CHICAGO, July 24, 2020
CHICAGO, July 24, 2020 /PRNewswire/ -- According to the new market research report "Customer Experience Management Market by Component (Solutions, Services) Touchpoint, Deployment Type, Organization Size, Vertical (IT and Telecom, BFSI, Retail, Healthcare, Media and Entertainment), and Region - Global Forecast to 2025", published by MarketsandMarkets™, 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 Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period.
The major growth drivers for the market include Need for better understanding customers, customer-related scores helping organizations to plan better customer engagement strategy, and CEM solutions help in reducing customer churn rates.
Browse in-depth TOC on "Customer Experience Management Market"
223 – Tables
54 – Figures
237 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=543
Based on component, services segment to record a higher growth rate than solutions segment during the forecast period
Base on component, the services segment is expected to grow at a higher rate than the solutions segment during the forecast period. The services segment has a major influence on the Customer Experience Management Market's growth. The demand for services is increasing with the growing adoption of customer experience management by enterprises across major verticals. These services assist end users in reducing costs, lowering operational costs, increasing overall revenues, and improving business performance. With the help of these services, organizations can track, evaluate, and analyze the requirements of their business to make better-informed decisions.
Among services, managed services segment to register a higher growth rate than professional services segment during the forecast period
Among services, the managed services segment is expected to witness a higher growth rate than the professional services segment during the forecast period. Managed services help clients manage their 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.
North America to account for the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period. The US has emerged as the largest market for customer experience management due to the large-scale implementation of customer experience management solutions by organizations and enterprises in the country. The high pace of digital transformation, along with the high growth of AI and data analytics, is attributed to the fast growth of the Customer Experience Management Market in the US.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=543
Key and emerging market players include 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), and MindTouch (US). These players have adopted various strategies to grow in the Customer Experience Management Market.
Browse Adjacent Markets: Software and Services Market Research Reports & Consulting
Customer Analytics Market by Component, Deployment Mode, Organization Size, Application (Campaign Management, Customer Behavioral Analysis, and Churn Management), Data Source, Industry Vertical, and Region - Global Forecast to 2025
Customer Engagement Solutions Market by Component (Solutions, Services), Deployment Type (Cloud, On-premises), Organization Size, Vertical (BFSI, Telecommunication, Consumer Goods & Retail), and Region - Global Forecast to 2023
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Visit Our Website: https://www.marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/customer-experience-management-cem-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/customer-experience-management.asp