Global Customer Experience Management Market Overview
The key driver impacting the customer experience management market is the rising adoption of cloud technology by enterprises globally. It is due to the high accessibility of the cloud-based data anyplace, and customer behavior with the company is evaluated through the data stored on the cloud. Additionally, the same data on the cloud is accessible by the customer or multiple employees simultaneously, thus improving the market growth. For instance, The BSA Global Cloud Computing Scorecard report estimations, in 2018 globally there were over half of the enterprises had adopted cloud computing. During the time period 2012 and 2015, cloud computing demand had reached 70% and is likely to stand for 60% of growth during 2020. Moreover, growing technological advancements have transformed how customers react and interact with the brands across numerous channels, thus contributing to market growth. For example, big data analytics's emergence helps the enterprise design, manage, and enhance their end-to-end consumer experience management.
According to Value Market Research, the global customer experience management market size was valued at around USD 6750 million in 2020 and is estimated to grow at a CAGR of about 17.5% during the forecast period 2021 to 2027.
The growing trend in the investment towards customer retention strategies than that of customer acquisition strategies is estimated to augment customer experience management demand in the forecast period. According to the World Economic Forum, Globally, over 58% of companies that define themselves as more profitable than their competitors have their CEO in charge of customer experience. In contrast, only 37% of less profitable companies do, as per the recent survey. Companies where the CEO is put in overall charge of customer experience initiatives, are also most likely to prioritize customer experience investments (71% of the time). The complexities associated with data synchronization may hamper the global customer experience management market in the long run. Also, the difficulty in getting consistent CX feedback through all channels negatively impacts the market. The current industry trends, such as the increasing need for insights to predict customer intents and technological advancements, are expected to provide market players with new market opportunities.
The customer experience management market is vast, with many local and global players. The customer experience management market is extensive, with many local and international players. The key leaders follow numerous strategies to increase their market position, such as extending product portfolio, contracts, amalgamation, expanding product portfolio, product advancement, and acquisitions to improve their market share across the globe. For instance, In January 2019, SAP SE acquired a U.S.-based customer experience management software provider Qualtrics. The former company foresees an improvement in its XM category by uniting its software’s operational data with Qualtric's experience data with the acquisition. The significant players studied in the report are Avaya Inc., Adobe Genesys, IBM, Oracle, Open Text Corporation, Verint, SAP SE.
In this research report, the customer experience management market is segmented by analytical tools, touchpoint type, deployment, end-user, and region.
Analysis by Analytical Tools:
By analytical tools, the report is segmented into EFM software, speech analytics, text analytics, web analytics & content management, other analytics. The Enterprise feedback management software dominates the analytical tools segment with a 23% share in 2020. The increasing generation of feedback, comments, and reviews across several digital platforms and offline survey systems is majorly boosting the segment growth. Moreover, EFM allows organizations to put together customer feedback directly into daily business operations, creating more demands for EFM software in the forecast period.
Analysis by TouchPoint Type:
By touchpoint type, the report is categorized into stores/ branches, call centers, social media platforms, email, mobile, web service, and others. The stores/ branches segment dominates the touchpoint type segment with a 15% share in 2020. It is due to the rising shift to an omnichannel model to offer appropriate customer support and services at every touchpoint. Moreover, the increase in marketing to provide customers with personalized content and services contributes to the stores/ branches segment's growth in the forecast period.
By deployment model, the report is segmented into cloud-based and on-premise. The cloud-based segment dominates the deployment mode segment with a 50% share in 2020. It is due to the Cloud-based customer experience management provides high scalability and flexibility. Moreover, cloud technology offers the advantage of low-cost integration of customer experience management system within the current business environment thus, driving demand for the cloud-based deployment model in the forecast period.
Analysis by End-User:
By end-user, the report is categorized into BFSI, retail, healthcare, IT and telecom, manufacturing, government, energy, and utilities, and others. The BFSI segment dominates the end-user segment with a 20% share in 2020. It is due to the rising usage of smartphones to conduct banking transactions that have enabled more personalized engagement, facilitating seamless banking through the mobile channel for consumers. Moreover, growing trends creating a positive customer experience through management worldwide contribute to the segment's growth in the forecast period.
Analysis by Region:
In the regional outlook of the global customer experience management market, the North America region dominates with a 40% market share during the forecast period. It is due to the constant digital transformation across various industry verticals, including retail, telecom, and banking. Moreover, the rising investments and allocating budgets for marketing and digital channels among the enterprises in U.S. and Canada contribute to the market's growth across North America.
Market Segmentation covered in the Report:
By Analytical Tools
By TouchPoint Type
- EFM Software
- Speech Analytics
- Text Analytics
- Web Analytics & Content Management
- Other Analytics
- Stores/ Branches
- Call Centers
- Social Media Platform
- Web Services
- IT & Telecom
- Government, Energy & Utilities
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.