide range of multimedia solutions and digital marketing products. Conventionally, the company has been focused on developing creativity and multimedia software. The company delivers its products either through the managed service delivery model or the Software-as-a-Service (SaaS) delivery model. The company’s products are also offered through pay-per-use and term subscription models. The company also offers various support services, including consulting services, customer success account management, technical support, and digital learning services. Users of the company’s products and services include video editors, photographers, designers, content creators, marketers, students, and individual consumers. The company’s products and services can be accessed on personal computers as well as other multimedia devices.

• Adobe operates its business through three reportable segments, namely Digital Media, Digital Experience, and Publishing. The digital media segment offers tools and solutions that allow individuals and small- and medium-sized enterprises to create, publish, and promote their digital content. The digital experience segment offers a broader and integrated suite of products, solutions, and services for creating, managing, executing, assessing, and improving customer experience. The solutions offered by the digital experience segment can be used for social marketing, analytics, targeting, digital experience management, audience management, media optimization, and cross-channel campaign management, among other applications. All the solutions have been integrated under Adobe Marketing Cloud, a unified offering for marketers to design, personalize, and enhance promotion campaigns and digital experiences across different channels. The publishing segment provides legacy products and services necessary for technical document publishing, eLearning solution development, web application development, and printing.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Customer Experience Management Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Customer Experience Management Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.