Customer Experience Management Market is valued approximately USD 6.9 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 13.3% over the forecast period 2019-2026.
The customer experience management allows the customer to interact with the company through various touch points to create differentiated experiences. The growing traction of customer experience management among various companies owing to increasing advancement in cloud-based customer experience management. The customer experience management enables various organizations to retain their customer base by offering enhanced customer experience across various channels.
Further, the customer experience management enables the organization to strengthen their brand presence, increase customer loyalty along with reducing customer churn. Moreover, the rising demand for big data analytics has enables the growth of the market segment. The customer experience management provides the real-time tracking of the customers along with their behavior.
The regional analysis of Customer Experience Management market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is expected to register significant growth over the forecast period owing to the rising demand across various industry verticals such as BFSI, telecom, IT & telecom and healthcare industry. The integration of AI and data analytics along with increased digital growth in customer experience management software has accelerated the growth of the region. For instance, In May 2019, Medallia Inc., customer experience management service provider, has announced to acquire Strikedeck, an advanced platform enabling companies to drive customer success (CS). The acquisition provides the company to expand its product portfolio in B2B customer experience management. The companies will provide information such as renewals of account, product adoption and usage, subscriptions, billing along with many other information to the client.