Newark, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the customer experience management market will grow to USD 14.02 billion in 2022 and reach USD 62.11 billion by 2032. In just ten years, the rising customer demand for sustained consumer engagement providing a richer customer experience, is helping to boost the market growth over the forecast period. Moreover, the increasing usage of digital platforms by customers to engage with companies and brands, the presence of competitive industries, and the rise of e-commerce and online shopping business competition are also helping to boost market growth. The growing focus on personalized solutions for clients and customers also propels market growth.
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Key Insight of the Customer Experience Management Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in customer experience management. Key factors favouring the growth of the customer experience management market in North America include the rapid adoption of mobile & access to internet services across the globe expected to drive the market growth. Moreover, the growing generation of text-based data in the form of comments, feedback, and reviews across multiple digital platforms & offline survey systems is anticipated to drive market growth.
The call centers segment is expected to augment the customer experience management market during the forecast period.
The touch point type segment is divided into call centers, mobile, social media platforms, email, web services, and others. The call centers segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the growing adoption of cutting-edge contact center technologies.
The text analytics segment market size was USD 3.95 billion in 2022
The analytical tool segment is divided into speech analytics, EFM software, web analytics, text analytics, and others. The text analytics segment market size was USD 3.95 billion in 2022 due to the increasing adoption of analytics across sectors.
The on-premise segment is anticipated to dominate the market by 65.15% in 2032.
The deployment segment is divided into on-premise and cloud. The on-premise segment is anticipated to dominate the market in the forthcoming years due to the rising concern about securing information or content connected to entertainment and media productions.
The BFSI segment market size was USD 2.96 billion in 2022
The end-user segment is divided into IT & telecom, construction/real estate, BFSI, service business, manufacturing, government, healthcare, retail, and others. The BFSI segment market size was USD 2.96 billion in 2022 due to the ever-increasing adoption of cloud-based deployment models and investments in advanced technologies to offer digital finance management assistance.
Advancement in Market
For example, in June 2023, Adobe Company revealed new improvements around the Adobe Experience Cloud. The company declared the accessibility of Adobe Product Analytics for enterprise consumers. It also announced essential enhancements to Adobe Journey Optimizer, Adobe Experience Manager, Adobe Mix Modeler, and Adobe Real-Time Customer Data Platform.
For example, in May 2023, Oracle announced it would deploy retail solutions on Prada Group's cloud. The luxury brand combines its physical and digital offerings to better connect with consumers and leverage data to deliver an even more personalized experience.
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Market Dynamics
Driver: The growing device (BYOD) trend & organizations shifting towards virtualization technology:
The rising device (BYOD) trend & organizations shifting towards virtualization technology propel market growth. With company mobility, traditional business practices have changed. Moreover, due to rapid developments in mobile computing, the BYOD movement is attaining traction in a business environment. Further, the rapid shifts in embedded analytics & business intelligence, artificial intelligence (AI), and the Internet of Things (IoT) and their implementation in customer relationship management (CRM) solutions are propelling the market growth. Further, the growing use of digital technology instruments will probably set the pace for digital transformation & optimization in existing and new businesses. These developments are anticipated to raise the use of cloud technology & work collaboration devices, which are also helping to boost market growth.
Restraint: The lack of technical know-how in underdeveloped & backward economies:
The lack of technical know-how in underdeveloped & backward economies is the restraining factor of market growth. Moreover, the halt of commercial operations due to the coronavirus pandemic also hamper market growth.
Opportunity: The increasing expansion in the healthcare industry:
The healthcare industry is increasingly focused on improving the patient experience. Customer Experience Management (CEM) solutions can be used to analyze patient data and deliver personalized experiences that can improve patient satisfaction and loyalty. The healthcare industry is rapidly embracing digital health solutions like telemedicine & remote patient monitoring. Customer experience management (CEM) solutions can be incorporated with these solutions to deliver a more seamless & personalized patient experience. Overall, expanding the healthcare industry presents multiple opportunities for customer experience management participants to develop solutions that enhance the patient experience, raise patient engagement, and support the shift toward value-based care. The digitization of healthcare has accelerated the adoption of electronic health applications, telemedicine, smart health devices, and wearables. With the digitization of this industry, customer expectations, such as 24x7 service and quick response, are also increasing. Thus, organizations use different strategies to improve customer experience.
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Some of the major players operating in the customer experience management market are:
• Clarabridge
• Avaya Inc.
• Adobe Genesys
• Freshworks Inc.
• Clarabridge
• Oracle
• Open Text Corporation
• SAP SE
• Medallia Inc.
• IBM
• Service Management Group (SMG)
• SAS Institute Inc.
• Verint
• Miraway
• Tech Mahindra Limited
• Zendesk
• Qualtrics
Key Segments cover in the market:
By Touch Point Type:
• Call Centers
• Mobile
• Social Media Platforms
• Email
• Web Services
• Others
By Analytical Tool:
• Speech Analytics
• EFM Software
• Web Analytics
• Text Analytics
• Others
By Deployment:
• On-premise
• Cloud
By End User:
• IT & Telecom
• Construction/Real Estate
• BFSI
• Service Business
• Manufacturing
• Government
• Healthcare
• Retail
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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