Global Customer Experience Management Market Insights Forecasts to 2032
- The Global Customer Experience Management Market Size was valued at USD 16.85 Billion in 2022.
- The Market is growing at a CAGR of 14.6% from 2022 to 2032
- The Worldwide Customer Experience Management Market Size is expected to reach USD 65.95 Billion by 2031
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Customer Experience Management Market Size is expected to reach USD 65.95 Billion by 2032, at a CAGR of 14.6% during the forecast period 2022 to 2032.
The market expansion can be attributed to the growing significance of understanding customer behavior and preferences, which motivates various brands and organizations to implement customer experience strategies, such as routinely speaking and engaging with customers, creating a long-term program, and utilizing automation, to offer the best service performance to customers in real-time. Businesses of all sizes need to understand customer behavior. Given that people regularly spend time on various social networking sites like Twitter, Facebook, Pinterest, LinkedIn, and Snapchat, among others, businesses have realized that these sites can be an excellent way to monitor changes in consumer behavior and how people interpret information about solutions and services. At this point, social customer relationship management (CRM) can help organizations in particular by encouraging customer engagement and raising brand recognition. During the projected period, these improvements will fuel the customer experience management market's expansion even more.
Global Customer Experience Management Market Report Coverage
|Market Size in 2022:||USD 16.85 Billion|
|Forecast Period 2022-2032 CAGR:||14.6%|
|2032 Value Projection:||USD 65.95 Billion|
|Historical Data for:||2019-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||COVID-19 Impact Analysis, By Component, By Deployment, By Enterprise Size, By Touchpoint, By End-user and By Region|
|Companies Covered:||SAP SE, Freshworks Inc., Medallia Inc., Microsoft Corporation, Genesys, Zendesk Inc., Oracle Corporation, Adobe Inc., OpenText Corporation, Salesforce.com, Inc., and Other key vendors|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
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Enhancing customer experience has been greatly aided by the widespread adoption of artificial intelligence (AI) and augmented reality (AR) in a variety of industries, including retail, IT & telecom, and the financial services sector (BFSI), among others. Future customer behavior can be predicted with the help of AI and machine learning integration throughout consumer experience management platforms. Extracting useful insights from customer data is made easier by technologies that use predictive analytics and artificial intelligence. As a result, businesses concentrate on deploying cutting-edge technologies. To boost consumer happiness, businesses use cutting-edge AI technologies like facial recognition, biometric identification, chatbots, and digital assistants. AI-powered technologies assist businesses in understanding client complaints, analyzing consumer discussions, and providing individualized solutions. Customer emotions and sentiments can be predicted with the help of voice and text sentiment analysis. To offer specialized solutions and enhance the customer experience, businesses concentrate on providing innovative technology-based consumer experience services.
For smaller firms looking to deploy full customer experience management systems, the need for large investments in technological infrastructure, personnel acquisition, and training serves as a barrier. Additionally, maintaining data privacy and security in an environment that is becoming more and more digital is a major fret; as any breaches could undermine customer trust and harm a brand's reputation. This poses a substantial barrier to the market for customer experience management.
By Component Insights
The services segment dominates the market with the largest revenue share over the forecast period.
Based on components, the global customer experience management market is segmented into solutions and services. The services segment is further divided into managed and professional categories. In past years, the solution segment accounted for the greatest market share. The need for customer experience management solutions will be driven by the growing use of mobile applications and the expansion of call centers to enhance the customer experience. These products assist businesses in controlling regular client encounters. During the forecast period, the services segment is anticipated to have the highest CAGR growth. Along with customer experience management systems, many businesses provide end users with professional and managed services. With rising customer satisfaction rates, professional services are anticipated to hold the biggest market share during the forecasted period. Professional services offer customers expertise, specific knowledge, and experience to help them build their businesses, which drives the expansion of the customer experience management market.
By Deployment Insights
The on-premises segment is witnessing significant CAGR growth over the forecast period.
Based on deployment, the global customer experience management market is segmented into on-premises and cloud. Among these, the on-premises segment is witnessing significant CAGR growth over the forecast period. Many businesses are switching from manual systems to automated systems to perform a variety of tasks. A customer relationship management buyer survey was done by SelectHub, and the results showed that certain bigger enterprise organizations chose on-premise deployment over cloud-based deployment. On-premise customer experience management systems are becoming more popular as a result of the growing demand for data privacy. On-premise solutions are becoming more popular as a result.
