Increasing competition across industries for better consumer service is driving the customer experience management market.
Globally, the customer experience management market is expected to grow at a CAGR of 14% during the forecast period from 2019 to 2027, up from US$ 6.80 Bn in 2018. The growth of the market is attributed to the increasing demand among enterprises to provide a better customer experience. As the competition among the market players is fueling, the organization started focusing on providing a better customer experience to reduce the churn rate and gain customer loyalty.
To address these challenges, enterprises are looking for advanced software solutions to monitor the customer experience. Customer experience software offers enterprises a wide range of tools and practices to determine market dynamics and fulfill customer requirements. The solution also enables enterprises to enhance their brand reputation, generate new revenue streams, and gain customer loyalty. Moreover, the increasing adoption of big data technologies, along with the rapid adoption of digital devices, is augmenting the market growth.
Market Synopsis
Text analytics is dominating the customer experience management market.
Text analytics is the leading sector in the customer experience management market, with the majority share of revenue in 2018. The increasing adoption of analytical tools among organizations to process structured and unstructured data is driving market growth.
As the adoption of social media enterprises increases, enterprises are leveraging text analytics technologies to extract meaningful insights from unstructured data such as social media posts and tweets. On the other hand, speech analytics is estimated to grow substantially during the forecast period. Speech analytics tools are widely adopted among customer care centers to provide interactive voice assistance.
North America is leading the customer experience management market.
North America is leading the customer experience management market with over 40% of the revenue in 2018. The increasing investment in AI and Big Data technologies in the region is the primary factor backing the market's growth. North America is the hub for AI start-ups and provides a favorable environment for the growth of start-ups. The supportive government initiatives in the region to promote start-ups are also driving the market growth. Moreover, the wide-scale adoption of customer experience management software among the retail and BFSI sectors is also propelling market growth.
The major players in the customer experience management domain are Adobe Systems Inc., Avaya Inc., Cisco Systems Inc., Huawei Corporation, IBM Corporation, OpenText Corporation, Oracle Corporation, Qualtrics, SAS Institute Inc., Software AG, TATA Consultancy Service Limited, Tech Mahindra Limited, and Zendesk, Inc.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The customer experience management market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global customer experience management market based on analytical tools, touchpoints, deployment, application, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the market size of customer experience management in 2018 and the forecast up to 2027?
Which is the largest regional market for customer experience management?
What are the major trends followed in the customer experience management market across different regions?
Who are the key companies in the customer experience management market?
What are the key strategies adopted by the leading customer experience management companies in the market?
Unique data points of this report
Statistics on Customer Experience Management and Spending Worldwide
Recent trends across different regions in terms of the adoption of customer experience management for industries
Notable developments are going on in the industry.
Attractive investment propositions for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
Frequently Asked Question:
The market for Customer Experience Management Market is expected to reach USD$ 6.80 Bn in 2027.
The Customer Experience Management Market is expected to see significant CAGR growth over the coming years, at 14% .
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Huawei Corporation, IBM Corporation, OpenText Corporation, Oracle Corporation, Qualtrics, SAS Institute Inc.,are some of the major players in the global market.
