Customer Experience Management Industry Overview
The global customer experience management market size was valued at USD 8.79 billion in 2021 and is expected to reach USD 38.98 billion by 2030, registering a CAGR of 18.1% over the forecast period. The growing importance of understanding customer behavior and their preferences drives various brands and organizations to adopt customer experience strategies, such as regular communication and engagement, longstanding program, and use of automation, to deliver the best service performance to customers in real-time.
The outbreak of the COVID-19 pandemic has significantly impacted some of the core sectors, such as manufacturing, logistics, and transportation. The adoption of digital technology tools is likely to set the digital transformation and digital optimization of both existing businesses and new businesses. The pandemic has forced enterprises to assess their growing customer preferences and business continuity plans. As a result, the market for customer experience management is expected to witness steady growth.
Gather more insights about the market drivers, restrains and growth of the Global Customer Experience Management market
The market will likely witness an increasing share of work delivered through digital engagement models based on collaboration tools and platforms. The rapid proliferation of smart technologies, such as Artificial Intelligence (AI) and advanced machine learning, has reduced the cost of computing and storage power. For instance, automakers use the Internet of Things (IoT), AI, and analytics to understand in-vehicle consumer behavior and to provide maintenance services within vehicle sensors that prompt service requests.
Technological advancements will help enterprises design, operate, and improve their end-to-end CEM and drive market growth. AI and its applications are transforming the way that enterprises interact with end-users and enterprises are investing in AI-based customer services to improve efficiency by decreasing complaint resolution and call processing. It allows brands and leaders to offer relevant content, increase sales opportunities, enhance the customer journey, and prioritize the content strategies that can align with the touchpoints with the buyer journey.
Technologies like big data analytics, remove the guesswork and understand customer needs, pain points, goals, and interests, and create total visibility into the buying process. Growing investments in implementing enhanced marketing technologies to assist customers to make cognitive decisions and to develop enhanced customer experience management are also fueling the growth. The growing trend of investment in customer retention strategies is one of the major factors that drive market growth.
For instance, according to Harvard Business Review, the cost to retain a customer is 25% lower than the cost of acquiring a new customer. Additionally, other research studies also indicate that repeat customers tend to buy more from a company with products priced at different prices and help drive higher business growth. Hence, improving customer experience management is critical for ensuring customer retention and satisfaction and subsequently enhancing sales for any business in industries such as banking, manufacturing, retail, and entertainment.
Customer Experience Management Market Segmentation
Based on the Analytical Tools Insights, the market is segmented into EFM Software, Speech Analytics, Text Analytics, Web Analytics & Content Management, and Others.
Based on the Touch Point Type Insights, the market is segmented into Stores/Branches, Call Centers, Social Media Platform, Email, Mobile, Web Services, and Others.
Based on the Deployment Insights, the market is segmented into Cloud, and On-premise.
Based on the End-use Insights, the market is segmented into BFSI, Retail, Healthcare, IT & Telecom, Manufacturing, Government, Energy & Utilities, Construction, Real Estate & Property Management, Service Business, and Others.
Based on the Customer Experience Management Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA
Market Share Insights:
Key Companies Profile:
Players are engaging in new customer experience management services to expand and strengthen their existing touch point type portfolios and acquire new customers.
Some of the prominent players operating in the global customer experience management market are:
Order a free sample PDF of the Customer Experience Management Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
Web: https://www.grandviewresearch.com
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1888202951Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United StatesCity: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/customer-experience-management-market