Global Customer Experience Management Market Size, Share, Forecast Report, 2020-2027

The report provides rational insights along with historical and forecast data to aid in better understanding of the Global Customer Experience Management Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the Customer Experience Management market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.

The global customer experience management market size was valued at USD 6.5 billion in 2019 and is expected to register a CAGR of 17.7% from 2020 to 2027. Surging demand for personalized experience by customers across different industries is one of the key trends escalating market growth. Customer experience management represents evolving sets of practices and technologies to make a continuous transformation within organizations in order to meet and exceed consumer expectations. Business organizations have understood the importance of customer experience management as it helps organizations to strengthen their brand presence, improve consumer loyalty, reduce consumer churn, and in turn boost business revenue.

Advancement in technologies is revolutionizing the way customer reacts and interacts with the brands across multiple channels. Currently, consumers use multiple devices to understand, review, and finalize products. This disruption in digital technology encouraged consumers to demand seamless experience while interacting with companies over multiple channels or touch points. Owing to the rise in customer expectations, organizations are increasingly involved in restructuring their customer experience management strategies to effectively position and reposition their brands and products, keeping consumers as their strategic focus.

Additionally, advancements in big data analytics to help enterprise design, manage, and improve their end-to-end consumer experience management are expected to drive the market over the forecast period. For instance, Deloitte Touche Tohmatsu Limited offers 360 degree CX Retail Intelligence, an AI and ML based solution for the FMCG and retail industry. It identifies key points of poor consumer experiences, understands customer trends, and provides measurable direction to improve operational efficiencies, ROI, and consumer experiences of an organization. Furthermore, growing investments towards implementation of advanced marketing technologies to help consumers undertake cognitive decisions with an effort to develop enhanced customer experience management, is also contributing to market growth.

Increasing trend in the investment towards customer retention strategies than that of customer acquisition strategies is further enhancing the growth of the market for customer experience management. According to Harvard Business Review, the cost to retain a customer is 25% cheaper as compared to the cost of acquiring a new customer. Additionally, other research studies also suggest that repeat customers tend to buy more from a company with additional prices and help in driving higher business growth.

Thus, improving customer experience management is one of the key factors for ensuring customer satisfaction and retention, and subsequently improving the sales for any business across industries such as retail, banking, manufacturing, and entertainment. As a result, enterprises across the globe are investing in products and marketing strategies focused on effective engagement with their customers and to improve sales from existing customers through management

The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global Customer Experience Management market are included as given below:

The global market is highly competitive in nature. Some of the prominent companies operating in the market are IBM; Oracle; Adobe; SAP SE; and Avaya, Inc. Customer experience management vendors are using strategies such as mergers, acquisitions, and new product development and launches to strengthen their position in the market. For instance, In January 2019, SAP SE acquired Qualtrics, a U.S. based customer experience management software provider. Through the acquisition, the former company envisages to enhance its XM category by combining Qualtrics experience data with its software’s operational data. With the newly formed XM category, both the companies aimed to provide enterprises effective customer, brand, product, and employee experience

The global Customer Experience Management market has been segmented as below:

• Analytical Tools 

  • EFM software

  • Speech analytics

  • Text analytics

  • Web analytics & content management

  • Other analytics

• Touch Point Type

  • Stores/ branches

  • Call Centers

  • Social Media Platform

  • Email

  • Mobile

  • Web Services

  • Others

• Deployment 

  • Cloud

  • On-Premises

• End-user

  • BFSI

  • Retail

  • Healthcare

  • IT & Telecom

  • Manufacturing

  • Government, Energy & utilities

  • Others

• Global Customer Experience Management Market by Region
• North America
• Europe
• Asia Pacific
• Rest of the World

Reasons to Purchase this Report:

Estimates Customer Experience Management development trends with SWOT analysis

• Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players
• Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market’s expansion
• Market dynamics scenario, along with growth opportunities for players in the years to come
• Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the mentioned forecast period
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects