Customer Experience Management Market - Forecast(2024 - 2030)
Customer Experience Management Market Overview
Customer Experience Management Market size is forecast to reach $17.2 billion by 2026, growing
at CAGR 11.4% during 2021-2026 owing to the increasing emphasis on customer
retention due to lack of proper communication and customer relationship. The
companies especially falling under for red ocean category, are prominently
increasing their focus on improving customer experience strategy through
customer engagement and customer feedback and bridge the gap created due to
deficiency in customer engagement. Additionally, advanced techniques such as
machine learning and analytics get a better understanding of their customer’s
buying pattern and behavior to pitch better deals along with targeting the
proper customer pool which can actually convert marketing qualified leads to
sales qualified leads. This is set to bolster the adoption of CEM technology during
the forecast period 2021-2026 thereby driving the market.
Customer Experience Management Market Outlook
The report: “Customer Experience Management Industry
Outlook - Forecast (2020-2025)”, by IndustryARC, covers an in-depth
analysis of the following segments of the Customer Experience Management Market.
The customer experience market scope not only includes analysis by offering
type, touchpoint and end user vertical but also analysis by geographic regions
with the major economies in each region
By Offering Type: Solutions,
Services.
By Touchpoint: Company
Website, Branch/Store, Web, Call Center, Mobile, Social Media, Email and Others.
By Deployment: Cloud, On Premises.
By Organization Size: Small Enterprises, Medium Enterprises, Large Enterprises.
By Tools Type: Text Analytics, Speech Analytics, Web Analytics, Enterprise Feedback Management Software and Others.
By End Use Industry: IT and Telecommunication, Education, Energy & Utilities, Banking, Financial
Services & Insurance, Healthcare, Automotive & Transportation, Consumer
Goods & Retail, Media & Entertainment, Travel & Hospitality, Manufacturing
and Others.
By Geography: North America (U.S, Canada, Mexico), South America (Brazil,
Argentina, Chile, Colombia and Others), Europe (Germany, France, UK, Italy,
Spain, Russia, Netherlands and Others), APAC (China, Japan, South Korea, India,
Australia, Indonesia, Malaysia and Others), RoW (Middle East and Africa).
Key Takeaways
- Customer experience management services vertical to witness the highest growth rate owing to the adoption of these services by SMEs during the forecast period.
- North America to dominate the Customer Experience Management Market owing to the wide scale adoption by large enterprises in 2020.
- Implementation of Data
Analytics in customer experience management to avail new growth potential.
Customer Experience Management Market, By Offering Type, 2020
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Customer Experience Management Segment Analysis – By Offering Type
By offering
type, the Customer Experience Management Market has been segmented by
solutions and services. The customer experience management services market is
estimated to witness the highest growth rate during 2021-2026 at 13.6% owing to
the shift to these services from solutions to cut down operational expenses and
growing preference among the SMEs. The cloud based services models for customer
experience management solutions to improve customer engagement and customer
feedback is estimated to witness significant growth by the large enterprises
owing to the scalability, flexibility, cost effectiveness, ease of integration
with other Customer Relationship Management (CRM) solutions and various others
as compared to on premise solutions.
Customer Experience Management Segment Analysis – By End Use Industry
Customer
Experience Management in BFSI market is projected to grow at a CAGR of 14.2%
through 2026. The outbreak of COVID-19
has significantly impacted some of the core sectors, such as manufacturing,
logistics and transportation, and retail; and has moderately impacted the
non-core sectors, such as IT and telecom and eCommerce. On the other hand,
industry sectors, such as healthcare and public sector, are significantly
adopting Customer Experience Management (CEM) solutions during the pandemic,
due to a sudden rise in the number of customers.
Customer Experience Management Segment Analysis – By Geography
North America held the major share of
the Customer Experience Management Market acquiring around 37.1% in 2020.
The is mainly due to large scale adoption of customer experience management
solutions and services by the large enterprises as well as the SMEs operating
in the B2C and B2B space to foster their customer relationships. The APAC
customer experience market demand is estimated to grow at the highest rate
during the forecast period 2021-2026. This is due to the increasing adoption of
advanced artificial intelligence customer service technologies including speech
analytics, text analytics, web analytics and others by the SMEs especially
operating in consumer good and retail, automotive and transportation, IT and
telecommunication sector and others to reduce wait time, improve customer
feedback and customer engagement by automating customer engagement and in
certain cases collect customer feedback as well. The APAC customer experience
market for consumer goods and retail sector is estimated to witness a growth of
CAGR 13% during 2021-2026.
