Customer Experience Management Market Research Report - Global Forecast 2027

Global Customer Experience Management Market, By Touch Point (Call Centers, Email, Social Media), By End-users (BFSI, Healthcare, Manufacturing, Retail) - Forecast 2027

ID: MRFR/ICT/2117-HCR | February 2021 | Region: Global | 100 pages

Customer Experience Management Market Overview:
The wider concept of customer experience management can be very well defined as a dynamic process by which an enterprise tracks the usual interaction between consumers and the main organizations. This entire process of customer experience management takes place via a particular and typical consumer lifecycle. The company has a client experience management process to adhere to the consumer requirements and prime loyalty. The concept of customer experience management needs an extensive strategy and planning to manage or priorities customer experiences.

The factors contributing which are related to Customer Experience Management Market directly contributes to the growth of the Customer Experience Management Market Size and are responsible for meeting the growing need to cater to consumer satisfaction, rising e-commerce, highly competitive environment, and developing focus towards customer-oriented market. In addition to this, choosing or selecting the right technology and consistency all across through several verticals are blocking the stagnant growth of this market.


This market share is improving worldwide, North America witnessed the largest market share in the worldwide customer experience management global market; apart from this, and Asia-Pacific is anticipated to grow at a quick pace over the estimated period, 2017-2023.


COVID 19 Impacts and effects:
The continuous outbreak of the global pandemic COVID-19 has a general and medium level impact on the total growth of the Customer Experience Management Market Trends worldwide. The worldwide outbreak of COVID-19 has primarily impacted a few of the major sectors, such as manufacturing sector, logistics and transportation sector, and retail sector, and has been moderately influenced by the non-core sectors, such as IT and telecom sector, and ecommerce industry. On the contrary side, industry sectors, such as government and public healthcare and public sector, are primarily adapting to major Customer Experience Management (CEM) global solutions during the worldwide pandemic due to a sudden increase in the number of clients. The COVID-19 pandemic has immensely impacted the Global Customer Experience Management Market Growth and the way of life across the world. Lots of organizations have to fight the battle of survival and client relationships relentlessly.


CUSTOMER EXPERIENCE MANAGEMENT MARKET


CUSTOMER EXPERIENCE MANAGEMENT MARKET

Market Dynamics:
Drivers:
The primary factors which are directly contributing to the rise of the customer experience management market are the expanding demand to meet desirable consumer satisfaction, rising e-commerce activities, competitive environment, and increasing focus towards major consumer oriented markets. Not only is this, selecting the right technology and proper consistency across several verticals restricting the expansion of this  market opportunities. In contrast to this, various advent multilingual text analytics that burst the various language barrier and several monotonous augmentations in industry-specific text across analytics applications are the prime factors that are directly fueling the growth of this market demand.


Opportunities:

The dynamic concept of Customer experience management is a varied range of cross and multi-channel several business activities that are very well executed and implemented on a strategic enterprise level to manage or develop commercial activities all across the various customer lifecycle. In other words, Customer Experience global Management Market Statistics can help the company to track the interaction between consumers and the organizations. This solid communication process takes place via various consumer lifecycle. The worldwide market of Customer experience management is expected to grow at a scalable pace during the forecast period (2017 – 2023).  The Customer Experience Management Market is estimated to show massive growth by the end of the year 2023; the global Customer experience management market is estimated to garner approximate amount of USD 18 billion by the end of the year 2023 with an estimated 22% CAGR during the estimated period.

 

Restraints:

Worldwide Businesses are capable of collecting a massive amount of information through several channels to optimize a better understanding of primary customer preferences, basic needs, various purchasing patterns, and so on. Organizations need to scale the enormous speed of various integration with constant growth and complexity of many touchpoints in the client’s feedback process. The information is collected from several touchpoints, which contrast from one another, and local businesses have to segment the data based on client’s needs and various expectations.

 

Challenges:

Based on today’s Customer Experience Management Market Research, in a modern competitive marketplace, the various marketing teams need real-time and extremely secure data to convey outstanding CX. The companies are collecting data through numerous touchpoints and measuring it virtually or online. Such valuable information, which is applied in numerous support and certain basic communications, may blend a variety of important data types, such as essential public information, valuable big data, and resourceful small data collected from the customers. This valuable data can include several permissions, basic individual preferences, and moderately updated basic contact information on essential products, basic services, and various communication platforms. Thus, the real authorized vendors got to ensure very high-level data security to control consumer trust. Everyday new Cyber-attacks have risen significantly and have become really sophisticated. For instance, in modern days, many cybercriminals have stretched all across the board, the tools to access anything from secretive passwords to any vital hidden secret questions and token-generated passwords

 

Cumulative Growth Analysis:

On the basis of services, the Customer Experience Management Market Analysis segment is projected to hold a bigger market size than the unique professional services segment during the estimated period as they assist consumers in handling basic customer experience management operations on various on-premises as well as on the cloud. The basic prime responsibility of the several managed service providers is to upgrade the basic efficiency of several inbound and outbound operations extremely cost-effectively for enterprises. The numerous concept of several loss of the unique main power supply has been responsible for fire or an extreme power cut and ultimately leads to the failure of various normal or usual separate lighting supplies. Today almost all of the new buildings have these extraordinary emergency lighting constructed and installed in the massive infrastructure during the construction. 

