Customer Experience Management Market Size To Reach USD 25.44 Billion In 2030 | Increasing Demand To Understand Customers Through Feedback & Comments And Growing Demand To Retain Customers Are Driving Market Revenue Growth - Reports and Data

NEW YORK, Feb. 8, 2022 /PRNewswire/ -- The global customer experience management (CEM) market size is expected to reach USD 25.44 Billion in 2030 and register a revenue CAGR of 11.7% during the forecast period, according to the latest report by Reports and Data. Customer experience management market rapid revenue growth is due to growth of retail and e-commerce sector.

Companies, specifically those adopting red ocean strategy, are increasing their attention toward enhancing customer experience through customer interaction and customer feedback in order to bridge the gap caused by a lack of consumer interaction. Furthermore, advanced techniques such as machine learning and analytics provide a better understanding of customers' purchasing patterns and behavior, allowing them to pitch better services while also targeting the right customers, which can convert marketing qualified leads to sales qualified leads. This is anticipated to enhance the adoption of CEM technology during the forecast period, consequently driving the market revenue growth.

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Some Key Highlights from the Report:

• By touchpoint, call centers segment accounted for largest revenue share in 2020. Call centers are an essential touchpoint component of an organization's value chain since they assist businesses in building effective customer interactions through services such as complaint resolution and real-time inquiry processing. The growing popularity of call centers has encouraged businesses to invest in technology that aid in improving call resolution rates, buyer satisfaction rates, and multi-channel performance, among other things.
• By tool type, text analytics segment accounted for largest revenue share in 2020 and is expected to grow at a faster rate during the forecast period. One of the key factors driving this segment revenue growth is the increasing collection of text-based data in comments, feedback, and reviews across multiple digital platforms. Furthermore, this technology supports businesses in gathering useful information in an unbiased manner, which improves commercial decision-making. The increasing need for readily identifying, comprehending, and sorting consumer interactions or Voice of the Customer (VoC) across numerous digital touchpoints has contributed to the segment's overall revenue growth.

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• By end-use, IT & telecom segment accounted for largest revenue share in 2020. Customer retention has served as a source of concern for telecom operators. It is one of the primary reasons for telecom operators to spend more on maintaining their most profitable clients. As consumer demand for multiple services such as IP TV, mobile wallets, internet, cable TV, data, and content has expanded, customer retention has become increasingly important in raising revenues for telecom operators. This is growing demand for CEM among IT and telecom operators. Furthermore, CEM assists telecom network providers in shifting from network/resource-centric to customer-centric enterprises.
• Customer experience management market in North America held the largest revenue share in 2020. The growth might be attributed to the ongoing digital revolution of different industries such as telecom, retail, and finance. Furthermore, presence of leading market companies such as Oracle Corporation and IBM Corporation is driving market revenue growth in the region.
• Some major companies in the market include Oracle Corporation, IBM Corporation, Avaya Inc., Adobe, SAP SE, Genesys, Tech Mahindra Limited, Zendesk, SAS Institution Inc., and Open Text Corporation.

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For the purpose of this report, Reports and Data has segmented the customer experience management market based on component type, touchpoint, tool type, deployment type, organization size, end use, and region:

• Component Type Outlook (Revenue, USD Million; 2018–2030)
• Solutions
• Services
• Touchpoint Outlook (Revenue, USD Million; 2018–2030)
• Websites
• Stores
• Call Centers
• Mobile Apps
• Email
• Social Media
• Virtual Assistants
• Other Touchpoints
• Tool Type  Outlook (Revenue, USD Million; 2018–2030)
• Enterprise Feedback Management (EFM) Software
• Speech Analytics
• Text Analytics
• Web Analytics and Content Management
• Others
• Deployment Type  Outlook (Revenue, USD Million; 2018–2030)
• On-premises 
• Cloud
• Organization Size Outlook (Revenue, USD Million; 2018–2030)
• Large Enterprises
• Small and medium-sized Enterprises
• End-use Outlook (Revenue, USD Million; 2018–2030)
• IT & Telecom
• BFSI
• Retail 
• Health care 
• Automotive
• Travel and Hospitality
• Media and Entertainment
• Public Sector
• Others

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• Regional Outlook (Revenue, USD Million; 2018–2030)
• North Americ
  a. U.S.
  b. Canada
  c. Mexico
• Europe
  a. Germany
  b. U.K.
  c. France
  d. Italy
  e. Spain
  f. Sweden
  g. BENELUX
  h. Rest of Europe
• Asia Pacific
  a. China
  b. India
  c. Japan
  d. South Korea
  e. Rest of APAC
• Latin America
  a. Brazil
  b. Rest of LATAM
• Middle East & Africa
  a. Saudi Arabia
  b. UAE
  c. South Africa
  d. Israel
  e. Rest Of MEA

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