Global Customer Experience Management Market By Analytical Tools (Speech Analytics, EFM Software, and Others), By Touch Point Type (Call Centers, Stores/Branches, and Others), By Deployment (On-premise and Cloud), By End-use (BFSI, Healthcare, Retail, Manufacturing, and Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Customer Experience Management Market Overview:

The global customer experience management market was valued at USD 9,350 million in 2021. It is projected to grow at a 15.53% CAGR, from 2023 to 2032.

Understanding customer behavior and preferences are becoming increasingly important. Organizations and brands are now adopting customer experience strategies such as ongoing communication and engagement, longstanding programs, and automation to provide the best customer service.

Global Customer Experience Management Market Scope:

Analytical Tool analysis

With a more than 41.2% revenue share, the text analytics segment was the market leader in customer experience management in 2021. The key factor driving the growth is the increasing demand for text-based data in feedback and comments across multiple digital platforms as well as offline survey systems across many industries. This tool helps companies to extract valuable insights in an impartial manner.

It also enhances business decision-making and customer experience through secure authentication and self-service channels. The demand for easy classification, understanding, and sorting of customer interactions, or Voice of the Customer (VoC), across multiple digital touchpoints, has led to its growth.

Over the forecast period, significant growth is expected in both the web analytics segment and content management segment. The steady rise of marketing automation and the spread of online shopping trends across all digital channels is expected to drive the global web analytics market. The web content management segment is expected to grow as a result of digital content growth.

Starbucks and Netflix, for example, use machine learning and artificial intelligence engines to create highly personalized experiences for their customers. Businesses around the world can now attract more customers by using web analytics. These tools are being used by many companies to find new customers for their products and services.

Touchpoint Type analysis

In 2021, the call center segment accounted for 33.01% of all revenue. Key segment drivers include increasing adoption of advanced contact center technologies, the growing role of social media in call center operations, increasing use of cloud-based and virtual contact center solutions, and simplified customer interactions to achieve high customer service. The contact center must provide excellent services and meet changing consumer demands. Companies are increasingly utilizing customer service analytics to provide a better and more memorable customer experience. This is contributing to the growth in the segment.

Over the forecast period, the web services market is expected to grow at a substantial CAGR. The web services segment is expected to grow at a significant CAGR over the forecast period. Web CEM organizations offer responsive and mission-critical customer experiences.

Deployment analysis

In 2021, the on-premise segment accounted for 62.01% of the total revenue. Hosting the customer experience management suite and applications on an organization’s server is part of the on-premise deployment. Large organizations opt for this option to store their business-critical data on their servers in order to provide enhanced data protection.

Large companies have dedicated servers and computing infrastructures that allow them to buy a license or a copy of the software to run the platform. On-premise solutions allow enterprises to have better control and management of their data, which increases customer satisfaction and loyalty.

Over the forecast period, cloud segments are expected to experience significant growth. Easy implementation, lower cost, easy upgrades, and accessibility are the reasons for this growth. Cloud-based deployment offers many benefits, including faster uptime, fewer disruptions in services, and secure interaction between customers. Cloud-based solutions outperform traditional systems because they are more effective and compatible with customer demands. Cloud technology offers the benefit of integration of a CEM system into the existing business environment at a low cost.

End-use analysis

In 2021, IT and telecom accounted for the largest revenue share at over 23.29%. Telecommunication operators have been concerned about customer churn, which is one reason they spend more money on their most profitable customers.

Customer retention is the key growth driver for both the telecom and IT industries. The transformation of telecom network providers from network/resource-centric to customer-centric is made possible by customer experience management (CEM). BFSI, retail and manufacturing, government, energy, utilities, and other segments make up the market.

Over the forecast period, healthcare is expected to experience significant growth. Health-related companies, including pharmaceutical companies and health insurance, are not considered to be the most consumer-oriented. There are many opportunities in the sector and other allied industries to increase the use of CEM for process optimization.