 

Technology Analysis:
An increasing boom in the Customer experience management demand is rapidly growing considerably worldwide. The upscale rapid growth in numerous sectors can be very well explained and cited as an advanced instrumental factor for the increasing growth of the customer experience management market.

By Division by Structure:
Surging demand to properly manage customer experience all across the customer journey, requests of retaining customers, various competitive differentiation, and rising e-commerce and m-commerce are a few of the most important primary factors that are excelling the market growth of various Customer Experience Management Market. In addition to this, various augmenting needs for major call centers across industry verticals to administer customer queries and rising need to better optimize on call center touchpoints to minimize cost and retain existing consumers is expected to push the market growth.


Division by Service:
The extremely high cost has been responsible for slower increase of the global Customer Experience Management Market growth over the projected period. The various customer experience management market has been divided vertically into numerous IT and telecom; banking sector, financial services sector, and insurance (BFSI); retail; healthcare sector; automotive; travel and hospitality sector; media and entertainment; public sector; and others. Among several verticals, the primary healthcare vertical is estimated to grow at the maximum CAGR during the estimated period. Importance of enhancing various patient experiences is the primary driver for the increasing growth of CEM in the healthcare sector.


Market Segmentation:
Division by Application:
Primary factors increasing living standards all over the world are accelerating the growth of the Customer Experience Management Market. All across the globe, for example, North America, Europe, Asia Pacific, Middle East & Africa, and Latin America, the market is expected to grow rapidly.


Division by Region:
North America holds the largest market share, with rising adoption of modern technological solutions, various regional growth of the consumer experience management, and rising customer expectations. North America reflects the largest market share in the global customer experience management market, whereas Asia-Pacific is projected to grow at a quick pace over the estimated period, 2017-2023. However, Asia-Pacific region is projected to expand over the forecast period, 2017-2023. The primary reason is majorly attributed to the rising competition among major players, rising consumer needs, and the maxim unavailability of latest technological solutions.


Customer Experience Management Market Regional Analysis:
The Asia-Pacific Customer Experience Management Global Market is projected to grow at the highest CAGR during the estimated period. This increased growth can be basically attributed to the presence of large companies that are largely responsible for the growth in the North American region.


Competitive Landscape:
The market players for this global market are:



  • North America

  • US

  • Canada

  • Mexico

  • Europe

  • Germany

  • UK

  • France

  • Spain

  • Italy

  • Rest of Europe

  • Asia-Pacific

  • China

  • India

  • Japan

  • Rest of Asia-Pacific

  • Rest of the World

  • The Middle East

  • Africa

  • South America


Recent Developments:


  • European countries are emerging players in the regional market.

  • Asia pacific is also leading in this direction because of huge demand.


Report Overview:


  • Market overview highlights 

  • Analysis based upon COVID 19

  • Explanation upon the Market Dynamics

  • Value chain analysis 

  • Market segmentation overview

  • The regional analysis

  • Competitive landscape analysis

  • Recent Developments



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 18 Billion (2023)
  CAGR   22% (2016-2022)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Touch Point
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   IBM Corporation (U.S.), SAS Institute Inc. (U.S.), Adobe Systems Incorporated (U.S.), Tech Mahindra Limited (India), Oracle Corporation (U.S.), Open Text Corporation (Canada), Nokia Networks (Finland), Avaya Inc. (U.S.), SDL (U.K.)
  Key Market Opportunities   The dynamic concept of Customer experience management is a varied range of cross and multi-channel several business activities that are very well executed and implemented on a strategic enterprise level to manage or develop commercial activities all across the various customer lifecycle.
  Key Market Drivers   The primary factors which are directly contributing to the rise of the customer experience management market are the expanding demand to meet desirable consumer satisfaction, rising e-commerce activities, competitive environment, and increasing focus towards major consumer oriented markets.


Frequently Asked Questions (FAQ) :


A. Increasing need for customer satisfaction, rising competitiveness, etc. are poised to drive the growth of the customer experience management market.

A. The customer experience management market is poised to mark 22% CAGR.

A. The customer experience management market is poised to attain a valuation of USD 18 Bn.

A. North America is assessed to dominate the customer experience management market.

A. Rising e-commerce industry, increasing adoption of CRM solutions, etc. are presumed to drive the growth of the customer experience management market in APAC.