Customer Experience Management Market Trends Drivers
Adoption of Advanced Data Analytics
The coalescence
of data analytics customer experience workspace avails new grounds for
understanding customer’s behavior, buying pattern, brand preference, buying
cycle, geographic preferences and various others to understand the various
customer pools which can be immediately targeted. Apart from these cloud based
services and artificial intelligence customer services also assist in
understanding the customer defection and the gaps challenging in building up a
strong customer relationship. This not only helps the companies to understand
their internal challenges in real time but also the focus on new opportunities.
Owing to these benefits of advanced data analytics, the Customer Experience Management Market is estimated to witness significant growth during 2021-2026
Customer Experience Management solutions help in reducing customer churn rates
Churn rate means
the annual percentage rate at which customers stop buying a product or
subscribing to a service. Poor customer service is one of the major reasons for
the increasing churn rate of customers. With the help of CEM solutions,
organizations can calculate the customer churn rate for a certain time period,
such as quarterly or yearly. CEM solution vendors deliver a wide range of
solutions and services that enable the management of customer profiles and
queries about their requirements. They also provide real-time tracking of
customers and their behavior through improved customer engagement and customer
feedback. All these services help in retaining customers and also tapping
unexplored markets.
Lack of Skilled Workforce
The
availability of skill workforce for handling analytics based customer
experience management has been analyzed to be low and pay scale of the same is
also high owing to which only large enterprises houses dedicated teams and
procure solutions for effectively focusing onto customer relationship. However,
in case of SMEs maintaining an in-house dedicated teams for customer experience
puts a strain to reducing operational expenses. This is set to pose a
significant challenge to the Customer Experience Management Market growth during
2020-2025
Market Landscape
Some of the key players
analyzed for the Customer Experience Management Market share analysis includes
IBM Corp, Oracle Corp, Verint Systems, Adobe Systems, Avaya Inc., SAS Institute,
InMoment, Salesforce.com, Inc, SAP, Nokia, Service Management Group and so on. These
players are opting for various strategies such as acquisition, product launch, and
collaboration and among others to maintain their market position and gain a
stronghold through innovative offerings. However, the threat of new entrants in
the market is significantly high due to the lack of regulatory barriers, IP
rights and dynamic affinity for innovative solutions and services.
Contracts & Acquisitions
- In October 2019, Subaru selected MaritzCX Customer Experience Platform for transition from its former measurement tools to an action-oriented program for collaborative working of the company’s dealers, field support, corporate teams and others to enhance its customer experience.
- In October 2019, Marston a U.K. based company operating in independent brewing and pub retailing business chose Service Management Group (SMG) for collecting, analyzing and share guest feedback across the country to better understand the guest experience and take actionable steps for improving its services.
- In November, 2019, Tech Mahindra Ltd. acquired Born Group Pte. Ltd. a U.S. based media outsourcing company to strengthen its commerce and customer experience capabilities.For more Information and Communications Technology Market reports - Please click here
