A recent report published by Infinium Global Research on the customer experience management market provides in-depth analysis of segments and sub-segments in the global as well as regional customer experience management market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional customer experience management market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global customer experience management market. According to the report, the global customer experience management market is projected to grow at a CAGR of 11.82% over the forecast period of 2021-2027, growing from over USD 9.02 billion in 2020 to more than USD 19.48 billion in 2027.
Advancements in the electronic and IT sectors have brought radical changes across several industry verticals. Information technology has found several applications across different industrial sectors including data storage, data management, and data transfer. One of the popular applications of software and information technology is customer experience management. The customer experience management (CEM) software track, supervise, and organize the interactions between a customer and the organization throughout the customer lifecycle. CEM solutions help organizations to manage their customer interaction in order to improve their customer retention. Moreover, CEM solutions help organizations manage customer data and derive meaningful insights from that data. The emergence of innovative technologies such as cloud computing and artificial intelligence is further improving CEM solutions.
The concerns over the spread of coronavirus have compelled people to stay inside their homes to avoid infection. Thus, people are adopting online methods of shopping and transactions. This, in turn, is driving the adoption of CEM services across various sectors. Moreover, the online platforms are adopting CEM solutions to improve their customer interaction and attract new customers to the platforms. However, the COVID-19 pandemic has severely affected the global economy, diminishing the sales of numerous industries. Lower revenue of the businesses has led to lower spending on consumer CEM solutions. Industries such as tourism, hospitality, and entertainment were severely affected by the pandemic. The revenue of these industries plunged significantly during the pandemic. This, in turn, discouraged the companies in these industries to spend on products and services such as CEM.
The growing rate of customer attrition across various industries is majorly driving the growth of the customer experience management market. Customer attrition is one of the major problems faced by several industries. Organizations are spending heavily on products and services to increase the customer retention rate. CEM solutions help companies to improve customer retention by offering them a better experience. Moreover, the growing adoption of cloud-based solutions for controlling operational costs is augmenting the growth of the CEM market. The organizations are adopting operational expenditure (OpEx) strategies over capital expenditure (CapEx) to implement a variable cost model. The pay-as-use services offered by cloud-based solutions increase their adoption. However, the lack of standardization in customer experience solutions is one of the key challenges for the market. On the other hand, the growing integration of advanced technologies such as AI, and IoT in the CEM solutions is expected to offer business opportunities during the forecast period.
In terms of geography, North America generated the largest revenue in the consumer experience management market. The US is the major contributor to the revenue in the North American consumer experience management market. The higher digitization in the region across industries such as healthcare, banking, financial services, and insurance (BFSI), and government organizations is largely supporting the domination of North America in the global market. On the other hand, Asia Pacific is anticipated to witness rapid growth in the market owing to a rise in the end-use industries across the region. Moreover, the improving economic conditions and industrialization in Asian countries are expected to escalate the demand for consumer CEM solutions over the forecast period.
The report on global customer experience management market covers segments such as component, deployment, organization size, touchpoint, and end user. On the basis of component, the sub-markets include hardware, software, and services. On the basis of deployment, the sub-markets include cloud, and on-premise. On the basis of organization size, the sub-markets include large enterprises, and SMEs. On the basis of touchpoint, the sub-markets include store, website, call center, email, and others. On the basis of end user, the sub-markets include BFSI, IT & telecommunication, retail, healthcare, tourism and hospitality, media and entertainment, and others.
The report provides profiles of the companies in the market such as IBM Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Adobe Inc., Salesforce.com Inc., Avaya Holdings Corp., NGDATA, Inc., Verint Systems Inc., and Tech Mahindra Ltd..
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of customer experience management market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.