The Worldwide Customer Experience Management Industry is Expected to Reach $16.9 Billion by 2026

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Apr 05, 2022, 09:00 ET

DUBLIN, April 5, 2022 /PRNewswire/ -- The "Customer Experience Management Market with COVID-19 Impact, by Component (Solutions, Services), Touchpoint, Deployment Type, Organization Size, Vertical (Travel and Hospitality, BFSI, Retail, Healthcare, IT and Telecom), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global Customer experience management Market size to grow from USD 9.5 Billion in 2021 to USD 16.9 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 12.3% during the forecast period.

The major driving factors for the market include increasing need to improve customer engagement and reduce customer churn rates, need for better understanding customers, and use of customer-related scores to plan better customer engagement strategy.

The services to record a higher growth rate during the forecast period

In the customer experience management market by component, the services is expected to record a higher growth rate during the forecast period. The overall services segment has a major influence on the customer experience management market's growth. These services assist end users in reducing overall costs, increasing overall revenues, and improving business performance. With the help of these services, organizations can track, evaluate, and analyze the requirements of their business to make better-informed decisions.

Large Enterprises are expected to hold a larger market share during the forecast period

By Organisation size, large enterprises are expected to hold the largest market size. Large enterprises deploy CEM solutions to enhance their CE and satisfaction. Large enterprises encompass distributed data related to customers scattered across different departments and are, hence, opting for cloud-based CEM solutions to gain valuable insights from this data. The adoption of CEM solutions helps large enterprises enhance customer interaction and loyalty. Large enterprises are keen on investing in new and latest technologies such as artificial intelligence (AI), big data, and machine learning to automate the customer engagement process.

Cloud Deployment is expected to have a higher growth rate during the forecast period

By Deployment Mode, cloud is expected to have a higher growth rate. Cloud-based CE solutions are preferred over traditional systems as they are effective and compatible in addressing the rising level of customer expectations. Besides reducing costs associated with upgrading and updating CE solutions, cloud deployments also help organizations integrate technologies to provide a better CE to their customers.

APAC to have a higher growth rate during the forecast period

By region, APAC to grow at the highest CAGR during the forecast period. The enormous population in the region has led to an extensive pool of subscriber base for companies. The increasing internet penetration and per-user online consumption have led organizations to enhance their offerings in the customer experience management market through digital touchpoints such as social media, websites, emails, virtual assistants, and call centers.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Customer Experience Management Market
4.2 Market, by Component
4.3 Market, by Service
4.4 Market, by Professional Service
4.5 Market, by Vertical
4.6 Market, by Deployment Mode
4.7 Customer Experience Management Market, by Region
4.8 Asia-Pacific: Market, by Component and Country
4.9 Market, by Country

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Need for Establishing the Learning Behavior with the Customers
5.2.1.2 Increase in Customer Responsiveness and Satisfaction Would Increase Revenue
5.2.1.3 Customer Loyalty and Increased Retention is the Need of the Hour
5.2.1.4 Coordination Among All Customer Contact Channels and Cem Managers Would be Established
5.2.1.5 Customer Lifetime Value Can be Calculated
5.2.1.6 Need for Better Understanding Customers Increasing the Demand for Cem Solutions
5.2.1.7 Customer-Related Scores Generated for the Organizations to Plan Better Customer Engagement Strategy
5.2.1.8 Cem Solutions Reduce Customer Churn Rates
5.2.1.9 Cem Solutions Keep Customer Engagement Through Omnichannel
5.2.2 Restraints
5.2.2.1 Lack of Innovation
5.2.2.2 Using Incomplete Data while Calculation of Ce Matrix
5.2.2.3 Data Synchronization Complexities
5.2.3 Opportunities
5.2.3.1 Collection of All the Information on a Single Platform
5.2.3.2 Need for Insights to Predict Customer Intents
5.2.3.3 Information Extracted from Cem Solutions Can be Used to Make Optimal Ce Strategy
5.2.4 Challenges
5.2.4.1 Difficulty in Ensuring Ce Roi
5.2.4.2 Concerns Over Data Privacy and Security Issues
5.2.4.3 Difficulty in Getting Consistent Ce Feedback Through All Channels
5.2.4.4 Difficulty in Synchronizing Ce Data Collected from Different Touchpoints Within Different Domains
5.3 Industry Trends
5.4 COVID-19 Pandemic-Driven Market Dynamics and Factor Analysis
5.4.1 Overview
5.4.2 Drivers and Opportunities
5.4.3 Restraints and Challenges
5.4.4 Cumulative Growth Analysis

