The global customer experience management market size was valued at USD 8.77 billion in 2021, and is predicted to be worth around USD 38.97 billion by 2030, registering a CAGR of 18.0% during the forecast period 2022 to 2030.
The growing importance of understanding customer behavior and their preferences is driving various organizations and brands to provide the best service performance for modern customers in real-time.
Moreover, the growing use of Artificial Intelligence (AI) and its applications by organizations to communicate with their consumers is expected to boost the growth of the Customer Experience Management (CEM) market in the forthcoming years. Several brands and organizations are increasingly depending on customer experience management tools to determine customers’ requirements, which are perceived to be significant to sustain in this competitive market.
The continuous demand from customers for a personalized experience across several industries, such as IT, telecom, retail, and BFSI, is a key driving factor for the market growth. Customer experience management allows smooth connectivity between companies and customers for achieving the organizational goal as well as customer expectations. It blends customer satisfaction, loyalty, retention, and customer-centricity.
The growing importance of understanding customer behavior and their preferences drives various brands and organizations to adopt customer experience strategies, such as regular communication and engagement, longstanding program, and use of automation, to deliver the best service performance to customers in real-time.
|Market Size||US$ 38.97 billion by 2030|
|Growth Rate||CAGR of 18.0% From 2022 to 2030
|Largest Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, Technology, End user, Distribution Channel|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Accell Group; Atlas Cycles (Haryana) Ltd.; Avon Cycles Ltd.; Cervelo; Dorel Industries Inc.; Giant Bicycles; Merida Industry Co., Ltd; Specialized Bicycle Components, Inc.; SCOTT Sports SA; Trek Bicycle Corporation|
By Analytical Tools Analysis
The text analytics segment dominated the customer experience management market in 2021 with a revenue share of over 40%. Growing demand for text-based data in comments, feedback, and reviews across numerous digital platforms and offline survey systems across several industries is one of the crucial factors contributing to the growth.
The web analytics and content management segment are expected to witness significant growth over the forecast period. The global web analytics market is expected to gain momentum from the steady rise in marketing automation and online shopping trends across all the digital channels.
Starbucks and Netflix are using artificial intelligence engines and machine learning to create hyper-personalized experiences for customers. With the continuous usage of web analytics, business across the globe can attract more customers. Various companies are also using these tools to attract new customers for goods and services.
By Touch Point Type Analysis
The call centers segment held the largest revenue share of over 32% in 2021. The key segment drivers include the rising adoption of advanced contact center technologies, the emerging role of social media in contact center operations, increasing adoption of virtual and cloud-based contact center solutions, and streamlined customer interactions to achieve high customer satisfaction.
There is elevated pressure on the contact center to provide high-quality services and to meet the constantly evolving consumer needs. To offer improved and notable customer experience management, the companies are increasingly using the capability of contact center analytics. This factor is contributing to the growth of the segment.
The web services segment is anticipated to expand at a significant CAGR over the forecast period. Web CEM organizations provide responsive and mission-critical customer experiences that support several enterprises information platforms.
By Deployment Analysis
The on-premise segment held the largest revenue share of over 61% in 2021. On-premise deployment provides hosting the customer experience management suite or applications on the organization’s server. It is opted by large organizations that prefer their business-critical information to be stored on their servers for enhanced data protection.
Large enterprises have dedicated servers and computing infrastructures that allow them to purchase only a software license or software copy to operate the platform. Moreover, on-premise solutions offer enterprises better management and secure control over their data which is boosting customer satisfaction and brand loyalty.
The cloud segment is expected to witness significant growth over the forecast period. The growth can be accredited to the easy implementation, less cost, easy upgrade, and accessibility. The cloud-based deployment model offers benefits such as faster uptime, fewer disruptions in services, and secure interaction with customers.
Cloud-based solutions are preferred over traditional systems as they are effective and compatible in addressing the rising level of customer expectations. Cloud technology provides the advantage of low-cost integration of a CEM system within the current business environment.
By End-use Analysis
IT and telecom held the largest revenue share of over 24% in 2021. Customer churn has been a major issue for telecom operators, as it is one of the significant factors propelling telecom operators to spend more on retaining their most profitable customers. For IT and telecom industries, customer retention is the growth driver.
Customer Experience Management (CEM) helps telecom network providers to transform from network/resource-centric businesses to customer-centric businesses. Other segments of the market include BFSI, retail, manufacturing, government, energy and utilities, construction, real estate and property management, service business, and others.
The healthcare segment is expected to witness significant growth over the forecast period. The health-related organizations, ranging from pharmaceutical companies to health insurers, are not perceived as the most consumer-centric organizations. There is a wide opportunity across the sector and allied sectors likewise for increasing the implementation of CEM for business process optimization.
By Regional Analysis
North America held the largest revenue share of over 40%in 2021. The rise in adoption of CEM solutions and services by various industries, such as telecom, retail, and banking to foster their customer relationships. Increasing investments in digital channels and marketing by the U.S. and Canadian enterprises are contributing to the growth.
Asia Pacific is anticipated to witness the fastest growth over the forecast period owing to the growing adoption of modern technologies. The continuous rise in the adoption of IoT-based sensors and devices and AI-driven advanced analytics tools to B2C and B2B consumers is one of the significant factors contributing to the growth.
International Business Machines Corporation
Open Text Corporation
SAS Institute Inc.
Service Management Group (SMG)
Tech Mahindra Limited
By Analytical Tools
Web Analytics & Content Management
By Touch Point Type
Social Media Platform
IT & Telecom
Government, Energy & Utilities
Construction, Real Estate & Property Management
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 2022 and the forecast between 2022 and 2030. 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 2019 to 2030. 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.
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, end-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.
The study objectives of this report are:
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