CHICAGO, Aug. 23, 2023 /PRNewswire/ -- Future trends in the Customer Experience Management (CXM) market will include hyper-personalization, omnichannel integration, AI-powered interactions, ethical data use, and a concentration on predictive analytics and emotion analysis. Delivering seamless, value-driven experiences will depend on human-AI collaboration, sustainability integration, and agility in adjusting to changing client behaviours.
The global Customer Experience Management Market is estimated to be worth USD 11.4 billion in 2023 and is projected to reach USD 20.4 billion by 2028 at a CAGR of 12.2% during the forecast period, according to MarketsandMarkets.
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265 - Tables
49 - Figures
261 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2017-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | Value (USD) Million/Billion |
Segments Covered | By Offering, touchpoint, Deployment type, Organisation Size, Verticals |
Region covered | North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
Companies covered | Adobe (US), IBM (US), Oracle (US), Avaya (US), Nice (Israel), Nokia (Finland), SAP (Germany), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US), Teradata (US), Sprinklr (US), Medallia (US), InMoment (US), SAS (US), Clarabridge (US), Sitecore (US), NGDATA (Belgium), Amperity (US), Mixpanel (US), Segment.io (US), Skyvera (US), MindTouch (US), Algonomy (US), and Sogolytics (US) |
As businesses recognize the significance of building lasting customer relationships, they invest in strategies and technologies to optimize every customer journey touchpoint. The infusion of advanced technologies like AI, data analytics, and omnichannel platforms empowers companies to not only understand customer preferences but also to anticipate their needs. This evolution reflects a fundamental understanding that superior customer experiences are no longer optional but essential for differentiation, loyalty, and sustained success in today's competitive market landscape.
The services to record a higher growth rate during the forecast period
As businesses increasingly prioritize tailored customer interactions and seamless multichannel engagement, the demand for specialized services is poised to surge. These services encompass diverse offerings, from strategic consulting and implementation to continuous support and training. The services segment becomes an indispensable element of successful customer experience management strategies by aligning solutions with unique business needs and enhancing customer engagement. This heightened emphasis on comprehensive services is poised to significantly bolster the growth trajectory of the Customer Experience Management Market, emphasizing their instrumental role in driving the effective and sustainable implementation of customer-centric approaches.
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Cloud deployment mode is expected to have a higher growth rate during the forecast period
Businesses increasingly recognize the advantages of cloud-based solutions in enabling seamless, scalable, and cost-effective implementation of customer-centric strategies. Cloud deployment allows access to data and tools from anywhere, ensuring real-time insights and personalized engagements. This aligns well with the evolving customer expectations for on-demand interactions across multiple touchpoints. As companies seek to streamline operations, enhance agility, and cater to digital-savvy customers, the cloud deployment mode emerges as a critical driver of growth in the customer experience management landscape.
North America to hold the largest market size during the forecast period
The dominance is attributed to the region's robust technological infrastructure, widespread digital adoption, and heightened customer-centric strategies embraced by businesses. With an emphasis on tailored interactions, data-driven insights, and seamless multichannel experiences, North American enterprises are well-positioned to excel in delivering exceptional customer experiences. The region's mature market, strong economic foundation, and cultural focus on customer satisfaction contribute to its leading position in the customer experience management domain. As companies prioritize customer engagement and loyalty, North America is set to shape the market's trajectory through innovation and fostering long-lasting customer connections.
Top Key Companies in Customer Experience Management Market:
The major players in the Customer Experience Management Market are Adobe (US), IBM (US), Oracle (US), Avaya (US), Nice (Israel), Nokia (Finland), SAP (Germany), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US), Teradata (US), Sprinklr (US), Medallia (US), InMoment (US), SAS (US), Clarabridge (US), Sitecore (US), NGDATA (Belgium), Amperity (US), Mixpanel (US), Segment.io (US), Skyvera (US), MindTouch (US), Algonomy (US), and Sogolytics (US).
Recent Developments
- May 2023 - Oracle announced the rollout of its cloud-based retail solutions at Prada Group. The luxury brand integrates its physical and digital products to better connect with its clients and use data to provide an ever-more-tailored experience.
- April 2023 - To help customers accelerate their cloud-centric digital transformation, OpenText unveiled OpenText Cloud Editions (CE) 23.2, which includes around 75,000 advancements from the previous year.
- May 2022 - At its flagship conference, Zendesk introduced new products intended to make conversations the focal point of CRM. Along with this, the company unveiled a brand-new employee experience solution to assist companies in modernizing internal processes and improving the hybrid work environment.
- March 2022 - As part of its sales and marketing division's digital transformation, Adobe announced that BMW Group, one of the top worldwide auto and motorcycle manufacturers, has expanded its cooperation with Adobe. BMW Group, which owns the brands BMW, Rolls-Royce, MINI, and BMW Motorrad, is using Adobe Experience Cloud to create personalized digital experiences as it works towards its three-year goal of selling a quarter of all its vehicles online. Using a data-driven, individualized strategy, BMW Group will provide customers with seamless online and offline experiences, including personalized vehicles, doorstep delivery, and unique post-purchase services.
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Customer Experience Management Market Advantages:
- Personalised experiences that increase customer happiness are made possible by CXM tactics, which aid organisations in understanding customer wants and preferences.
- Delivering consistent, satisfying experiences helps CXM increase client lifetime value by fostering repeat business and improving customer loyalty.
- Through fostering meaningful interactions across numerous touchpoints, CXM increases consumer engagement and motivates people to take an active role in the brand.
- Positive encounters build a strong brand image, which encourages recommendations, word-of-mouth marketing, and an improvement in public opinion.
- Through the use of data analytics, CXM is able to target marketing efforts and make wise decisions by gaining insights into client behaviour and preferences.
- Customers may transition between channels without experiencing any interruptions thanks to CXM, which creates a smooth journey.
- Based on consumer feedback, CXM promotes innovation, allowing firms to quickly respond to shifting market trends and client expectations.
- Better customer service is provided by engaged staff, and CXM strategies frequently entail employee training and participation in customer-centric activities.
Report Objectives
- To define, describe, and forecast the Customer Experience Management Market based on segments based on offerings, solutions, services, touchpoints, deployment type, organization size, and vertical with regions covered.
- To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
- To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Customer Experience Management Market.
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global Customer Experience Management Market.
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global Customer Experience Management Market.
- To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market's competitive landscape.
- To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.
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