1. Customer Experience Management - Market Overview
1.1 Definitions and Scope
2. Customer experience management- Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key trends by type
3. Customer Experience Management Market- Comparative analysis
3.1 Product Benchmarking
3.2 Top 5 Financials Analysis
3.3 Patent Analysis
3.4 Pricing Analysis
3.5 Technology Roadmap
4. Simulation Software Market- strategic analysis
4.1 Value chain analysis
4.2 Opportunities analysis
4.3 Product life cycle
4.4 Suppliers and distributors Market Share
5. Distributed Cloud Market - Startup companies Scenario Premium Premium (Premium)
5.1 Top 5 startup company Analysis by
5.1.1 Investment
5.1.2 Revenue
5.1.3 Market shares
5.1.4 Market Size and Application Analysis
5.1.5 Venture Capital and Funding Scenario
6. Distributed Cloud Market - Industry Market Entry Scenario Premium Premium (Premium)
6.1 Regulatory Framework Overview
6.2 New Business and Ease of Doing business index
6.3 Case studies of successful ventures
6.4 Customer Analysis - Top 5 companies
7. Customer Experience Management - Market Forces
7.1 Market Drivers
7.2 Market Constraints
7.3 Market Opportunities
7.4 Porters five force model
7.4.1 Bargaining power of suppliers
7.4.2 Bargaining powers of customers
7.4.3 Threat of new entrants
7.4.4 Rivalry among existing players
7.4.5 Threat of substitutes
8. Customer Experience Management Market – By components Type
8.1 Solution
8.1.1 Omni-channel
8.1.2 Machine learning
8.1.3 Analytics
8.1.4 Workforce optimization
8.2 Service
8.2.1 Professional
8.2.2 Training
8.2.3 Support and maintenance
8.2.4 Managed service
9. Customer Experience Management Market – By Tools Type
9.1 Text analytics
9.2 Speech analytics
9.3 Web analytics
9.4 Enterprise feedback management software
9.5 Others
10. Customer Experience Management Market-By Deployment
10.1 On -Premise
10.2 Cloud
11. Customer Experience Management Market-By Organization Size
11.1 Small
11.2 Medium
11.3 Large
12. Customer Experience Management Market- By Touch points
12.1 Social media
12.2 E-mail
12.3 Mobile
12.4 Company websites
12.5 Branch/stores
12.6 Others
13. Customer Experience Management Market-By End-user
13.1 Banking, Financial Services, and Insurance(BFSI)
13.2 Consumer Goods and Retail
13.3 Education
13.4 Energy and Utilities
13.5 Healthcare and Life Sciences
13.6 Manufacturing
13.7 Media and Entertainment
13.8 IT and Telecommunication
13.10 Automotive and Transportation
13.9 Others
14. Customer Experience Management Market – By Geography
14.1 Americas
14.1.1 U.S
14.1.2 Canada
14.1.3 Mexico
14.2 Europe
14.2.1 U.K.
14.2.2 Germany
14.2.3 France
14.2.4 Italy
14.2.5 Spain
14.2.6 Netherlands
14.2.7 Russia
14.2.8 Other European Countries
14.3 Asia-Pacific
14.3.1 China
14.3.2 Japan
14.3.3 South Korea
14.3.4 India
14.3.5 Indonesia
14.3.6 Australia
14.3.7 Malaysia
14.3.8 Others
14.4 South America
14.4.4 Brazil
14.4.4 Argentina
14.4.4 Chile
14.4.4 Colombia
14.4.5 Rest of South America
14.5 Rest of the World
14.5.1 Middle East
14.5.2 Africa
15. Customer Experience Management Market- Entropy
16. Customer Experience Management Market Company Analysis
16.1 Market Share, Company Revenue, Solution & Services, M&A, Developments
16.1 IBM Corporation
16.2 SAP
16.3 Avaya
16.4 Oracle Corporation
16.5 Medallia
16.6 Adobe Systems Incorporation
16.7 Nokia Networks
16.8 Tech Mahindra
16.9 MaritzCX Research LLC
16.10 Nice Systems and others
LIST OF TABLES
1.Global Customer Experience Management Market By Vertical Market 2023-2030 ($M)1.1 IT Communication Service Providers Market 2023-2030 ($M) - Global Industry Research
1.2 Telecommunication Service Providers Market 2023-2030 ($M) - Global Industry Research
1.3 Healthcare Market 2023-2030 ($M) - Global Industry Research
1.4 Automotive & Transportation Market 2023-2030 ($M) - Global Industry Research
1.5 Consumer Goods & Retail Market 2023-2030 ($M) - Global Industry Research
1.6 Media & Entertainment Market 2023-2030 ($M) - Global Industry Research
1.7 Travel & Hospitality Market 2023-2030 ($M) - Global Industry Research
1.8 Manufacturing Market 2023-2030 ($M) - Global Industry Research
2.Global Customer Experience Management Market By Vertical Market 2023-2030 (Volume/Units)
2.1 IT Communication Service Providers Market 2023-2030 (Volume/Units) - Global Industry Research
2.2 Telecommunication Service Providers Market 2023-2030 (Volume/Units) - Global Industry Research
2.3 Healthcare Market 2023-2030 (Volume/Units) - Global Industry Research
2.4 Automotive & Transportation Market 2023-2030 (Volume/Units) - Global Industry Research
2.5 Consumer Goods & Retail Market 2023-2030 (Volume/Units) - Global Industry Research
2.6 Media & Entertainment Market 2023-2030 (Volume/Units) - Global Industry Research
2.7 Travel & Hospitality Market 2023-2030 (Volume/Units) - Global Industry Research
2.8 Manufacturing Market 2023-2030 (Volume/Units) - Global Industry Research
3.North America Customer Experience Management Market By Vertical Market 2023-2030 ($M)
3.1 IT Communication Service Providers Market 2023-2030 ($M) - Regional Industry Research
3.2 Telecommunication Service Providers Market 2023-2030 ($M) - Regional Industry Research
3.3 Healthcare Market 2023-2030 ($M) - Regional Industry Research
3.4 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
3.5 Consumer Goods & Retail Market 2023-2030 ($M) - Regional Industry Research
3.6 Media & Entertainment Market 2023-2030 ($M) - Regional Industry Research
