Customer Experience Management Market

The market for customer experience management equips businesses with a spectrum of capabilities encompassing customer feedback management, customer journey mapping, customer analytics, and personalized marketing. These solutions empower businesses to gain deeper insights into their customer base, enhance the caliber of their offerings, and foster enduring customer relationships. Recognizing the pivotal role of customer experience management in cultivating customer loyalty and driving sustained growth, businesses are increasingly allocating resources to this domain.

The ascendancy of social media platforms and diverse communication channels, embraced by both consumers and enterprises, is instigating a transformative shift across the global customer experience management landscape. Amid rapidly evolving market dynamics and shifting customer preferences, businesses necessitate real-time insights to maintain a competitive edge. This impetus has propelled the heightened adoption of data analytics and AI-driven tools to underpin customer experience management strategies. Industry participants are strategically channeling efforts into furnishing bespoke solutions, leveraging AI-driven tools and platforms to cater to the distinct needs of clients.

Customer Experience Management Market Size

Report	Details
Market Size Value	USD 16.91 billion in 2024
Market Size Value	USD 70.20 billion by 2032
CAGR	17.50%
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	Component, Touch Point Type, Deployment Model, Organization Size, End-use Industry
Geographics Covered	North America, Latin America, Europe, Asia-Pacific, Middle East & Africa

Major players in the Customer Experience Management Market include Adobe, Avaya Inc., Clarabridge, Freshworks Inc., Genesys, International Business Machines Corporation, Medallia Inc., Open Text Corporation, Oracle, Qualtrics, SAP SE, SAS Institute Inc., Service Management Group (SMG), Tech Mahindra Limited, Verint, and Others.

Customer loyalty and increased retention is the need of the hour

The role of customer experience is pivotal in cultivating brand attachment and transforming customers into devoted brand advocates. An accomplished customer experience entails not merely repeated visits to the website or store but also entails the sharing of favorable feedback about the brand. This, in turn, stimulates engagement from other customers, contributing to both customer retention and acquisition. As cited by the White House Office of Consumer Affairs, the cost of acquiring new customers is 6 to 7 times greater than retaining existing ones. Moreover, the Harvard Business Review indicates that augmenting customer retention by a mere five percent can lead to profit escalation ranging from 25% to 95%.

Rising expansion in the healthcare industry

The healthcare sector is increasingly directing its efforts toward enhancing the patient's journey. Customer experience management (CEM) solutions offer the means to analyze patient data, thereby facilitating tailored experiences that contribute to heightened patient contentment and allegiance. The healthcare domain is swiftly embracing digital health innovations like telemedicine and remote patient monitoring. By synergizing CEM solutions with these innovations, a more seamless and individualized patient encounter can be achieved. Collectively, the healthcare industry's expansion unfurls numerous avenues for CEM market stakeholders to devise solutions that amplify patient experiences, elevate patient engagement, and align with the progression towards value-based care. Enterprises that adeptly harness these prospects are poised for substantial growth within the healthcare sector throughout the projected timeframe.

Dominating Region and Country:

In the year 2022, North America maintained its dominant position within the global customer experience market. The substantial investments channeled into digital platforms and marketing initiatives by organizations in the United States and Canada are pivotal drivers behind the region's market expansion. Social media is swiftly emerging as a potent conduit for enterprises to both share and receive feedback, product reviews, and amplify brand visibility. In tandem, the evolution of solutions like social middleware, social management, social monitoring, and social measurement is facilitating enterprises in fostering customer engagements and bolstering their brand presence within the consumer base. Industry leaders such as Salesforce.com and Adobe are at the vanguard of technological progress, devising social media campaigns that engender online brand communities. This surge in innovation and strategic advancements elucidates the vigorous expenditure on digital channels by enterprises across the United States and Canada.

As for upcoming regions, the Asia Pacific is projected to achieve a notable CAGR. This growth trajectory is attributed to the progressive strides witnessed in cutting-edge technologies, coupled with the ongoing evolution of AI-driven tools and self-service capabilities. These capabilities encompass chatbots, Interactive Voice Response (IVR), web self-service, and online communities. Their integration empowers enterprises to adeptly grasp shifts in customer behavior, extend instantaneous support, and initiate proactive responses to evolving needs.

Customer Experience Management Market Scope and Market Size

The Customer Experience Management Market research report provides an in-depth overview of the industry including market segmentation by Component, Touch Point Type, Deployment Model, Organization Size, End-use Industry, and Region. Analysis of the global market with a special focus on high-growth applications in each vertical and fast-growing market segment. It includes a detailed competitive landscape with identification of the key players concerning each type of market, in-depth market share analysis with individual revenue, market shares, and top players’ rankings. Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long-term landscapes. Competitive intelligence from the company profiles, key player strategies, and game-changing developments such as new product launches, collaborations, expansions, investment analysis, mergers, and acquisitions. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue forecast for the period 2023-2030.

The report further studies the market strategies of key players, recent development status, plans, and Customer Experience Management Market trends across the world. Also, it splits the market segmentation further to deep dive into research and reveals company profile and prospects.

Major Classifications are as follows:

• By Component
  • Solutions
    • Omnichannel
    • EFM Software
    • Machine learning
    • Analytics (Speech, Text)
    • Workforce optimization
    • Others
  • Services
    • Professional Services
      • Deployment & integration
      • Support & maintenance
      • Consulting & training
    • Managed Services
• By Touch Point Type
  • Stores/Branches
  • Call Centers
  • Social Media Platform
  • Email
  • Mobile
  • Web Services
  • Others
• By Deployment Model
  • Cloud based
  • On-premises
• By Organization Size
  • Large Enterprises
  • SMEs
• By End-use Industry
  • IT and Telecom
  • BFSI
  • Retail
  • Healthcare
  • Automotive
  • Travel and hospitality
  • Media and entertainment
  • Public sector
  • Others
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Rest of the World
    • Middle East
      • UAE
      • Saudi Arabia
      • Israel
      • Rest of the Middle East
    • Africa
      • South Africa
      • Rest of the Middle East & Africa

Reason to purchase this Customer Experience Management Market Report:

• Determine prospective investment areas based on a detailed trend analysis of the global Customer Experience Management Market over the next years.
• Gain an in-depth understanding of the underlying factors driving demand for different Customer Experience Management Market segments in the top spending countries across the world and identify the opportunities each offers.
• Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
• Identify the major channels that are driving the global Customer Experience Management Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
• Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Customer Experience Management Market.
• Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Customer Experience Management Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.