New York, July 17, 2023 (GLOBE NEWSWIRE) -- The market for customer experience management is anticipated to be valued US$ 10.7 billion in 2022 and US$ 32.1 billion by 2032. Previously, the market increased at a quicker CAGR of 12.2% (2015-2021), reaching $9.5 billion in 2021.
Customer Experience Management (CEM) is a strategic approach that focuses on delivering a positive and engaging experience to customers at every touchpoint throughout their journey with a company. It encompasses various processes, technologies, and strategies that aim to understand, measure, and enhance customer satisfaction, loyalty, and advocacy. The Customer Experience Management market has been witnessing significant growth in recent years, driven by the increasing importance placed on customer-centricity and the rising demand for personalized and seamless experiences across industries.
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Market Overview
The Customer Experience Management market refers to the collection of software, services, and solutions designed to manage, analyze, and improve customer interactions and experiences across various channels and touchpoints. It includes customer feedback management, journey mapping, data analytics, voice of the customer (VoC) programs, customer segmentation, and personalization tools.
Market Segmentation
The Customer Experience Management market can be segmented based on the following factors:
- By Component: Solutions (Software, Services) and Services (Professional Services, Managed Services)
- By Touchpoint: Web, Mobile, Social Media, Email, Call Center, In-store, and Others
- By Deployment Mode: On-premises and Cloud-based
- By Organization Size: Small and Medium-sized Enterprises (SMEs) and Large Enterprises
- By Industry Vertical: Retail, BFSI, Healthcare, IT and Telecom, Travel and Hospitality, Automotive, and Others
Market Dynamics
Market Drivers
Increasing customer expectations: Customers today expect personalized, seamless, and consistent experiences across all touchpoints, driving the demand for advanced CEM solutions.
Growing adoption of digital channels: The proliferation of digital channels such as mobile and social media has created new opportunities and challenges for businesses to engage with customers effectively.
Focus on customer-centricity: Organizations across industries are recognizing the importance of customer-centricity as a key differentiator and competitive advantage.
Need for customer data insights: Businesses are leveraging CEM solutions to gather and analyze customer data to gain actionable insights for better decision-making and targeted marketing campaigns.
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Market Restraints
Data privacy and security concerns: The collection and storage of customer data raise concerns about data privacy and security, which can hinder the adoption of CEM solutions.
Complex integration and implementation: Implementing CEM solutions often involves integrating multiple systems and platforms, which can be challenging and time-consuming.
Lack of skilled professionals: There is a shortage of skilled professionals with expertise in CEM technologies and strategies, limiting the adoption and effective utilization of CEM solutions.
Regional Analysis
The Customer Experience Management market can be analyzed across key regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market due to the presence of major CEM solution providers and early adoption of advanced technologies.
Competitive Landscape
The Customer Experience Management market is highly competitive and fragmented, with numerous vendors offering a wide range of CEM solutions. Key players in the market include IBM, SAP, ORACLE, AVAYA, OPENTEXT, ADOBE, VERINT SYSTEMS, TERADATA, TECH MAHINDRA, NOKIA. These companies are focusing on strategic partnerships, acquisitions, and product innovations to gain a competitive edge in the market.
Recent Developments
- Adobe announced in June 2023 that it has made significant enhancements to its Adobe Experience Cloud, including the availability of Adobe Product Analytics for enterprise customers. The company also announced new features for Adobe Experience Manager, Adobe Mix Modeler, Adobe Journey Optimizer, and Adobe Real-Time Customer Data Platform.
- Avaya announced in June 2023 that it has rebranded its professional services division as Avaya Customer Experience Services (ACES). The new division will focus on helping customers improve their customer experience across all channels.
- Q-nomy launched Cubu in March 2023. Cubu is a customer journey management solution that combines customer flow management, appointment scheduling, and customer interaction management in one integrated solution.
- ResultsCX expanded its geographic presence in the U.K. and Europe in October 2022. The company acquired a Bulgarian CXM provider to establish its European headquarters in London.
- SAP acquired Emarsys in November 2020 to integrate the company's customer experience solutions into its own portfolio.
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Future Outlook
The Customer Experience Management market is expected to witness substantial growth in the coming years, driven by the increasing focus on customer-centricity and the rising demand for personalized experiences. Advancements in technologies such as artificial intelligence (AI), machine learning (ML), and predictive analytics will further enhance the capabilities of CEM solutions, enabling organizations to deliver exceptional customer experiences. However, challenges such as data privacy concerns and the shortage of skilled professionals need to be addressed to ensure the successful adoption and implementation of CEM strategies.
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