The global Customer Experience Management Market Size will touch USD 18 billion at a 22% CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Customer experience management, put simply, is the management of customer interactions through every digital and physical touch point to deliver personalized experiences which increase revenue and drive brand loyalty.
Various factors are fuelling the global Customer Experience Management Market Size growth. As per the recent MRFR market estimates, such factors include the growing need to cater to consumer satisfaction, growing e-commerce, growing focus towards consumer oriented market, competitive environment, the advent of multilingual text analytics that break the language barrier, augmentation in industry-specific text analytics applications, and the growing importance of understanding customer behavior. The additional factors adding market growth include the growing preference of customer experience management by consumers that drives organizations and brands to adopt CEM to offer the best service performance in real-time, and the growing use of digital channels by users for communicating with organizations and brands. Besides, the increasing adoption of customer experience management solutions by the public and healthcare sector during the COVID-19 outbreak for the sudden rise in the number of customers are also adding market growth.
On the contrary, choosing the consistency and the right technology across various verticals, difficulty in getting constant CX feedback through all channels, and data synchronization complexities may limit the global Customer Experience Management Market Size growth over the forecast period.
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The MRFR report throws light on an inclusive segmental analysis of the global Customer Experience Management Market Size based on touch point and end users.
By touch point, the global Customer Experience Management Market Size is segmented into mobile, company stores, website, social media, email, call centers, and others. Of these, call centers will lead the market over the forecast period.
By end users, the global Customer Experience Management Market Size is segmented into energy, media and entertainment, automotive, IT and telecommunications, retail and government, manufacturing, healthcare, and BFSI. Of these, the BFSI segment will dominate the market over the forecast period.
By region, the global Customer Experience Management Market Size covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will command the market over the forecast period. Increasing customer expectations, regional growth of the customer experience management, increased adoption of new technological solutions, continuous digital transformation across different industries like banking, retail, and telecom, rising investments & allocation of budgets for digital channels and marketing by the Canadian and US enterprises, the growing consumer preference to share experiences and post reviews across digital media is encouraging enterprises and brands to embark upon a digital transformation and adopt CEM solutions to pursue a customer-centric business model, a dedicated budget being allocated by enterprises in Canada and the US for digital and marketing channels, the presence of key market players, and the rapid adoption of advanced technologies by industries are adding to the global Customer Experience Management Market Size growth in the region.
In the APAC region, the global Customer Experience Management Market Size is predicted to have healthy growth over the forecast period. Increasing competition among major players, growing consumer needs, availability of new technological solutions, growing adoption of technology by consumers in improving the retail shopping experience, on-demand shopping, personalized experience, and growing focus on health and wellness are adding to the global Customer Experience Management Market Size growth in the region. Besides, the growing adoption of modern technologies, the rising adoption of IoT-based devices and sensors, AI-driven advanced analytics tools to deliver customized services to B2B and B2C consumers, the presence of call centers, the growing trend of social media, emphasis on buyer satisfaction and CEM, and increasing implementation by SMEs are also adding market growth.
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The leading players profiled in the global Customer Experience Management Market Size report include SDL (U.K.), Avaya Inc. (U.S.), Nokia Networks (Finland), Open Text Corporation (Canada), Oracle Corporation (U.S.), Tech Mahindra Limited (India), Adobe Systems Incorporated (U.S.), SAS Institute Inc. (U.S.), and IBM Corporation (U.S.), among others.
June 2021- Emplifi has entered customer experience market and unified customer care, commerce, and marketing to smartly address CX through AI.
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