Pune,India, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Global customer experience management market size was valued at USD 14.95 billion in 2022 and is projected to reach USD 52.54 billion by 2030, exhibiting a CAGR of 16.6% during the forecast period. CEM tools can also help companies increase their brand awareness, further accelerating the customer experience management market growth. 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, 2024-2030.
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Key Industry Development:
- Adobe launched new generative AI modernizations across its Experience Cloud to redefine the way companies deliver customer experiences.
- Medallia Inc. entered into a strategic partnership with Facebook to enable businesses of all scales and sizes to act, share, and collaborate to customer feedback through the Medallia customer experience management platform and Facebook’s workplace.
Key Takeaways
- The report provides information on the various market segments; type, activity, run time, etc.
- Rising Integration of Virtual Assistants to Propel Market Growth The global market in BFSI industry is driven by the growing opportunity for customer experience.
- Changing Consumer Behaviour Boosted Demand for Innovative CEM Solutions During Pandemic
- By deployment model, the market is segregated into cloud and on-premises.
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
The growing adoption of AI and AR have is anticipated lucrative growth opportunities for the market as task automation and self-service resolutions can be achieved with the incorporation of AI and AR. Also, advanced AI applications such as digital assistants, chat bots, biometric measures, and facial recognition improve customer experience and profitability. The rising adoption of advanced AI and AR technologies are anticipated to accumulate growth for the market.
However, the rising concerns over data privacy and security may hinder Customer Experience Management 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
By End-user
- Banking, Financial Services and Insurance
- Retail and Consumer Goods
- IT and Telecom
- Healthcare
- Automotive
- Media and Entertainment
- Government
- 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.
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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