6 Customer Experience Management Market, by Component
6.1 Introduction
6.2 Solutions
6.2.1 Solutions: Market Drivers
6.2.2 Solutions: Impact of COVID-19 on the Market
6.2.3 Omnichannel
6.2.4 Machine Learning
6.2.5 Analytics
6.2.6 Workforce Optimization
6.3 Services
6.3.1 Services: Market Drivers
6.3.2 Services: Impact of COVID-19 on the Market
6.3.3 Professional Services
6.3.3.1 Deployment and Integration
6.3.3.2 Support and Maintenance
6.3.3.3 Consulting and Training
6.3.4 Managed Services

7 Customer Experience Management Market, by Touchpoint
7.1 Introduction
7.2 Websites
7.3 Stores
7.4 Call Centers
7.5 Mobile Apps
7.6 Social Media
7.7 Emails
7.8 Virtual Assistants
7.9 Other Touchpoints

8 Customer Experience Management Market, by Deployment Type
8.1 Introduction
8.2 On-Premise
8.2.1 On-Premises: Market Drivers
8.2.2 On-Premises: Impact of COVID-19 on the Market
8.3 Cloud
8.3.1 Cloud: Market Drivers
8.3.2 Cloud: Impact of COVID-19 on the Market

9 Customer Experience Management Market, by Organization Size
9.1 Introduction
9.2 Large Enterprises
9.2.1 Large Enterprises: Market Drivers
9.2.2 Large Enterprises: Impact of COVID-19 on the Market
9.3 Small and Medium-Sized Enterprises
9.3.1 Small and Medium-Sized Enterprises: Market Drivers
9.3.2 Small and Medium-Sized Enterprises: Impact of COVID-19 on the Market

10 Customer Experience Management Market, by Vertical
10.1 Introduction
10.2 It and Telecom
10.2.1 It and Telecom: Market Drivers
10.2.2 It and Telecom: COVID-19 Impact
10.3 Bfsi
10.3.1 Bfsi: Market Drivers
10.3.2 Bfsi: COVID-19 Impact
10.4 Retail
10.4.1 Retail: Market Drivers
10.4.2 Retail: COVID-19 Impact
10.5 Healthcare
10.5.1 Healthcare: Market Drivers
10.5.2 Healthcare: COVID-19 Impact
10.6 Automotive
10.6.1 Automotive: Market Drivers
10.6.2 Automotive: COVID-19 Impact
10.7 Travel and Hospitality
10.7.1 Travel and Hospitality: Market Drivers
10.7.2 Travel and Hospitality: COVID-19 Impact
10.8 Media and Entertainment
10.8.1 Media and Entertainment: Market Drivers
10.8.2 Media and Entertainment: COVID-19 Impact
10.9 Public Sector
10.9.1 Public Sector: Market Drivers
10.9.2 Public Sector: COVID-19 Impact
10.10 Other Verticals

11 Customer Experience Management Market, by Region

12 Competitive Landscape
12.1 Overview
12.2 Market Evaluation Framework
12.3 Key Market Developments
12.3.1 Product Launches
12.3.2 Deals
12.4 Market Share Analysis of Top Players
12.5 Historical Revenue Analysis
12.6 Company Evaluation Matrix Overview
12.7 Company Evaluation Matrix Methodology and Definitions
12.7.1 Stars
12.7.2 Emerging Leaders
12.7.3 Pervasive Players
12.7.4 Participants
12.8 Company Product Footprint Analysis
12.9 Company Market Ranking Analysis
12.10 Startup/Sme Evaluation Matrix Methodology and Definitions
12.10.1 Progressive Companies
12.10.2 Responsive Companies
12.10.3 Dynamic Companies
12.10.4 Starting Blocks

13 Company Profiles
13.1 Major Players
13.1.1 Oracle
13.1.2 Adobe
13.1.3 Sap
13.1.4 Ibm
13.1.5 Avaya
13.1.6 Opentext
13.1.7 Nice
13.1.8 Sas Institute
13.1.9 Verint Systems
13.1.10 Teradata
13.1.11 Tech Mahindra
13.1.12 Nokia
13.1.13 Inmoment
13.1.14 Zendesk
13.1.15 Sitecore
13.1.16 Sprinklr
13.1.17 Medallia
13.2 Startup/Sme Players
13.2.1 Mixpanel
13.2.2 Ngdata
13.2.3 Algonomy
13.2.4 Zephyrtel
13.2.5 Amperity
13.2.6 Clarabridge
13.2.7 Mindtouch
13.2.8 Sogosurvey
13.2.9 Segment.Io