Customer Experience Management Market Segmented By Solution, Services and Professional Services Components on On-premise, Cloud Deployment in with Websites, Stores, Call Centers, Mobile Apps, Social Media, Emails, Virtual Assistants Touch point
Industry: IT and Telecommunication
Published Date: April-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 323
Report ID: PMRREP33042
The customer experience management market is expected to expand its roots in the global market at a promising CAGR of 11.6% between 2022 and 2032.
The customer experience management market is valued at US$ 10.7 bn in 2022 and is likely to reach US$ 32.1 Bn by 2032. Previously, the market was thriving at a higher CAGR of 12.2% (2015-2021), resulting in market size of US$ 9.5 Bn in 2021.
“Uncertain and unprecedented scenarios triggered by covid-19 have increased and transformed customer interaction with the healthcare sector, driving the customer experience management market and pushing healthcare businesses to upgrade their CEM systems.”
Advertising, marketing, and other sales pushing tactics play an essential role in any business, while customer experience also plays a crucial role. As industries like IT and telecom expand their market spaces, the need for customer experience management systems rises, new customer experience management technology also enables end to end customer interaction and help them with FAQs and queries to enrich their experience.
| Attributes | Details |
|---|---|
|
Customer experience management Market CAGR (2022-2032) |
11.6% |
|
Customer experience management Market Value (2022) |
US$ 10.7 Bn |
|
Customer experience management Market Value (2032) |
US$ 32.1 Bn |
Covid-19 has impacted multiple global markets by rearranging the supply chains due to the market restrictions and logistics bans introduced by governments around the world.
The pandemic has moderately impacted the customer experience management market as it has opened its doors for new businesses while temporarily shutting down for some. For instance, the pandemic adversely impacted the IT and telecom industries because of the shutdown of office spaces.
At the same time, the healthcare and medical sector consumed most of the customer experience management systems, enhancing customer interaction with different components of the company
Other than this, the interaction of customers has increased during the pandemic, fueling customer experience management as small- and large-scale businesses adapt and upgrade their customer experiences management systems.
The primary driver of the customer experience management market are companies trying to retain customers and enrich customer loyalty. Companies focus on retaining their customers by getting positive feedback from them.
Also, customer experience management systems help acquire more customers through the customer's online journey. Customers journey from surfing through the website to buying any product or service. The customer experience management system makes sure that its processes go smoothly and takes less time.
This includes website speed, concise pictures, and device-friendly design. It also helps in settling the customer-related queries as it leads the vendor to study more about the customer and his journey.
The significant factors that limit the growth of customers are the lack of innovation and analyzing skills. This also includes the incompetency of the workforce that implements these systems without a blueprint.
Targeting the right type of customers and segmenting them in order to launch multiple campaigns for different sets of customers enhances the customer experience. As covid-19 impacted the company’s financial conditions, companies have shut down their research facilities, restricting the sales of customer experience management systems.
The customer experience management market creates opportunities for the vendors to experiment more with the systems, including artificial intelligence and augmented reality. These technological advancements help in enhancing the customer's experience.
Sectors like IT & telecom and BFSI use customer experience management to integrate with artificial intelligence, machine learning, and predictive learning. These elements help in analyzing customer interactions and through checkpoints.
These funnel checkpoints explain where customers are having troubles and help resolve them. Concepts like a chatbot and virtual assistant help customers in resolving their queries. The use of these AI-based systems also helped during the pandemic's peak as there was no customer support there.
The significant challenges that affect the customer experience management market are the high capital investments, low ROI, and poor-quality metrics. Customer experience management systems have huge investments and maintenance costs, increasing the additional costs for operations.
Another factor that restricts the growth of the customer experience management market is rising concerns around data privacy and compliance. The growth in cybercrimes and data theft in industries like IT and telecom raises concerns over data security.
Governments around the world are launching general data regulations, restricting the growth of the customer experience management market.
| Attributes | Customer Experience Management Market |
|---|---|
|
CAGR (2022-2032) |
11.6% |
|
Market Value (2026) |
US$ 16.60 Bn |
|
Growth Factor |
High penetration of customer interaction in healthcare and medical sector, advanced systems integrating customer experience management systems. |
|
Opportunity |
Advent of artificial intelligence, predictive decision making and machine learning is enhancing the customer experience by solving their problems and answering their queries. |
|
Key Trends |
Integration of virtual assistants into customer experience management systems is trending in the market. |
| Attributes | Outsourced Customer Care Services Market |
|---|---|
|
CAGR (2022-2032) |
5.8% |
|
Market Value (2026) |
US$ 116 Bn |
|
Growth Factor |
New markets opening up with the skilled and cheap workforce is attracting giants to work with outsourced customer care vendors, penetrating in the regions like India and China. |
|
Opportunity |
The market provides opportunities to focus on their core competencies and enhance their operational structure as customer support can be worked out with a third party vendors. |
|
Key Trends |
Use of instant messenger form that describes the customer and his/her query is in trend as it saves time and increases the productivity. |
| Attributes | Customer Engagement Solutions Market |
|---|---|
|
CAGR (2022-2032) |
12.4% |
|
Market Value (2026) |
US$ 30.92 Bn |
|
Growth Factor |
Customer engagement solutions along with AI and ML are increasing the need for data visualization dashboards for the better business decisions. |
|
Opportunity |
Covid-19 pushed the IT services to follow work from home procedures, that led CE market to provide frequent support to the customers with queries and questions. |
|
Key Trends |
Usage of customer engagement systems has risen in healthcare and life sciences industry excessively as healthcare business intelligence market also grows post pandemic. |
Automated features like chat bots and virtual assistants help in customer’s journey and engagement. This provides 24/7 customer support, including multilingual support and tie bound response. This helped businesses sustain their customer support during the peak of the pandemic.
