"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 with 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 the enterprises to provide the better customer experience. As the competition among the market players is fueling, the organization started focus on providing better customer experience to reduce the churn rate and gain customer loyalty. To address these challenges, the enterprises are looking for advance software solutions to monitor the customer experience. The customer experience software offers enterprises wide range of tools and practices to determine the market dynamics and fulfill their customer requirements. The solution also enables enterprises to enhance their brand reputation, generate new revenue stream, and gain customer loyalty. Moreover, the increasing adoption of the Big Data technologies along with the rapid adoption of the digital devices is augmenting the market growth.
Market Synopsis
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"Text analytics are dominating the customer experience managements market"
Text analytics is the leading sector in the customer experience management market with the majority share in the revenue in 2018. The increasing adoption of the analytical tools among the organizations to process the structured and unstructured data is driving the market growth. As the adoption of the social media enterprises is increasing, the enterprises are leveraging on the text analytics technologies to extract meaningful insights from the unstructured data such as social media posts, and tweets. On the other hand, speech analytics is estimated to grow substantially during the forecast period. The speech analytics tools are widely adopted among the customer care centers to provide the interactive voice assistance.
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"North America is leading the customer experience managements market"
North America is leading the customer experience managements market with over 40% share in the revenue in 2018. The increasing investment in the AI and Big Data technologies in the region is the primary factor backing the market growth. The North America is the hub for the AI start-ups and provides favorable environment for the growth of the start-ups. The supportive government initiatives in the region to promote the start-ups are also driving the market growth. Moreover, the wide scale adoption of the customer experience management software among the retail and BFSI sector are also propelling the market growth.
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The major players in the customer experience managements 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 & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment 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 global customer experience management market based on analytical tools, touch point, deployment, application and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Analytical tools Segment (2017–2027; US$ Bn)
• Web analytics
• Enterprise Feedback Management (EFM) Software
• Text Analytics
• Speech Analytics
• Others
|
|
Touch Point Segment (2017–2027; US$ Bn)
• Call Centers
• Email
• Mobile
• Social Media
• Stores/ Branch
• Web services
• Others
|
|
Deployment Segment (2017–2027; US$ Bn)
• On-premise
• Cloud
|
|
Application Segment (2017–2027; US$ Bn)
• BFSI
• Retail
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Media & entertainment
• Others
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of Customer experience management in 2018 and forecast up to 2027?
- Which is the largest regional market for Customer experience managements?
- What are the major trends followed in Customer experience management market across different regions?
- Who are the key companies in the Customer experience managements market?
- What are the key strategies adopted by the leading Customer experience management companies in market?
Unique data points of this report
- Statistics on Customer experience managements and spending worldwide
- Recent trends across different regions in terms of adoption of Customer experience management for industries
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