By Touchpoint Insights
The call center segment is expected to hold the largest share of the global customer experience management market during the forecast period.
Based on the touchpoint, the global customer experience management market is classified into call centers, websites, mobile applications, email, social media, and others. Among these, the call centers segment is expected to hold the largest share of the customer experience management market during the forecast period. The increasing adoption of innovative contact center technologies, the expansion of cloud-based and virtual contact center solutions, the increasing use of social media in contact center operations, and the streamlining of customer interactions to increase customer satisfaction are the main motivating factors. Additionally, the exponential growth of call centers has compelled companies to spend money on technology that, among other things, helps to increase call resolution rates, customer satisfaction levels, and multi-channel performance. Self-service workforce management tools, voice technology, analytical tools, case management tools, and email response management systems are some of these technologies. During the predicted period, these improvements would further support the market for advanced call centers.
By End-user Insights
The BFSI segment accounted revenue share of more than 17.8% over the forecast period.
Based on end users, the global customer experience management market is segmented into BFSI, retail & consumer goods, IT & telecom, healthcare, automotive, media and entertainment, government, and others. Among these, the BFSI segment dominates the market with a revenue share of 17.8% over the forecast period. The BFSI segment may embrace customer experience management solutions as a result of increased customer contacts across a range of touchpoints, including call centers, emails, online banking platforms, and social media. Organizations are implementing modern technologies to provide clients in this sector with a simple, safe, and digitized customer experience.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the market with more than 38.7% market share over the forecast period. The U.S. and Canadian organizations' expanding investments in digital marketing and communications are fostering regional market expansion. The use of social media by businesses to exchange comments, get product reviews, and build brand awareness is on the rise. Enterprises are now able to create customer engagements and boost their brand awareness among consumers thanks to the development of solutions like social middleware, social management, social monitoring, and social measurement. Technology developments are being made by businesses like Salesforce.com and Adobe to establish social media campaigns for building online brand communities. As a result, businesses in the United States and Canada are spending more on digital media.
Asia-Pacific market is expected to grow the fastest during the forecast period. The continued development of AI-based tools and self-service capabilities, such as chatbots, IVR, web self-service, and online communities, enable businesses to better understand changing customer behavior, offer immediate support, and launch proactive actionable responses. To respond to passenger inquiries, the virtual assistant makes use of technologies including AI, machine learning, and Natural Language Processing (NLP). Real-time analytics are also available on the platform for prompt decision-making.
Additionally, Big Data usage and rising digitization in Europe will increase investments in digital platforms. Growing government regulations on the privacy of client data have increased the use of digital platforms by advertisers and marketers. Leading players are creating cutting-edge customer experience management systems to take advantage of these changes.
List of Key Market Players
- SAP SE
- Freshworks Inc.
- Medallia Inc.
- Microsoft Corporation
- Zendesk Inc.
- Oracle Corporation
- Adobe Inc.
- OpenText Corporation
- Salesforce.com, Inc.
Key Market Developments
- In May 2023, Oracle stated that Prada Group would start using its cloud-based retail solutions. The luxury company combines its physical and digital offerings to create a more seamless customer experience and to better connect with its customers.
- In April 2023, OpenText launched OpenText Cloud Editions (CE) 23.2 to assist clients in accelerating their cloud-centric digital transformation, which features about 75,000 improvements from the prior year.
- In February 2023, Virgin Atlantic selected Conduent Incorporated, a global provider of technology-driven business process solutions, to provide a long-term customer experience management service. Virgin Atlantic is a global airline based in the United Kingdom. Rebooking and customer service, which includes managing flight modifications and cancellations, will be handled by Conduent's customer experience management team.
This study forecasts revenue at global, regional, and country levels from 2023 to 2032. Spherical Insights has segmented the global customer experience management market based on the below-mentioned segments:
Customer Experience Management Market, Component Analysis
Customer Experience Management Market, Deployment Analysis
Customer Experience Management Market, Enterprise Size Analysis
- Large Enterprises
Customer Experience Management Market, Touchpoint Analysis
- Call Center
- Mobile Applications
- Social Media
Customer Experience Management Market, End-user Analysis
- Retail & Consumer Goods
- IT & Telecom
- Media & Entertainment
Customer Experience Management Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- The Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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