3.7 Travel & Hospitality Market 2023-2030 ($M) - Regional Industry Research
3.8 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
4.South America Customer Experience Management Market By Vertical Market 2023-2030 ($M)
4.1 IT Communication Service Providers Market 2023-2030 ($M) - Regional Industry Research
4.2 Telecommunication Service Providers Market 2023-2030 ($M) - Regional Industry Research
4.3 Healthcare Market 2023-2030 ($M) - Regional Industry Research
4.4 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
4.5 Consumer Goods & Retail Market 2023-2030 ($M) - Regional Industry Research
4.6 Media & Entertainment Market 2023-2030 ($M) - Regional Industry Research
4.7 Travel & Hospitality Market 2023-2030 ($M) - Regional Industry Research
4.8 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
5.Europe Customer Experience Management Market By Vertical Market 2023-2030 ($M)
5.1 IT Communication Service Providers Market 2023-2030 ($M) - Regional Industry Research
5.2 Telecommunication Service Providers Market 2023-2030 ($M) - Regional Industry Research
5.3 Healthcare Market 2023-2030 ($M) - Regional Industry Research
5.4 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
5.5 Consumer Goods & Retail Market 2023-2030 ($M) - Regional Industry Research
5.6 Media & Entertainment Market 2023-2030 ($M) - Regional Industry Research
5.7 Travel & Hospitality Market 2023-2030 ($M) - Regional Industry Research
5.8 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
6.APAC Customer Experience Management Market By Vertical Market 2023-2030 ($M)
6.1 IT Communication Service Providers Market 2023-2030 ($M) - Regional Industry Research
6.2 Telecommunication Service Providers Market 2023-2030 ($M) - Regional Industry Research
6.3 Healthcare Market 2023-2030 ($M) - Regional Industry Research
6.4 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
6.5 Consumer Goods & Retail Market 2023-2030 ($M) - Regional Industry Research
6.6 Media & Entertainment Market 2023-2030 ($M) - Regional Industry Research
6.7 Travel & Hospitality Market 2023-2030 ($M) - Regional Industry Research
6.8 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
7.MENA Customer Experience Management Market By Vertical Market 2023-2030 ($M)
7.1 IT Communication Service Providers Market 2023-2030 ($M) - Regional Industry Research
7.2 Telecommunication Service Providers Market 2023-2030 ($M) - Regional Industry Research
7.3 Healthcare Market 2023-2030 ($M) - Regional Industry Research
7.4 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
7.5 Consumer Goods & Retail Market 2023-2030 ($M) - Regional Industry Research
7.6 Media & Entertainment Market 2023-2030 ($M) - Regional Industry Research
7.7 Travel & Hospitality Market 2023-2030 ($M) - Regional Industry Research
7.8 Manufacturing Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Customer Experience Management Market Revenue, 2023-2030 ($M)2.Canada Customer Experience Management Market Revenue, 2023-2030 ($M)
3.Mexico Customer Experience Management Market Revenue, 2023-2030 ($M)
4.Brazil Customer Experience Management Market Revenue, 2023-2030 ($M)
5.Argentina Customer Experience Management Market Revenue, 2023-2030 ($M)
6.Peru Customer Experience Management Market Revenue, 2023-2030 ($M)
7.Colombia Customer Experience Management Market Revenue, 2023-2030 ($M)
8.Chile Customer Experience Management Market Revenue, 2023-2030 ($M)
9.Rest of South America Customer Experience Management Market Revenue, 2023-2030 ($M)
10.UK Customer Experience Management Market Revenue, 2023-2030 ($M)
11.Germany Customer Experience Management Market Revenue, 2023-2030 ($M)
12.France Customer Experience Management Market Revenue, 2023-2030 ($M)
13.Italy Customer Experience Management Market Revenue, 2023-2030 ($M)
14.Spain Customer Experience Management Market Revenue, 2023-2030 ($M)
15.Rest of Europe Customer Experience Management Market Revenue, 2023-2030 ($M)
16.China Customer Experience Management Market Revenue, 2023-2030 ($M)
17.India Customer Experience Management Market Revenue, 2023-2030 ($M)
18.Japan Customer Experience Management Market Revenue, 2023-2030 ($M)
19.South Korea Customer Experience Management Market Revenue, 2023-2030 ($M)
20.South Africa Customer Experience Management Market Revenue, 2023-2030 ($M)
21.North America Customer Experience Management By Application
22.South America Customer Experience Management By Application
23.Europe Customer Experience Management By Application
24.APAC Customer Experience Management By Application
25.MENA Customer Experience Management By Application
26.Adobe Systems, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Oracle, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.IBM, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Avaya, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Nice Systems, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Nokia, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Opentext, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Tech Mahindra, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Verint Systems, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Maritzcx, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Medallia, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Qualtrics, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Inmoment, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Key Innovators, Sales /Revenue, 2015-2018 ($Mn/$Bn)