USD 9.5 billion
Customer Experience Management Market Size, Share, Growth Analysis, By Components(Services (Professional, Managed), Solutions), By Deployment(Cloud, On-premises), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20Q2006 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|Tables:
62
|Figures:
75
Customer Experience Management Market Insights
Customer Experience Management Market size was valued at USD 9.5 billion in 2019 and is poised to grow from USD 10.67 billion in 2023 to USD 30.31 billion by 2031, growing at a CAGR of 12.3% in the forecast period (2024-2031).
In order to promote brand loyalty and repeat business, customer experience management (CEM) is an approach that places business customers at the heart of marketing, sales, and customer support. Systems that measure consumer perceptions about their interactions with a business are heavily reliant on the voice of the customer information. In an effort to match and surpass customer demands, organizations must continuously evolve. This is represented by evolving sets of practices and technology.
One of the main reasons anticipated to accelerate the growth of the worldwide CEM Market is the surge in demand for personalized experiences from customers across various sectors.
US Customer Experience Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On-premises
Fastest Growth
On-premises
Growth Rate
12.3% CAGR
Global Customer Experience Management Market 2022-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
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Customer Experience Management Market Segmental Analysis
The Global Customer Experience Management Market segmentation is based on components, deployment, and region. Based on components the market is segmented into services (professional and managed) and solutions. Based on deployment the market is segmented into cloud and on-premises. Based on region the global customer experience management market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Customer Experience Management Market Analysis by Component
In 2021, the solution segment had the highest market share. The rise of solutions is fueled by the widespread use of smartphone apps and the expansion of call centers to enhance customer experience. Solutions for the customer experience assist businesses in managing client relations.
Over the projected timeline, the service segment is predicted to increase at the fastest rate. Alongside customer experience solutions, businesses offer managed and professional services to end-users. During the forecast years, professional services are anticipated to grow with the largest market share, which is projected to drive market expansion across all services.
Customer Experience Management Market Analysis by Deployment
In 2021, Based on deployment type the on-premise segment accounted for the largest CEM market and is anticipated to remain dominant in the coming future The growing concern about the securing information or content connected to entertainment and media productions, which is extremely useful, and inspires businesses to adopt native or on-premise solutions.
Owing to rising customer requirements for prolonged user interactions giving a richer consumer experience and rising costs of proprietary CRM software, which necessitate frequent upgrades, the cloud category is anticipated to grow rapidly during the projected time.
Global Customer Experience Management Market Size by Deployment 2022-2028 ($ Mn)
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Customer Experience Management Market Regional Insights
In 2021, North America has the largest market share in the global customer experience management market. The growing demand for CEM across numerous sectors is anticipated to fuel the expansion of the global market for this service.
The same pattern is being observed in Europe, which is regarded as a substantial market for customer experience management. But in the coming years, the world market will also benefit from growing demands and more stiff competition among market participants. The overall customer experience management industry is also affected by the growing number of alternatives for evaluating customer information. Additionally, the changing competitive environment is promoting the expansion of the world market.
Owing to the rapid urbanization, automation, and rise of digital transactions in emerging countries such as India, China, and Singapore, Asia-Pacific will enjoy substantial growth.
Global Customer Experience Management Market By Geography, 2022-2028
- Largest
- Fastest
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Customer Experience Management Market Dynamics
Customer Experience Management Market Driver
- Customer experience is crucial in maintaining people engaged in the business and fostering brand loyalty. Customer satisfaction extends beyond repeat visits to the website or physical location to good brand reviews on social media. This would inspire other consumers to engage with the brand as well, increasing customer retention and new customer acquisition.
- Customers have shifted further towards digital platforms as a result of the development of online stores and e-banking. Shops are now using internet platforms instead of physical locations. Retailers have implemented Artificial Intelligence-enabled conversations, virtual trial chambers, and surveillance to record and examine consumer behavior. To boost their exposure, brands use a variety of platforms, including social networks, smartphone apps, webpages, and others.
Customer Experience Management Market Restraint
- Organizations run exclusively on consumer demands and want in order to improve customer experience, which could have a detrimental effect on a firm's innovation. Businesses may avoid looking for new ways to enhance existing products or develop new ones when they place a greater emphasis on the client experience, which results in a lack of creativity. Consumers may be aware of what they really want, but businesses should conduct R&D to come up with concepts that customers would not have on their own when asked about their wants.
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Customer Experience Management Market Competitive Landscape
Significant competitors control a major portion of the market. In order to grow and develop their current contact point-type portfolios and attract new clients, these firms are adopting innovative customer experience management services. In order to create technically sophisticated contact point types and obtain a dominant market position, businesses are also engaged in mergers, acquisitions, and partnerships. For instance, in June 2021, A strategic collaboration was formed between Genesys and Qualtrics to provide top-notch customer experience solutions at scale.
Customer Experience Management Market Top Players Company Profiles
- Adobe
- Oracle
- Avaya Inc.
- Clarabridge, Inc.
- Genesys Telecommunications Laboratories, Inc.
- IBM Corporation
- InMoment, Inc.
- Medallia, Inc.
- Nice Systems Ltd.
- OpenText Corporation
- Pitney Bowes Inc.
- Salesforce.com, Inc.
- SAP SE
- Satmetrix Systems, Inc.
- SDL plc
- Tech Mahindra Limited
- Teradata Corporation
- Verint Systems Inc.
- Zendesk Inc.
- Qualtrics LLC (SAP)
Customer Experience Management Market Recent Development
- In January 2022, Merkle Inc. established a data-driven Customer Experience Management (CXM) company to assist businesses in comprehending the importance of the customer experience to business operations and in examining the necessary marketing tactics to get a competitive edge.
- In May 2021, A series B fundraising round for US$ 40 million was declared by Airkit. The organization wants to invest in CX solutions that are long-term. Reusing lessens development cycles, provides CX for the future, and enhances customer experience in response to the rising requirement for CX solutions.
- In January 2021, With the assistance of Facebook's workforce and the Medallia customer experience management system, organizations of all types and sizes will now be capable of acting on, sharing, and collaborating on customer reviews.
Customer Experience Management Key Market Trends
- The price of computational and data power has decreased due to the quick spread of intelligent technologies like AI and sophisticated advanced analytics. New technologies will assist businesses in designing, running, and improving their end-to-end CEM and fostering market expansion. Big data analytics take the guesswork out of understanding clients’ requirements, pain points, aims, and interests while providing complete transparency into the purchasing process. One of the key elements driving market expansion is the expanding trend of investing in client retention techniques.
Customer Experience Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Solutions sector dominated the global customer experience management market in 2021. In 2021, the On-premise industry had a sizable market share and is anticipated to increase at the fastest rate throughout the projection period. In 2021, North America dominated the global customer experience management market due to the growing demand in CEM in the region.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 9.5 billion |
| Market size value in 2031 | USD 30.31 billion |
| Growth Rate | 12.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Customer Experience Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Customer Experience Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Customer Experience Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Customer Experience Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Customer Experience Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Customer Experience Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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