Increasing demand for customer experience management solutions to reduce churn rate, demand for planning personalized customer engagement strategy and customer journeys, research, and constant innovation are some of the factors driving the Customer experience management market.
According to the current analysis of Reports and Data, the customer experience management market was valued at USD 6,172.8 Million in 2018 and is expected to reach USD 38,508.0 Million by the year 2026, at a CAGR of 27.4%. Customer experience management market research study offers an all-inclusive analysis of the revenue generated by the customer experience management vendors locally and globally. It includes the analysis of key strategies, business models, geographic presence, market dynamics, industry outlook, competitive landscape, and customer experience management market revenue for all segments.
The study provides an overall insight into the factors responsible for the growth in the customer experience management market. The factors driving the customer experience management market are increasing demand for customer experience management solutions to reduce churn rate, demand for planning personalized customer engagement strategy and customer journeys, adoption of advanced analytic techniques for increasing customer experience, and technological advancements in the customer experience management.
Owing to rising urbanization and digitalization across the world, end-user sectors like retail and ecommerce, BFSI, travel and hospitality, Government, and media and entertainment industries have experienced growth, which is expected to supplement the growth of customer experience management market. An increasing number of key players are partnering up with the major core companies in the above sectors to provide superior and more efficient customer engagement to help them grow their business as well as redefine experiences for the customers.
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The customer experience management market presents several opportunities for the vendors due increasing number of online digital transactions, increasing standards of living in developing countries. The growth of customer experience management market is expected to be restrained due to the complexities in integrating data collected from different touch points and the data security and data privacy concerns. It is anticipated that extensive research and development funded by various companies, along with the enhancements of the cloud computing services would help in overcoming this challenge and convert it into an opportunity for the market to thrive upon.
Increased customer acquisitions, better customer engagement, increased customer conversions, reduced cost of service and marketing, improved crisis management, and increased customer loyalty and retention are some of the key benefits offered by the customer experience management solutions. The ecosystem of the customer experience management comprises of several small and large enterprises. These players are developing in house solutions by spending a larger share of revenue in the innovation of the products. The companies are indulging in partnerships, collaborations, agreements, and mergers to gain a competitive edge in the customer experience management market.
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the Predictive Maintenance market on the basis of component type, deployment type, size type, application and region:
Component type (Revenue in USD Million; 2016–2026)
- Professional Services
- System Integration and deployment
- Technical Support
- Professional Services
Deployment type (Revenue in USD Million; 2016–2026)
Touch Point Type (Revenue in USD Million; 2016–2026)
- Contact Center
- Social Media
- Virtual Assistant
End-User (Revenue in USD Million; 2016–2026)
- Banking, Financial Services, and Insurance
- Telecom and IT
- Media and Entertainment
- Travel and Hospitality
- Retail and ecommerce
- Transport and Logistics
Further key findings from the report suggest
- The market is growing at a CAGR of 61% in Asia Pacific due to the rapid industrialization, urbanization, and digitalization of the developing countries and the increased use of digital transactions in developing countries such as India, China, and Singapore.
- Global modernization and emergence of technologies like the AI and ML, IoT, has increased the number of digital data collected using numerous touch points including smart electronic devices like smartphones, tablets, and laptops, which is expected to increase the use of customer experience management and expand its market size.
- Governments are investing in the digitalization of several industries to help modernize the state-run services, which are availed by people for the digital transactions, online banking, and other services. These services critically contribute the revenue generated by countries. It is expected this factor would help the customer experience management market grow.
- The cloud deployment model is expected to dominate the customer experience management market owing to its low-cost implementation and flexible subscription models suitable for the end-users.
- The contact centre touch point is estimated to dominate the market in 2018. Contact centre provides 24×7 support services to its customers and collect data to predict the buying patterns, customer behaviour, and churn rates
- The retail ecommerce is estimated to be the fastest growing segment due to the increasing use of customer experience management solutions for growing the customer base by acquiring new customers and retention of the previous customers.
- The vendors in the market have adopted various strategies to increase the product ecosystem and gain a competitive edge over its competitors. For instance, Oracle introduced its Oracle Retail Xstore Office Cloud Service that enables enterprises greater inventory visibility and mobile reporting capabilities
- Key participants include Adobe System Incorporated, Avaya, Inc., CA Technologies, Chime Technologies Inc., Clarabridge, FreshworksInc, Genesys, IBM Corporation, Medallia, Nokia Networks, Opentext, Oracle Corporation, Qualtrics, SAP SE, SAS Institute Inc., Tech Mahindra, Verint System Inc, and Zendesk Inc
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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