New York, USA, March 21, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global customer experience management software market is expected to garner a revenue of $26,466.6 million by 2028, growing rapidly at a CAGR of 17.7% during the forecast period. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Customer Experience Management Software Market
Drivers: Rising importance of customer experience management across the globe is expected to drive the growth of the market. In addition, the increasing internet penetration across the globe, and growing prevalence of customers accessing the digital channels is further expected to bolster the growth of the customer experience management software market during the forecast period.
Restraints: Increasing privacy concerns among customers is expected to impede the growth of the market during the forecast period.
Opportunities: Persistent technological advancements in customer experience management are expected to create massive opportunities for the growth of the customer experience management software market during the forecast period.
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COVID-19 Impact on the Customer Experience Management Software Market
The outbreak of COVID-19 has had a moderate impact on the growth of the global customer experience management software market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns had a devastating impact on tourism, logistics & transportation, manufacturing, and retail, which incessantly used the customer experience management software. However, considerable growth in the online platforms was witnessed due to the social distancing norms, and hence online channels received increased sales and profit margin.
Segments of the Customer Experience Management Software Market
The report has divided the market into various segments based on component, deployment, platform, end-use, and region.
Component: Solutions Sub-segment to be Most Profitable
The solutions sub-segment is expected to generate a revenue of $13,923.7 million during the forecast period. Surging demand for real-time customer engagement solutions is expected to bolster the growth of the customer experience management software market sub-segment during the forecast period.
Deployment: On-Premises Sub-segment to Have the Fastest Growth Rate
The on-premises sub-segment is expected to generate a revenue of $11,399.5 million during the forecast period. On-premises solutions offer businesses impeccable data management and security. This factor is expected to stimulate the growth of the sub-segment during the forecast period.
Platform: Mobile Application Sub-segment to Have the Highest Growth Rate
The mobile application sub-segment is expected to generate a revenue of $4,014.3 million during the forecast period. The growing prevalence of smart-linked devices such as tablets, smartphones, Chromebook laptops, and others where application installations are available are expected to drive the growth of the customer experience management software market sub-segment during the forecast period.
End-use: Healthcare Sub-segment to Have the Maximum Growth Rate
The healthcare sub-segment is expected to generate a revenue of $6,906.0 million during the forecast period. Significant advancements in digital technology have favored the patient to opt from an extensive range of healthcare providers and plans. This factor is expected to accelerate the growth of the sub-segment during the forecast period.
Region: Asia-Pacific Region to Have the Fastest Growth Rate
The Asia-Pacific region is expected to generate a revenue of $6,132.8 million during the forecast period. Increased usage of innovative technologies like IoT-based sensor devices, AI-driven advanced automation, and analytical tools, in this region, is expected to drive the growth of the market. In addition, the growing prevalence of call centers along with the increasing popularity of social networking sites in this region is further expected to bolster the growth of the regional market during the forecast period.
Key Players of the Customer Experience Management Software Market
The major players of the market include
- Nice Limited
- Oracle Corporation
- Sap SE
- Zendesk Inc.
- Verint Systems
- SAS
- Adobe Inc.
- Avaya.
- IBM Corporation
- Salesforce, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth. - Inquire to Get access to Detailed Top Companies Development Strategy Report
For instance, in September 2021, Verint, an innovative pure-play customer-engagement company, acquired Conversocial, a leader in conversational customer experience, in order to accelerate Verint’s capability to expand its cloud platform expertise so as to help brands accelerate digital-first customer engagement.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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- The Global Customer Experience Management Software Market Anticipated To Generate A Revenue Of $26,466.6 Million, Growing At A CAGR Of 17.7% From 2021 To 2028
