Customer experience management is expected to witness significant growth over the next seven years on account of increasing demand from end users. Consumers have become increasingly influential to company’s strategic activities. These systems are responsible for building a loyal customer base, maximising cross and up selling opportunities, increasing first contact resolution and reducing average handling time. The key factor in defining company’s success is their ability to engage with customers. This feature is expected to be a critical factor for propelling demand for such systems from users.
These systems are about listening, suggesting and sharing experiences of respective customers. This application manages sales and marketing activities which is responsible for enhancing end user services. Increasing trend of digitization is expected to help improve consumer experience and provide better user engagement services. This is expected to propel the demand for these services.
Several companies are spending heavily on research and development activities which would help in optimizing interaction from customer’s perspective. This has resulted in propelling demand over the past few years. Increasing demand for user experience services owing to the fact that companies want to provide optimized solutions to their customers and maintain a loyal client base.
This system is designed to overcome challenges in digital marketing, brand management, social business and consumer communication and provide insightful feedback of customers. This will help in providing improving consumer experience and influence growth of such services. Every business organization is focussing on widening their user base by providing business solutions through different channels in order to retain their customers. In recent times companies are focussing on providing products and services that can be modified to the specific needs of customers. This will be a major factor responsible for influencing expansion over the forecast period.
Methodical tools which are used for analysing client feedback from various touch points including branch, web, mobile, social media and company websites are responsible for driving expansion of the industry. Companies are using innovative ways to connect users with organization for systematic feedback. Expansion of media and communication industry is affecting user expectation and behaviour which has a major impact on the end user experience. This will play a major role in growth of over the forecast period.
Growing trend of shifting focus towards consumer oriented marketing is expected to be a major factor influencing demand for these systems. However, maintaining consistency across various channels and reluctance in choosing right technology are expected to have negative impact on the industry. Unsystematic user feedback coupled with rise of substitute technologies to analyse competitive landscape are some of the major challenges.
The market is divided on the basis of touch points, verticals and region. On the basis of touch points it is further segmented into email, social media, mobile, branch/store, company websites, web and call centres. On the basis of industry verticals, it can be segregated into manufacturing, media & entertainment, automotive & transportation, banking, finance &insurance, telecommunication service providers, consumer goods & retail, travel & hospitality, healthcare, public sector and energy &utilities. North America, Latin America, Asia Pacific and Europe are some of the major markets. On the basis of type, it can be segregated into text analytics, speech analytics and enterprise feedback management. Text analytics is expected to be the fastest growing segment over the forecast period.
The system helps in identifying client needs, product problems, and therefore provides solutions to improve the product life cycle. This has resulted in promoting growth of these systems over the forecast period. On the basis of organization, it can be segregated into small and medium business and enterprises. On the basis of application market is segregated into fault management, performance management service monitoring, Service Level Agreement (SLA) monitoring, Service Quality Management (SQM).
Customer experience management in small and medium business is expected to account for fastest growth in the same period. Exchange rate is one of the economic factors which is expected to have a strong impact on the industry. The industry is highly competitive and therefore companies are spending heavily on customer experience management systems to improve their share. Rising customer expectations coupled with growing use of web based services is expected to increase penetration of these systems. Increasing trend of integration of physical and digital channels coupled with rising importance of emotions in consumer experience will help in propelling growth of customer experience systems. Innovation in designing is expected to be a key feature.
Customer experience management system covers wide range of disciplines including contribution to the process of consumer centric design and helping in planning client experience organisation. Companies are differentiating themselves by setting new standards of client experience, by understanding client needs and wants in order to build stronger relationships, eradicate data silos and distribute information internally. This will help in improving user experience and widen the client base of companies. Companies are also engaged in solving client problems remotely in order to optimize their services and improve relationships with their customers.
The key players in this sector are Adobe Systems Inc., Tech Mahindra, SAP SE, Medallia, IBM, Oracle Corporation, Verint Systems, Amdocs Inc., Hewlett-Packard Development Company, Huawei Technologies Co., Ltd, Ericsson, Cisco Systems Inc. and Clarabridge. The global customer experience management industry is expected to witness significant growth over the next seven years. Mergers and acquisitions are expected to be a key feature in this market over the next few years.
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