The growing integration of several channel touchpoints onto a single platform, rising adoption of digitalization, and technical developments in cloud and AI solutions are what is driving this industry. Additionally, there is a growing need to analyze customer data to gain insights.

Кеу Маrkеt Ѕеgmеntѕ

By Analytical Tools

• Speech Analytics
• EFM Software
• Web Analytics & Content Management
• Text Analytics
• Other Analytical Tools

By Touch Point Type

• Call Centers
• Stores/Branches
• Email
• Social Media Platform
• Web Services
• Mobile
• Other Touch Point Types

By Deployment

• On-premise
• Cloud

By End-use

• BFSI
• Healthcare
• Retail
• Manufacturing
• Construction, Real Estate & Property Management
• IT & Telecom
• Government, Energy & Utilities
• Service Business
• Other End-uses

Market Dynamics:

Some core industries, including transportation, logistics, and manufacturing, have been severely affected by the COVID-19 pandemic. Digital technology tools are likely to lead to digital transformation and optimization of existing and new businesses. Companies have had to evaluate their customer preferences and make business continuity plans in response to the pandemic. The market for customer experience management services is expected to continue growing.

It is likely that the market will see an increase in work done through digital engagement models, which are based on platforms and collaboration tools. The cost of storage and computing power has been reduced by the rapid growth of smart technologies such as Artificial Intelligence (AI) and advanced machine learning. The technological advancements that will be used to improve the design and operation of enterprises’ CEM will allow them to promote market expansion and help them grow their business.

AI and its applications have transformed the way enterprises interact with end users. Enterprises are investing in AI-based customer service to increase efficiency and decrease call processing and complaint resolution. It allows leaders and brands to provide relevant content, increase sales opportunities and enhance the customer journey.

Big data analytics removes the guesswork, enables customers to understand their goals and pain points, and gives them complete visibility into the purchasing process. The growth is also being driven by increased investments in marketing technologies that assist customers to make better decisions and manage customer experience. Market growth is being driven by the increasing investment in customer retention strategies.

Harvard Business Review states that it costs 25% less to keep a customer than to acquire a new one. Other research shows that repeat customers are more likely to purchase from companies with different products and drive greater business growth. It is essential to improve customer experience management in order to ensure customer retention and satisfaction, and then increase sales for businesses in various industries, such as entertainment, banking, manufacturing, and retail.

Regional Analysis

North America accounted for the largest revenue share, with more than 41.01% in 2021. CEM solutions and services are being adopted by many industries such as banking, telecom, and retail to improve customer relationships. The growth is being supported by increased investments made by U.S.-based and Canadian companies in digital channels and marketing. Brands and enterprises are now embracing digital transformation to improve customer experience and to share reviews on digital media.

The result is that enterprises are spending heavily on digital channels. The Asia Pacific will see the greatest growth in the future due to the increasing adoption of modern technology. One of the key factors driving the growth is the steady rise in IoT-based sensors, devices, and AI-driven advanced analytical tools for B2C and 2B consumers.

This is due to a large number of call centers and social media trends. Customer experience management and customer satisfaction are also key factors in the growth. As part of their efforts in driving their local and global businesses, SMEs are increasing their focus on CEM solutions.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

A large number of companies hold significant market shares. The companies are launching new services for customer experience management to increase and strengthen their touch point types and gain new customers. To develop touch points that are technologically advanced, companies are engaging in mergers and acquisitions as well as partnerships to gain an edge over their competition.

Adobe, for B2B service marketers, launched a real-time customer data platform in November 2021. It combines data from multiple sources into one view of accounts and people. This allows marketers to target precise audiences and engage those audiences through all channels.

Маrkеt Кеу Рlауеrѕ:

• Adobe
• Clarabridge
• Avaya Inc.
• Genesys
• Oracle
• Freshworks Inc.
• Medallia Inc.
• Qualtrics
• Open Text Corporation
• Other Key Players

For the Customer Experience Management Market research study, the following years have been considered to estimate the market size: