The global Customer Experience Management market size is expected to be worth around US$ 23.8 billion by 2028, according to a new report by Vision Research Reports.
The global Customer Experience Management market size was valued at US$ 6.6 billion in 2020 and is anticipated to grow at a CAGR of 17.9% during forecast period 2021 to 2028.
The digital disruption and changing customer behavior are some of the key trends stimulating the growth of the market for customer experience management. Furthermore, with the increasing expectation of customers for quality, convenience, and speed service, business organizations are engaged to provide services at multiple touch points. Additionally, with the advancements in technology, organizations are actively involved in the implementation and deployment of autonomous and AI-based platforms and applications to provide fast, reliable, and efficient real-time customer service.
Rise in social media platforms and online commerce business is another factor responsible for the traction of contextualized and personalized consumer experience through data management. Consumers share every experience and their opinions across different channels. The result of sharing opinions could impact a brand’s reputation positively or negatively. Therefore, to improve brand loyalty, reputation, and to retain customer, business organizations are transforming their business model towards more of a customer-centric approach to gain a competitive edge ahead and provide efficient customer experience.
Demand for text analytics is projected to remain high throughout the forecast period. The increasing generation of text-based data in the form of feedback, comments, and reviews across several digital platforms and offline survey systems is one of the key factors contributing to segment growth.
The adoption rate of speech analytics software is gaining traction in the contact center industry as it provides conversational analytics to organize and identify words and key phrases spoken during calls into themes. Moreover, the tools also prove beneficial in improving agent’s performance, monitor compliance, and improve first call resolution in the contact centers. The demand for the software is being largely driven by a rising number of contact centers and an increasing need for real-time cloud-based analytical solutions to improve customer experience management. The segment is poised to witness a CAGR of 19.7% during the forecast period.
The mobile touch point type segment is anticipated to post a CAGR of 19.7% over the forecast period. The growth of the segment can be attributed to the increasing use of smartphones, which is encouraging enterprises to develop mobile marketing and communication strategies.
The call center segment is likely to represent the leading share in the market for customer experience management until 2027. In recent times, consumer demand for the quick response and personalized attention for their problems has registered a sharp rise. To meet this demand, there is high pressure on the contact center to provide top quality services. To provide outstanding and notable customer experience management, companies are increasingly using the power of contact center analytics.
Based on deployment, the customer experience management market has been bifurcated into the cloud and on-premises. The cloud-based segment is estimated to attain a significant size in terms of revenue by 2027, registering a phenomenal CAGR of 20.0% during the forecast period. Cloud technology offers the advantage of low cost integration of customer experience management system within the current business environment.
On the other hand, the on-premise segment is expected to dominate the market customer experience management throughout the forecast period. Large enterprises have dedicated servers and computing infrastructures that enable them to purchase only a software license or software copy to operate the platform.
On the basis of end user, the market has been segmented into BFSI, retail, healthcare, IT and telecom, manufacturing, government, energy, and utilities, and others. The BFSI segment is poised to exhibit the highest CAGR during the forecast period.
The retail segment dominated the market in 2019 with a market share of more than 24%. The increasing shift to an omnichannel model to provide apt customer support and services at every touch point is the key factor contributing to the segment growth. Furthermore, the increasing product pricing competition and lack of product differentiation in the retail sector have encouraged retailers to develop effective management strategies to gain a competitive edge in the market.
The market in North America was valued at USD 2.8 billion in 2019. The region is likely to dominate the market throughout the forecast period. The growth of the regional market can be attributed to the continued digital transformation across various industry verticals, including retail, telecom, and banking.
The market in the Asia Pacific is anticipated to witness at the highest CAGR over the forecast period. The increasing adoption of IoT-based devices and sensors as well as AI-driven predictive and advanced analytics tools to offer personalized services to both B2B and B2C consumers is one of the major factors contributing to the growth of the regional market.
Adobe; Avaya Inc.; IBM; Genesys; Open Text Corporation; Oracle; SAP SE; Verint
Analytical Tools Outlook
Web analytics & content management
Touch Point Type Outlook
Social Media Platform
IT & Telecom
Government, Energy & utilities
Middle East & Africa
The Customer Experience Management market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Customer Experience Management market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Customer Experience Management market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Customer Experience Management market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Customer Experience Management market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Customer Experience Management capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Customer Experience Management by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Customer Experience Management market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Customer Experience Management market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Customer Experience Management market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Customer Experience Management industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Customer Experience Management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Customer Experience Management market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Customer Experience Management market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Customer Experience Management market. These factors have benefited the growth of the global market for Customer Experience Management. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Customer Experience Management. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Customer Experience Management are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: