Global Customer Experience Management Market

Customer Experience Management Market Size, Share, Growth Analysis, By Offering (Solutions, Services), By Touchpoint, By Deployment Type, By Organization Size, By Vertical, By Region - Industry Forecast 2024-2031

Report ID: SQMIG20Q2006 | Region: Global | Published Date: November, 2024
Pages: 165 | Tables: 62 | Figures: 75

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 (US)
  • IBM (US)
  • Oracle (US)
  • Avaya (US)
  • Nice (Israel)
  • SAP (Germany)
  • OpenText (Canada)
  • Tech Mahindra (India)
  • Verint Systems (US)
  • Zendesk (US)
  • Teradata (US)
  • Sprinklr (US)
  • Medallia (US)
  • InMoment (US)
  • SAS (US)
  • Clarabridge (US)
  • Sitecore (US)
  • NGDATA (Belgium)
  • Amperity (US)
  • Mixpanel (US)

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.
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FAQs

Global Customer Experience Management Market size was valued at USD 10.0 billion in 2022 and is poised to grow from USD 11.4 billion in 2023 to USD 28.6 billion by 2031, growing at a CAGR of 12.2% during the forecast period (2024-2031).

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. 'Adobe (US)', 'IBM (US)', 'Oracle (US)', 'Avaya (US)', 'Nice (Israel)', 'SAP (Germany)', 'OpenText (Canada)', 'Tech Mahindra (India)', 'Verint Systems (US)', 'Zendesk (US)', 'Teradata (US)', 'Sprinklr (US)', 'Medallia (US)', 'InMoment (US)', 'SAS (US)', 'Clarabridge (US)', 'Sitecore (US)', 'NGDATA (Belgium)', 'Amperity (US)', 'Mixpanel (US)'

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.

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.

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.

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Global Customer Experience Management Market

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