Pune, July 19, 2024 (GLOBE NEWSWIRE) -- Customer Experience Management Market Size Analysis:
“According to a recent report of SNS Insider, The Customer Experience Management Market size was valued at US$ 13.4 Billion in 2023 & is expected to reach US$ 47.83 billion by 2032, growing at a significant annual growth rate (CAGR) of 15.2% during the forecast period 2024-2032.”
Growing Demand for Customer-Centric Solutions
The customer experience management market growth is fuelled with the aid of a confluence of things. The rising adoption of Artificial Intelligence (AI) and Augmented Reality (AR) empowers organizations to create personalized experiences at scale. These solutions now not only improve customer engagement but also offer valuable insights into customer needs, main to improved brand loyalty and decreased churn.
Companies are utilizing digital resources to enhance and expand, with cloud technology and collaboration tools simplifying the process. This is causing a greater emphasis on customer experience and a transition to digital engagements. This digital transformation paves the way for the widespread adoption of cloud technology and collaboration platforms, propelling the CEM market ahead. The seamless integration of Machine Learning (ML) and the Internet of Things (IoT) with CEM solutions empowers corporations to personalize advertising strategies and offer proactive guidance, in addition to strengthening customer relationships. For instance, In March 2024, Adobe Inc. introduced a new set of tools using generative AI and immediate data to customize customer interactions on a large scale.
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Major Players Analysis Listed in this Report are:
The key players are Adobe, Nice, IBM, Oracle, Avaya, Nokia, OpenText, Tech Mahindra, Sogolytics, Clarabridge, Verint Systems, SAP, Zendesk, Medallia, Skyvera, Teradata, Sprinklr, Mixpanel, InMoment, SAS, Sitecore, NGDATA, Amperity, Segment.io, MindTouch, Algonomy and Other Players
Recent Developments
In November 2023, IBM partnered with NatWest on a project involving Generative AI aimed at improving customer satisfaction. NatWest will enhance the features of their virtual assistant, Cora, by utilizing IBM's AI skills.
In November 2023, Zendesk launched no-code CRM and customer service tools to support customer service agents and streamline tasks.
In June 2023, Adobe launched Adobe Product Analytics to enhance customized experiences and improve efficiency across different touchpoints.
In March 2023, General Motors implemented Adobe Experience Cloud for customized marketing and instant customer interaction experiences.
In March 2023, Q-nomy, a specialist in managing customer journeys, introduced Cubu, a comprehensive solution that integrates customer flow management, appointment scheduling, and customer interaction management.
Customer Experience Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 13.4 Billion |
| Market Size by 2032 | US$ 47.83 Billion |
| CAGR | CAGR of 15.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Empowering Loyalty and Growth through Personalized Interactions and Advanced Technologies. • Digital Transformation throughout Retail and Healthcare Sectors to Surge Demand for CEM Solutions. |
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Segment Analysis
Based on analytical tools, the text analytics segment dominated the market with a 36% share, because of the increasing need for social media analytics and sorting customer interactions across various touchpoints. It also enables predictive analytics through sentiment data analysis. The speech Analytics segment is expected to see significant growth as it helps businesses understand customer sentiment, needs, and pain points through call recording analysis.
Based on End User, the retail segment held the largest share 24% in 2023, due to the industry's focus on attracting customers and providing exceptional service. CEM solutions enable them to understand customer preferences and personalize the shopping experience. The BFSI (Banking, Financial Services, and Insurance) segment is anticipated to witness high growth due to the increasing demand for CEM solutions in contact centers. These solutions help BFSI firms improve customer service, optimize internal processes, and maintain quality standards.
By Organization Size, Large enterprises held the largest market share 58%, due to their complex operational structures. However, the SME segment is projected to experience the highest growth rate 15.24% owing to government initiatives promoting digital adoption among small businesses.
Customer Experience Management Market Key Segmentation:
By Offering
- Solutions
- Omnichannel
- Machine learning
- Analytics
- Workforce optimization
- Services
- Professional services
- Deployment & Integration
- Support & maintenance
- Consulting & training
- Managed services
- Professional services
By Analytical Tools
- EFM Software
- Speech Analytics
- Text Analytics
- Web Analytics & Content Management
- Others
By Touch Point Type
- Stores/Branches
- Call Centers
- Social Media Platform
- Mobile
- Web Services
- Others
By Deployment
- Cloud
- On-premises
By Organization Size
- Large Enterprises
- Small and Medium Enterprises
By End-use
- BFSI
- Retail
- Healthcare
- IT & Telecom
- Manufacturing
- Government, Energy & Utilities
- Construction, Real Estate & Property Management
- Service Business
- Others
Regional Analysis
North America held a dominant market share of 40% in 2023, due to significant investments in digital channels and advertising. The prevalence of social media as a customer engagement platform and increasing investments in digital channels and advertising further fuel regional growth. The Asia Pacific region, however, is witnessing the fastest growth due to advancements in AI-based tools, self-service capabilities, and continuous innovation in customer service solutions. China's vast and complex market presents a lucrative opportunity for vendors offering localized CEM solutions, while Japan's superior IT infrastructure facilitates the adoption of both on-premises and hosted solutions.
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Key Takeaways for the Customer Experience Management Market
- The report highlights the increasing importance of customer experience management in today's competitive landscape.
- It identifies key trends driving market growth, including AI, AR, digital transformation, and collaboration platforms.
- The study provides a detailed segmentation analysis, identifying dominant segments and their respective growth drivers.
- It offers insights into regional market trends, with a focus on North America and Asia Pacific's leading positions.
Table of contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenge
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Customer Experience Management Market Segmentation, by Offering
8. Customer Experience Management Market Segmentation, by Analytical Tools
9. Customer Experience Management Market Segmentation, by Touch Point Type
10. Customer Experience Management Market Segmentation, by Deployment
11. Customer Experience Management Market Segmentation, by Organization Size
12. Customer Experience Management Market Segmentation, by End-use
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Use Case and Best Practices
17. Conclusion
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