Global Customer Experience Management Market – Overview
Customer experience management has become a key element of today’s marketing and branding strategy. With the constant technological evolution, consumers have become more intelligent and informed and are thus demanding superior and seamless experience throughout their purchase journey. It has thus become imperative for market leaders to provide such tailor-made experience for better profits and lead generation. Business organizations have understood the importance of customer experience management as it helps organizations to strengthen their brand presence, improve consumer loyalty, reduce consumer churn, and in turn boost business revenue. Customer experience management market is thus projected to witness a highly promising growth in the coming years of the forecast period.
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Global Customer Experience Management Market – Notable Developments
Some of the key developments in the global customer experience management market are:
- Recently, Deloitte Tocuche Tohmatsu Limited announced the launch of 360 degree CX Retail Intelligence Solution. It is an AI and Machine learning driven solution for the retail and FMCG industry that identifies poor consumer experiences, understands emerging trends, and offers actionable measures to improve overall efficiency.
- In 2019, SAP SE announced the takeover of Qualtrics, a US based customer experience management software developing company.
Some of the prominent companies operating in the market are IBM; Oracle; Adobe; SAP SE; and Avaya, Inc.
Global Customer Experience Management Market – Drivers and Restraints
One of the key driving factors for the growth of the global customer experience management market has been the increasing demand for customized and more personal experience by end users across wide range of industry verticals. Another important factor driving the growth of the market has been the constant technological advancements that are fundamentally transforming the way consumers react and interact with the brands of their choice across different channels. Presently, consumers are using different devices to gauge, review, and purchase the products. This disruption in the digital world is encouraging them to demand for seamless and hassle free experience during their interaction with different brands for different products. Due to the growth in the overall consumer expectations and their purchasing intelligence, companies are now more focused on restructuring their marketing strategies. These companies are now coming up with more aggressive and personalized marketing campaigns and provide an enriched customer experience. Such developments are thus projected to drive the overall growth of the global market in coming years.
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Global Customer Experience Management Market – Geographical Outlook
The global market for customer experience management is divided into five key regional segments to provide a better understanding of its overall geographical outlook. These five regions are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, currently, the global market has been led by the regional segment of North America. The regional segment accounted for a prominent share in the global market and is projected to continue to lead over the course of the forecast period. The growth of the segment can be primarily attributed to the fast paced digital transformation across wide range of industry verticals such as banking, telecom, and retail among others. In addition to this, increased levels of spending and resource allocation for digital channels and marketing among notable enterprises in the US and Canada will also help the overall development of the regional market.
On the other hand, the regional segment of Asia Pacific is expected to witness a highly promising growth in the coming years of the forecast period. The growth of the regional segment can be primarily attributed to the increasing digitization and adoption of new age technologies in the key industry verticals of emerging economies such as India and China among others.
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Customer Experience Management (CEM) is getting a lot of attention in the technology market. CEM is a solution through which an organization can interact with their customers and analyze customer behavior, purchasing patterns, satisfaction, complaints, insights and their overall experience. Organizations have to reach out to customers and hence are applying this customer centric approach.
This approach helps organizations to analyze customer insights and also helps the growth of the organization by improving the customer experience and customer loyalty. All organizations rely on satisfied customers for their growth since unhappy customers spread negativity about the organization thus destroying the brand name. With CEM, an organization collects the voice of customers which consists of the customer experience data that is invaluable for any organization to analyze customer insights. The customer experience management and voice of customer market can be segmented into the following categories: by analytic types, by customer touch point usage and by applications. Market trends and customer touch points are elaborated in this market.
The customer experience management market has registered growth of USD 2.59 billion in 2012 and is expected to reach USD 6.54 billion in 2017. North America is the leading market in CEM with the largest share of 48% of the overall market. It has registered market size of USD 2 billion in 2012 and is estimated to reach USD 3 billion by the year 2017. The customer experience management market is driven by factors such as increasing competition among market players, rising customer needs and demands. Some of the factors inhibiting the growth of this market are the emerging competitive landscape and increasing number of substitutes to analyze customer insights.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
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