New York, USA, April 04, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research dive, the global customer experience management software market is envisioned to generate a revenue of $26,466.6 million and grow at a noteworthy CAGR of 17.7% over the analysis period from 2021 to 2028.
As per our analysts, many organizations are emphasizing customer behavior and preferences. Therefore, the implementation of customer experience management software is nowadays becoming highly needful across organizations globally, which is expected to bolster the growth of the customer experience management software market over the forecast period. Besides, the growing adoption of digital channels among customers to communicate with businesses and organizations is predicted to fortify the growth of the market throughout the analysis timeframe. Moreover, the rising technological advancements in customer experience management software to recognize and predict their needs and intents are predicted to create wide growth opportunities for the market over the estimated period. However, privacy concerns while providing a great client experience in this digital world may hamper the growth of the market over the forecast timeframe.
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Segments of the Customer Experience Management Software Market
The report has divided the market into segments based on component, deployment, platform, end-use, and region.
Component: Solutions Sub-Segment to be Most Productive
The solutions sub-segment is predicted to generate a revenue of $13,923.7 million over the analysis period. The growing demand for real-time customer experience management solutions to improve customer experience in the call center sector to improve customer experience is expected to propel the growth of the market sub-segment over the forecast period.
Deployment: On-Premises Sub-Segment to be Most Profitable
The on-premises sub-segment is projected to garner a revenue of $11,399.5 million throughout the estimated timeframe. This is mainly because CEM applications are mainly hosted on the server of organizations in an on-premises implementation. Moreover, several businesses use on-premises solutions for greater data management and security, which is expected to foster the growth of the customer experience management software market sub-segment during the analysis period.
Platform: Mobile Application Sub-Segment to be Most Beneficial
The mobile application sub-segment is expected to register a revenue of $4,014.3 million over the forecast period. This is mainly due to the increasing adoption of smart-linked devices such as smartphones, laptops, iPads, and many others among individuals. In addition, with the rising service portals and consumer-initiated requests, mobile CXM services allow mobile carriers to create long-term client connections which are predicted to propel the growth of the market sub-segment over the analysis timeframe.
End-Use: Healthcare Sub-Segment to be Most Gainful
The healthcare sub-segment is predicted to generate a revenue of $6,906.0 million throughout the estimated period. The increasing demand for customer experience management services across the healthcare sector enables patients to select a suitable one among a wide number of healthcare providers and plans and share their opinion through digital channels is expected to fuel the growth of the market sub-segment over the analysis period.
Asia-Pacific Region to Have Extensive Growth Opportunities
The Asia-Pacific region of the customer experience management software market is expected to grow at a CAGR of 18.7% during the estimated period. The growing use of IoT-based sensor devices along with AI-driven advanced automation and analytical tools across the organizations in this region offer tailored services to business-to-consumer and business-to-business is expected to drive the regional growth of the market over the forecast timeframe.
Covid-19 Impact on the Customer Experience Management Software Market
The outbreak of the Covid-19 pandemic has had a moderate impact on the customer experience management software market. The rapid spread of the novel coronavirus has impacted various industries such as tourism, manufacturing, retail, and many more. However, social distancing norms have forced many companies to adopt an online channel to increase sales and profit margins. In addition, users around the globe regardless of age, physical problems, and linguistic preferences have embraced digital media and technologies which have created various growth opportunities for the market over the pandemic.
Key Players of the Market
The leading players of the customer experience management software market include
- Sap Se
- Oracle Corporation
- Verint Systems
- Nice Limited
- Zendesk Inc
- IBM Corporation
- SAS
- Avaya
- Salesforce
- Adobe Inc
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to achieve a leading position in the global industry.
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For instance, in November 2021, Adobe inc., an American multinational computer software company announced its acquisition of Workfront, a well-established Utah-based software company. With this acquisition, the companies aimed to develop a work management platform for marketers to efficiently manage content, plan, and track marketing campaigns, and execute complex workflows across teams.
Further, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic developments.
More about Customer Experience Management Software Market:
- What is a Customer Experience Management Software?
- Acquisitions Like That of Medallia by Thomabravo to Drive the Growth of the Global Customer Experience Management Software Market
