What is the global market size of Customer Experience Management Market?

Customer Experience Management Market size was valued at USD 9.5 billion in 2021 and is poised to grow from USD 10.67 billion in 2022 to USD 30.31 billion by 2030, growing at a CAGR of 12.3% in the forecast period (2023-2030).

Global Customer Experience Management Market

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.

Customer Experience Management Market Report Snapshots

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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', '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 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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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

Customer Experience Management Market Insights

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