For instance, amazon’s Alexa, apple’s Siri and Google’s assistant that give 24/7 support to the end users for engaging the customers and helping them with the queries. Through these self-service resolutions, the user interacts more with these systems, fueling the sales of customer experience management systems.
Vendors also add additional technology that is flexible with new innovative technologies like artificial intelligence, machine learning and predictive decision making, making it feasible for new corporate business spaces.
The customer experience management market is categorized by components, touchpoint, deployment type, organization size and vertical. These categories are further divided into small segments that hold different market spaces in various regions.
Component category has two segments; Solutions and Services, while touchpoint category holds Websites, Stores, Call Centers, Mobile Apps, social media, emails, Virtual Assistants. There are two types of deployment types in the customer experience management market that are cloud and on-premises deployment.
The market caters for two types of organization sizes; SMEs and Large Enterprises while the vertical category has BFSI, IT & Telecom, Retail, Healthcare & Life sciences, Automotive, Travel & Hospitality, Media & Entertainment, and Public Sector.
By component, the solution is the most significant segment in the customer experience management market that thrives on a solid CAGR of 11% between 2022 and 2032. This segment’s growth is due to its easy implementation and high adoption in the healthcare and medical sectors.
Also, higher adoption of mobile applications and an increasing number of call centers and BPOs are opening up in new markets. While the service segment is likely to grow at a moderate CAGR attributed to the mixed-use of customer experience solutions and services.
By deployment, cloud deployment holds the biggest portion of the Customer experience management market and is likely to generate the highest revenue in the forecast period, thriving at a CAGR of 10.8% between 2022 and 2032.
The factors attributing to this growth are its high use in small and medium-sized enterprises. Cloud deployment is also implemented in banks and financial services as it provides enlarged storage and an efficient structure so that customers can have a better experience.
By touchpoint, the call center segment is the most significant segment in the customer experience management market that thrives on a strong CAGR between 2022 and 2032. The factors behind this segment’s growth are its penetration into new market spaces.
High demand for customer support and better enhancing of customer experience, new technologies integrating with this telecom industry. This involves call analytics, predictive dialing, and other security tools, `enhancing customer interaction and fueling the sales of customer experience management systems.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
11.4% |
|
United Kingdom |
11.3% |
|
China |
10.5% |
|
Japan |
10.7% |
|
South Korea |
9.8% |
The customer experience management market is divided into regions; North America, Latin America, Asia Pacific, Middle East and Africa (MEA) and Europe. The biggest market is United States, thriving at a CAGR of 11.4% between 2022-2032.
The region is expected to hold a market revenue of US$ 11.1 Bn by the end of 2032. The factors behind the excessive growth of this region in the customer experience management market are the growth in the healthcare, IT and banking industry, and the increasing need for AI-based customer experience management tools.
Apart from this, United Kingdom (UK) is the second highest growing market for customer experience management market. The UK region will hold US$ 1.5 Bn by the end of 2032 as it thrives on a strong CAGR of 11.3% between 2022-2032. Japan also grows along UK with the forecasted value of US$ 0.3 Bn (2032) at a CAGR of 10.7% between 2022-2032, expanding the customer experience management market size.
The global study on customer experience management market explains that the market holds diversified interests as the new cutting edge technology integrates, the new names also come up in the market ecosystem.
Companies focus on experimenting and advancements of customer service technologies. Key players also do collaborations and mergers with other significant brands that help them in enhancing customer experience as there is a tough competition in the market, expanding the customer experience management market in new systems.
| Attributes | Details |
|---|---|
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Forecast period |
2022-2032 |
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Historical data available for |
2015-2021 |
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Market analysis |
USD Bn for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
By Components
By Deployment
By Vertical
By Organization Size
By Touchpoint
To know more about delivery timeline for this report Contact Sales
Customer experience management market is projected to have a CAGR of 11.6% through 2032.
United States is the leading region with an anticipated CAGR of 11.4% through 2032.
Cloud type deployment lead the market with the projected CAGR of 10.8% by the end of the forecast period.
The customer experience management market is predicted to grow US$ 32.1 Bn by 2032.
Solutions segment leads the market with the projected CAGR of 11% from 2022-2032.
