by The customer experience management Market is estimated to be valued at US$ 9.6 Bn in 2022 and is expected to exhibit a CAGR of 13.46% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The customer experience management market comprises solutions that help organizations gather customer feedback through various channels such as mobile apps, websites, emails, call centers, branches/stores and social media. These solutions also help organizations analyze insights from customer interactions and feedback using analytics tools to understand pain points, improving customer satisfaction and retention. The solutions are widely adopted by industries such as BFSI, retail, IT & telecom, healthcare, automotive, travel and hospitality and others.
Market Dynamics:
Growing emphasis on delivering superior customer experience is a key driver propelling the growth of customer experience management market. Organizations are focusing on providing seamless, consistent and personalized experience to customers across various touchpoints to build customer loyalty. Furthermore, changing customer expectations and demand for consistent omnichannel experience is also fueling the adoption of customer experience management solutions.
The increasing adoption of advanced technologies such as big data, artificial intelligence and machine learning is also boosting the market growth. Integration of these technologies helps organizations gain deeper customer insights, personalize experiences and enhance engagement. For instance, AI helps in analyzing large volumes of unstructured customer data from multiple sources to understand customer needs better.
Segment Analysis
The global customer experience management market is dominated by the software segment with a share of over 60%. This is because companies are increasingly investing in customer experience management software to gain insights into customer behavior and improve their experience. The software helps organizations automate various CX processes, handle customer queries and feedback effectively, and enhance customer loyalty through personalized interactions across multiple channels.
PEST Analysis
Political: The data privacy laws are getting stronger across regions to protect customer data and ensure its secure usage. This compels companies to strictly adhere to privacy guidelines while handling customer data.
Economic: The economic growth and rising internet penetration in developing nations have increased customer expectations from brands. This drives greater investments by companies in optimizing customer experience.
Social: Customers extensively share their brand experiences on social media. This has made customer experience a crucial factor influencing purchase decisions and brand perception.
Technological: Advancements like AI, analytics, cloud and mobility have enabled organizations to gain actionable customer insights and enhance engagement across an omnichannel experience. This fuels adoption of customer experience management platforms.
Key Takeaways
The global Customer Experience Management Market Share is expected to witness high growth, exhibiting CAGR of 13.46% over the forecast period 2023-2030, due to increasing digital transformation across industries.
The North American region dominates the market currently due to extensive digitization and major presence of CX solution providers in the US and Canada. Asia-Pacific is expected to offer lucrative opportunities with growing internet adoption and rising investments by companies in enhancing customer lifecycle engagement in developing nations like China and India.
Key players operating in the customer experience management market are MaritzCX Research LLC (Inmoment LLC), Adobe Inc., Medallia Inc., Oracle Corporation, Clarabridge, SAP SE, Sitecore, IBM Corporation, Zendesk, Avaya Inc., Open Text Corporation, Verint Systems Inc., and Tech Mahindra. Major players are focusing on frequent product innovations and strategic partnerships with digital solution integrators to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
