New York, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global customer experience management market size is expected to expand at ~15.3% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 64.1 billion by the end of 2035, up from a revenue of ~USD 11.6 billion in the year 2022. This growth is due to the increasing need for businesses to optimize the customer experience across different channels, such as web, mobile, and social media. Companies are engaging in customer experience management solutions to provide better service and retain customer loyalty. In a study, 94% of customers who have a good experience with a company are likely to make a repeat purchase. It has been found that companies that are customer-centric are 61% more profitable than companies that aren't customer-centric. Today, 89% of companies prioritize customer experience in their call centers.
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Additionally, an increasing number of businesses are utilizing analytics to gain insights into customer behavior and preferences, which is expected to drive market growth
Customer Experience Management Market: Key Takeaways
- Market in North America to propel the highest growth
- The cloud segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Deployment Of Digital Technology Such As Artificial Intelligence And Automations to Boost Market Growth
Digital technology enables companies to better understand customer behavior and preferences, allowing them to create more personalized experiences for their customers. Furthermore, automated solutions can help streamline customer service processes and provide faster response times, which can lead to improved customer satisfaction and loyalty. With increased investment in AI technology, companies are able to develop and deploy more sophisticated AI-driven customer experience management tools to better engage customers and understand their needs. There are about 1.3 billion people around the world who are using chatbots today. US, India, Germany, and the United Kingdom are the five countries with the highest number of chatbot users.
Moreover, in 2021, the global total of corporate investments in artificial intelligence (AI) exceeded USD 95 billion. This investment is expected to increase dramatically in the coming years, and this will enable companies to develop more advanced AI-driven chatbots with more natural language processing capabilities. This will allow businesses to better understand their customers’ needs and provide more accurate and personalized responses, resulting in improved customer satisfaction.
Customer Experience Management Market: Regional Overview
The global customer experience management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Adoption of AI Driven CEM Solutions to Drive the Growth in the North America Region
The customer experience management market in North American region is estimated to garner the largest revenue by the end of 2035. This is due to the fact that businesses in the North America region are increasingly deploying CEM solutions to deliver superior customer experience and better customer satisfaction. Additionally, consumers in North America are increasingly turning to online platforms to purchase goods and services due to better customer service and feedback. As a result, businesses in the region are investing in customer experience management software to ensure their customers have the best possible experience when engaging with their products and services. A recent study found that 70% of U.S. consumers are more likely to shop with brands that provide consistent experiences both in-store and online.
Moreover, with the U.S. having the most advanced digital infrastructure in the world, it is the ideal place for companies to develop and test out AI-driven projects in a real-world environment. This has allowed the U.S. to take the lead in the development of AI-driven solutions such as automated CEM systems.
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Fast-Growing E-Commerce Sector And Online Shopping To Drive The Growth In The Asia Pacific Region
The customer experience management market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. As the E-commerce industry grows due to the increasing number of internet users in this region and their growing spending power, customer experience management has become more important. The Chinese e-commerce market generates almost 50% of all transactions worldwide. The number of online retail transactions in China has reached 700 million, and transactions reached USD 2.30 trillion in 2020, and are expected to reach USD 3.50 trillion in 2024.
A growing number of mobile devices and the popularity of social media platforms have also contributed to the growth of online shopping, which has led to a growing demand for personalized experiences for customers. As more customers turn to e-commerce for their shopping needs, businesses must focus on providing exceptional customer experiences. This is done by implementing customer experience management solutions that enable businesses to track customer behavior, measure customer satisfaction, and identify areas of improvement.
Customer Experience Management, Segmentation by Deployment
- Cloud
- On-Premises
The cloud segment in customer experience management market is anticipated to hold the largest revenue by the end of 2035. With the growing trend of digital transformation, organizations are looking for cloud-based solutions to better manage their customer experience. Approximately 79% of businesses around the world use multiple public or private clouds. The cloud will be the first choice for 85% of organizations by 2025. The cloud segment offers advantages such as scalability, flexibility, and cost-effectiveness which allow organizations to reduce their capital expenditure (CAPEX) and operational expenditure (OPEX).
Additionally, cloud-based solutions enhance customer experience and provide access to real-time customer data, which helps organizations to make better decisions. Cloud-based solutions offer organizations the ability to quickly scale up or down depending on their needs, allowing them to quickly adapt to changing customer needs.
Global Customer Experience Management, Segmentation by Touchpoint
- Call Center
- Website
- Mobile Application
- Social Media
It is predicted that the call center sector will have the highest revenue by 2035. This is due to the increasing demand for automated customer experience solutions, such as AI-driven chatbots, which can provide a more efficient and cost-effective way of handling customer service inquiries. More than 69% of all chats are handled by chatbots since they are becoming more and more advanced every year. According to data collected in 2022, 66% of global consumers have used a chatbot in the past year.
Moreover, cloud-based customer relationship management (CRM) solutions provide businesses with the ability to interact with their customers in a personalized manner, enabling businesses to manage customer relationships more effectively. This has led to an increasing adoption of cloud-based CRM solutions by businesses for call center operations, which is expected to drive the growth of the call center segment in the global customer experience management market.
Customer Experience Management, Segmentation by Component
- Solution
- Service
Customer Experience Management, Segmentation by End User
- BFSI
- Retail & Consumer Goods
- IT & Telecom
- Healthcare
- Automotive
- Media & Entertainment
- Government
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Customer Experience Management, Segmentation by Enterprise Size
- Large Enterprise
- SMEs
Few of the well-known market leaders in the global customer experience management market that are profiled by Research Nester are Adobe Inc., Avaya Inc., Genesys Cloud Services, Inc., IBM Corporation, Nice Ltd., Verint Systems Inc., Sprinklr Inc., Medallia Inc., Open Text Corporation, Oracle Corporation, and other key market players.
Recent Development in the Market
- NICE Actimize, a subsidiary of NICE Ltd., developed a solution to the problem of money mules stealing money from financial institutions when traditional payments monitoring systems fail to notice them. Using its first cloud-based Money Mule Defense Solution, the company identifies, investigates, and stops mule account activity throughout the entire customer lifecycle.
- Genesys Cloud Services, Inc., a pioneer in customer experience orchestration on the worldwide cloud, announced on October 31 that KDDI, K.K., had begun rolling out "Cloud Calling for Genesys Cloud CX." It is powered by Genesys Cloud CX, a cloud-based contact center platform that offers all-in-one functionality.
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