Overview and Scope
Customer experience management refers to the study of how to better understand customers and implement strategic plans that support cross-functional initiatives and a customer-centric culture. It is used to offer qualitative insights, integrate relationship data throughout the entire customer lifecycle, and prioritize customer experiences.
Sizing and Forecast
The customer experience management market size has grown rapidly in recent years. It will grow from $10.97 billion in 2023 to $12.69 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to competitive advantage through cx, focus on customer lifetime value, demand for seamless customer journeys, rise of social media engagement, voice of customer (voc) insights..
The customer experience management market size is expected to see rapid growth in the next few years. It will grow to $22.53 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to increasing emphasis on personalization, advanced data analytics and ai integration, rise of omni-channel experiences, real-time engagement strategies.. Major trends in the forecast period include integration of feedback loops, emphasis on customer-centric cultures, customer retention and loyalty, focus on customer journey mapping, real-time engagement..
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Segmentation & Regional Insights
The customer experience management market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Touchpoint: Websites, Stores, Call centers, Mobile apps, Social media, Emails, Virtual assistants, Other Touchpoints
3) By Deployment type: On-Premises, Cloud
4) By Organisation Size: Small and Medium Enterprises (SMEs), Large Enterprises
5) By Vertical: IT and Telecom, BFSI, Retail, Healthcare, Automotive, Travel and hospitality, Media and entertainment, Public sector, Other Verticals
North America was the largest region in the customer experience management market in 2023. The regions covered in the customer experience management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising digital transformations across retail and healthcare are expected to propel the customer experience management market going forward. Digital transformation refers to integrating digital technology throughout all functional areas of an organization, radically transforming how it runs and giving value to its customers. Digital transformation helps to manage customer experience by integrating digital technology into all business sectors and radically changing how businesses operate and provide value to customers. For instance, in February 2021, according to a survey conducted by the United States Department of Health and Human Services (HHS), the US government’s principal agency, one in four respondents (23.1%) reported using telehealth services in the previous four weeks during the study period, which ran from April to October 2021. Additionally, in January 2021, according to a report by Binder Dijker Otte, a Belgium-based global network of firms providing business advice and public accounting services, 61% of retailers are planning to increase digital investment spending in the next year. Therefore, rising digital transformations across retail and healthcare are driving the growth of the customer experience management market.
Key Industry Players
Major companies operating in the customer experience management market report are Medallia Inc., Clarabridge, Zendesk Inc., Open Text Corporation, International Business Machines Corporation, Tech Mahindra, Verint Systems Inc., Avaya Inc., Oracle Corporation, SAP SE, Adobe Inc., Teradata Corporation, Sprinklr Inc., InMoment Inc., SAS Institute, Sitecore, NGDATA N.V., Amperity, Mixpanel Inc., Segment.io, ZephyrTel Inc., MindTouch, Freshworks Inc., Genesys Telecommunications Laboratories Inc., Nokia Corporation, Algonomy Inc., Sogolytics Ltd., Startek, Microsoft Corporation, Skyvera
The customer experience management market report table of contents includes:
1. Executive Summary
2. Customer Experience Management Market Characteristics
3. Customer Experience Management Market Trends And Strategies
4. Customer Experience Management Market – Macro Economic Scenario
5. Global Customer Experience Management Market Size and Growth
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31. Global Customer Experience Management Market Competitive Benchmarking
32. Global Customer Experience Management Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Customer Experience Management Market
34. Customer Experience Management Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Medallia Inc.
Clarabridge,
Open Text Corporation
International Business Machines Corporation
Tech Mahindra
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