The global customer experience management market size is expected to reach USD 23.6 billion by 2027, registering a CAGR of 17.7% from 2020 to 2027, according to the new study conducted by Grand View Research, Inc. The digital disruption and changing customer behavior are some of the key trends stimulating the growth of the market for customer experience management. Furthermore, with the increasing expectation of customers for quality, convenience, and speed service, business organizations are engaged to provide services at multiple touch points. Additionally, with the advancements in technology, organizations are actively involved in the implementation and deployment of autonomous and AI-based platforms and applications to provide fast, reliable, and efficient real-time customer service.
Rise in social media platforms and online commerce business is another factor responsible for the traction of contextualized and personalized consumer experience through data management. Consumers share every experience and their opinions across different channels. The result of sharing opinions could impact a brand’s reputation positively or negatively. Therefore, to improve brand loyalty, reputation, and to retain customer, business organizations are transforming their business model towards more of a customer-centric approach to gain a competitive edge ahead and provide efficient customer experience.
The opportunity for customer experience management increases with the implementation of cloud-based deployment models. It maintains, unify, and provides a holistic view of customer information throughout the organizational ecosystem. Furthermore, the information connected within a single cloud offers different departments and business functions to closely monitor a lead, understand consumer preferences, and their expenditure behaviors and buying patterns before facilitating any personalized marketing strategies. The adoption of such consumer experience management practices also eliminates information siloes and help organization enrich its consumer experience management, in turn, gaining customer loyalty.
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Further key findings from the report suggest:
Based on the analytical tools segment, text analytics held the largest customer experience management market share in 2019. The growth in the segment is attributed to the increasing demand to understand unstructured text-based data and gain valuable insights through social media comments and product reviews
The mobile touchpoint segment is anticipated to witness a highest CAGR over the forecast period. This growth is attributed to the rising use of mobile devices among customers, increasing number of mobile apps, and growth in mobile marketing and personalized marketing strategies
On the basis of end-user segment, the BFSI segment is expected to register the highest CAGR of 19.0% over the forecast period
North America accounted for the largest revenue share in 2019 and is expected to continue to dominate the market for customer experience management over the forecast period
The key industry participants include Adobe; Avaya Inc.; IBM; Genesys; Open Text Corporation; Oracle; SAP SE; and Verint.
Grand View Research has segmented the global customer experience management market on the basis of analytical tools, touch point type, deployment, end user, and region:
CEM Analytical Tools Outlook (Revenue, USD Million, 2016 - 2027)
Web analytics & content management
CEM Touch Point Type Outlook (Revenue, USD Million, 2016 - 2027)
Social Media Platform
CEM Deployment Outlook (Revenue, USD Million, 2016 - 2027)
CEM End-user Outlook (Revenue, USD Million, 2016 - 2027)
IT & Telecom
Government, Energy & utilities
CEM Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
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