Pune, India, May 31, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global customer experience management market size was valued at USD 14.95 billion in 2022 and is projected to grow from USD 16.91 billion in 2023 to USD 52.54 billion by 2030, exhibiting a CAGR of 16.6% during the forecast period. High usage of AI and AR across sectors to accelerate the market. Fortune Business Insights, provide this information in its report titled, Global Customer Experience Management Market Forecast, 2023-2030.
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Advanced technologies, such as Artificial Intelligence (AI) and Augmented Reality (AR), are being extensively used by various companies to create Customer Experience Management (CEM) solutions. These solutions and services can help organizations decrease their total customer churn rate and enhance customer loyalty to a great extent. CEM tools can also help companies increase their brand awareness, further accelerating the customer experience management market growth.
Key Industry Development:
March 2023: Adobe launched new generative AI modernizations across its Experience Cloud to redefine the way companies deliver customer experiences.
Key Takeaways
- Customer experience management market size in North America was USD 5.36 Billion in 2022
- Rising Usage of Mobile Applications to Boost Usage of CEM Solutions in Organizations
- CEM Solutions to Find Robust Use in Large Enterprises Due to Heavy Investments in Advanced Technologies
- BFSI segment to hold maximum market share
Discover the Leading Players Featured in the Report:
“Companies leading the global customer experience management market are Zendesk Inc. (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Adobe Inc. (U.S.), Medallia Inc. (U.S.), OpenText Corporation (Canada), Microsoft Corporation (U.S.), Salesforce.com, Inc. (U.S.), Genesys (U.S.), Freshworks Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 16.6% |
| 2030 Value Projection | USD 52.54 Billion |
| Base Year | 2022 |
| Customer Experience Management Market Size in 2022 | USD 14.95 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Component, Deployment, Enterprise Size, Touchpoint, End User and Geography |
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Drivers and Restraints:
High Usage of AI and AR across Sectors to Accelerate Market Growth
Industry verticals, such as retail, BFSI, IT & telecom, and many others, are using AI and AR technologies to improve their customers’ experiences. Using these tools in CEM solutions can help companies predict their customers’ future buying behavior. They can also improve customers’ shopping experience by using virtual trial rooms and other features to know what they are looking for. These advantages will boost the use of AI and AR in CEM tools.
However, growing data privacy concerns and complex regulatory compliances can hinder market growth.
Segmentation:
By Component
- Solution
- Services
By Deployment
- On-premises
- Cloud
By Enterprise Size
- Large Enterprises
- SMEs
By Touchpoint
- Call Center
- Website
- Mobile Applications
- Social Media
- Others (Virtual Assistants, Loyalty Programs, and Others)
By End-user
- Banking, Financial Services and Insurance (BFSI)
- Retail and Consumer Goods
- IT and Telecom
- Healthcare
- Automotive
- Media and Entertainment
- Government
- Others (Oil and Gas, Education, and Others)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
Well-established Start-up Infrastructure and High R&D Investments to Boost the North America Market Growth
North America has registered the highest incremental growth in the market as the region is increasing its investments in research and development programs and has a strong start-up ecosystem. North America also has a notable presence of leading CEM solution providers, boosting the regional market growth.
Asia Pacific will also record a remarkable CAGR during the forecast timeline as the region is using e-commerce platforms on a large scale to enhance the overall shopping experience of customers.
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Competitive Landscape:
The key players of customer experience management continuously engage in collaboration and acquisition strategies to position them better in the global market. These players are utilizing this strategy to cater to the changing requirements of the users effectively.
FAQs
How big is the customer experience management market?
Customer experience management market size was USD 14.95 billion in 2022. It is expected to reach USD 52.54 billion by 2030.
How fast is the customer experience management market growing?
The customer experience management market will exhibit a CAGR of 16.6% during the forecast period, 2023-2030.
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