Customer Experience Management Industry Overview
The global customer experience management market size is expected to reach USD 38.98 billion by 2030 and is expected to register a significant CAGR of 18.1% from 2022 to 2030, according to the new report by Grand View Research, Inc. The growing importance of understanding customer behavior and their preferences is driving various organizations and brands to provide the best service performance for modern customers in real-time.
Moreover, the growing use of Artificial Intelligence (AI) and its applications by organizations to communicate with their consumers is expected to boost the growth of the Customer Experience Management (CEM) market in the forthcoming years. Several brands and organizations are increasingly depending on customer experience management tools to determine customers’ requirements, which are perceived to be significant to sustain in this competitive market.
Customer Experience Management Market Segmentation
Grand View Research has segmented the global customer experience management market based on analytical tools, touchpoint type, deployment, end use, and region:
Based on the Analytical Tools Insights, the market is segmented into EFM Software, Speech Analytics, Text Analytics, Web Analytics & Content Management and Others.
- The text analytics segment dominated the customer experience management market in 2021 with a revenue share of over 40%.
- The web analyticsand content management segment are expected to witness significant growth over the forecast period. The global web analytics market is expected to gain momentum from the steady rise in marketing automation and online shopping trends across all the digital channels.
Based on the Touch Point Type Insights, the market is segmented into Stores/Branches, Call Centers, Social Media Platform, Email, Mobile, Web Services and Others.
- The call centers segment held the largest revenue share of over 32% in 2021. The key segment drivers include the rising adoption of advanced contact center technologies, the emerging role of social media in contact center operations, increasing adoption of virtual and cloud-based contact center solutions, and streamlined customer interactions to achieve high customer satisfaction.
- The web services segment is anticipated to expand at a significant CAGR over the forecast period. Web CEM organizations provide responsive and mission-critical customer experiences that support several enterprises information platforms.
Based on the Deployment Insights, the market is segmented into Cloud and On-premise.
- The on-premise segment held the largest revenue share of over 61% in 2021. On-premise deployment provides hosting the customer experience management suite or applications on the organization’s server.
- The cloud segment is expected to witness significant growth over the forecast period. The growth can be accredited to the easy implementation, less cost, easy upgrade, and accessibility. The cloud-based deployment model offers benefits such as faster uptime, fewer disruptions in services, and secure interaction with customers.
Based on the End-Use Insights, the market is segmented into BFSI, Retail, Healthcare, IT & Telecom, Manufacturing Government, Energy & Utilities, Construction, Real Estate & Property Management, Service Business and Others.
- IT and telecom held the largest revenue share of over 24% in 2021. Customer churn has been a major issue for telecom operators, as it is one of the significant factors propelling telecom operators to spend more on retaining their most profitable customers.
- The healthcare segment is expected to witness significant growth over the forecast period. The health-related organizations, ranging from pharmaceutical companies to health insurers, are not perceived as the most consumer-centric organizations.
Customer Experience Management Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
The players are engaging in new customer experience management services to expand and strengthen their existing touch point type portfolios and acquire new customers. Companies are also engaging in mergers and acquisitions and partnerships to develop technologically advanced touch point types and gain a competitive edge over their competitors.
Some prominent players in the global Customer Experience Management market include
- Avaya Inc.
- Freshworks Inc.
- International Business Machines Corporation
- Medallia Inc.
- Open Text Corporation
- SAP SE
- SAS Institute Inc.
- Service Management Group (SMG)
- Tech Mahindra Limited
Order a free sample PDF of the Customer Experience Management Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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