TABLE OF CONTENTS

1 MARKET INTRODUCTION

1.1 INTRODUCTION

1.2 SCOPE OF STUDY

1.2.1 RESEARCH OBJECTIVE

1.2.2 ASSUMPTIONS

1.2.3 LIMITATIONS

1.3 MARKET STRUCTURE

2 RESEARCH METHODOLOGY

2.1 RESEARCH NETWORK TYPE

2.2 PRIMARY RESEARCH

2.3 SECONDARY RESEARCH

2.4 FORECAST MODEL

2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST

2.4.2 MARKET SIZE ESTIMATION

3 MARKET DYNAMICS

3.1 INTRODUCTION

3.2 MARKET DRIVERS

3.3 MARKET CHALLENGES

3.4 MARKET OPPORTUNITIES

3.5 MARKET RESTRAINTS

4 EXECUTIVE SUMMARY

5. MARKET FACTOR ANALYSIS

5.1 PORTER’S FIVE FORCES ANALYSIS

5.2 SUPPLY CHAIN ANALYSIS

6 CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY SEGMENTS

6.1 INTRODUCTION

6.2 MARKET STATISTICS

6.2.1 BY TOUCH POINT

6.2.1.1 WEBSITE

6.2.1.2 SOCIAL MEDIA

6.2.1.3 EMAIL

6.2.1.4 MOBILE

6.2.1.5 COMPANY STORES

6.2.1.6 CALL CENTERS

6.2.1.7 OTHERS

6.2.2 BY END-USERS

6.2.2.1 BFSI

6.2.2.2 HEALTHCARE

6.2.2.3 MANUFACTURING

6.2.2.4 GOVERNMENT

6.2.2.5 IT & TELECOMMUNICATIONS

6.2.2.6 MEDIA & ENTERTAINMENT

6.2.2.7 AUTOMOTIVE

6.2.2.8 RETAIL

6.2.2.9 OTHERS

6.2.3 BY GEOGRAPHY

6.2.3.1 NORTH AMERICA

6.2.3.2 EUROPE

6.2.3.3 ASIA-PACIFIC

6.2.3.4 REST OF THE WORLD

7 COMPETITIVE ANALYSIS

7.1 MARKET SHARE ANALYSIS

7.2 COMPANY PROFILES

7.2.1 IBM CORPORATION (U.S.)

7.2.2 SAS INSTITUTE INC. (U.S.)

7.2.3 ADOBE SYSTEMS INCORPORATED (U.S.)

7.2.4 TECH MAHINDRA LIMITED (INDIA)

7.2.5 ORACLE CORPORATION (U.S.)

7.2.6 OPEN TEXT CORPORATION (CANADA)

7.2.7 NOKIA NETWORKS (FINLAND)

7.2.8 AVAYA INC. (U.S.)

7.2.9 SDL (U.K.)

7.2.10 OTHERS

LIST OF TABLES

TABLE 1 CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT

TABLE 2 CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS

TABLE 3 CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY GEOGRAPHY

TABLE 4 NORTH AMERICA CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT

TABLE 5 NORTH AMERICA CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS

TABLE 6 U.S CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT

TABLE 7 U.S. CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS

TABLE 8 CANADA CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT

TABLE 9 CANADA CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS

TABLE 10 EUROPE CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT

TABLE 11 EUROPE CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS

TABLE 12 GERMANY CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT

TABLE 13 GERMANY CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS

TABLE 14 FRANCE CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT

TABLE 15 FRANCE CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS

TABLE 16 U.K. CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT

TABLE 17 U.K. CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS

TABLE 18 REST OF EUROPE CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT

TABLE 19 REST OF EUROPE CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS

TABLE 20 ASIA-PACIFIC CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT

TABLE 21 ASIA-PACIFIC CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS

TABLE 22 REST OF THE WORLD CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT

TABLE 23 REST OF THE WORLD CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS

LIST OF FIGURES

FIGURE 1 RESEARCH METHODOLOGY

FIGURE 2 CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT (%)

FIGURE 3 CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS (%)

FIGURE 4 CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY REGIONS (%)

FIGURE 5 NORTH AMERICA CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT (%)

FIGURE 6 NORTH AMERICA CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS (%)

FIGURE 7 EUROPE CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT (%)

FIGURE 8 EUROPE CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS (%)

FIGURE 9 ASIA-PACIFIC CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT (%)

FIGURE 10 ASIA-PACIFIC CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS (%)

FIGURE 11 REST OF THE WORLD CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY TOUCH POINT (%)

FIGURE 12 REST OF THE WORLD CUSTOMER EXPERIENCE MANAGEMENT MARKET, BY END-USERS (%)