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Increasing necessity to improve customer engagement and reduce customer churn rate due to growing competition to drive the market for customer experience management
The customer experience management market is projected to grow from USD 8.5 billion in 2020 to USD 14.9 billion by 2025, at a CAGR of 11.8% from 2020 to 2025.The increasing need for improving customer engagement and reducing customer churn rates due to growing competition has led organizations to deploy advanced customer experience solutions. However, Difficulty in getting consistent CX feedback through all channels, and data security and privacy concerns are considered to pose challenges to the growth of the customer experience management market.
By component, the solutions segment to account for alargermarket share during the forecast period
Based on component, the solutions segment is expected to hold a larger market share than the services segment during the forecast period. Organizations are deploying customer experience management solutions to empower customers with highly connected personalized experiences across a wide range of websites, stores, call centers, mobile apps, social media, emails, virtual assistants, and other touchpoints. Customer queries are also expected to be resolved through automatic response processes, through solutions wherein the customers receive real-time feedback of the queries.
By services, the managed services segment to account for a larger market share during the forecast period
Based on services, the managed services segment is expected to hold a larger market size than the professional services segment during the forecast period due to the growing demand for the management of customer experience management operations on-premises as well as on the cloud. The prime responsibility of the managed service providers is to improve the efficiency of inbound and outbound operations cost-effectively for enterprises.
Among regions, APAC to grow at the highest CAGR during the forecast period
The market in APAC is projected to grow at the highest CAGR during the forecast period, due to widespread adoption of emerging technologies, such as cloud computing, AI, and analytics. The presence of growing economies such as China and India which are rapidly implementing latest technologies has also contributed to the growth of the customer experience management market in the region.
In-depth interviews were conducted with chief executive officers, marketing directors, innovation and technology directors, and executives from various key organizations operating in the customer experience management market.
The breakup of the profiles of the primary participants is given below:
- By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%
- By Designation: C-Level – 38%, Director Level – 30%, Others–32%
- By Region: North America – 40%, Europe – 15%, APAC – 35%, Middle East & Africa –5%, and Latin America – 5%
The following key customer experience management vendors are profiled in the report:
- Adobe (US)
- IBM (US)
- Oracle (US)
- Avaya (US)
- Nice (Israel)
- Nokia (Finland)
- SAP (Germany )
- OpenText (Canada)
- Tech Mahindra (India)
- Verint Systems (US)
- Zendesk (US)
- SDL (UK)
- Teradata (US)
- Sprinklr (US)
- Medallia (US)
- InMoment (US)
- SAS Institute (US)
- Clarabridge (US)
- Sitecore (US)
- NGDATA (Belgium)
- Amperity (US)
- Manthan (India)
- Mixpanel (US)
- Segment.io (US)
- ZephyrTel (US)
- MindTouch (US)
Customer experience management market by component, touchpoints, deployment type, organization size, vertical, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; acquisitions; and competitive landscape associated with the customer experience management market.
Reasons To Buy the Report
The report would help the market leaders/new entrants in the following ways:
- It comprehensively segments the customer experience management market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes competitor ecosystem, new service developments, partnerships, and acquisitions.