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Global Customer Experience Management Market Report 2021: An Essential Tool for Increasing Importance of Understanding Consumer Behavior and Preferences

·4-min read

Dublin, May 21, 2021 (GLOBE NEWSWIRE) -- The "Customer Experience Management Market Size, Share & Trends Analysis Report by End-use, by Analytical Tools, by Deployment, by Touch Point Type, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global customer experience management market size is expected to reach USD 27.12 billion by 2028, registering a CAGR of 17.5% from 2021 to 2028.

The increasing importance of understanding consumer behavior and their preferences is driving various organizations and brands to adopt customer experience strategies for providing the best service performance in real-time.

Moreover, the growing use of digital channels by consumers to communicate with brands and organizations is expected to boost market growth over the coming years. Furthermore, the companies can become better differentiators by implementing customer experience management (CEM) solutions, which are perceived to be significant in the current competitive environment.

The rising demand from buyers for a personalized experience across various industries is a significant trend escalating the market growth. Customer experience management signifies evolving sets of technologies and practices to make a constant transformation within organizations to meet and go beyond consumer expectations. Business organizations have recognized the importance of CEM as it supports them in strengthening their brand presence, increasing consumer loyalty, reducing consumer churn, and increasing business revenue.

Technological advancement is transforming the way a buyer interacts with and reacts to the brands across various channels. Currently, consumers use numerous devices to understand, evaluate, and finalize products. The digital technology disruption has helped consumers to demand a smooth experience while interacting with companies across multiple touchpoints or channels.

Owing to the evolution in buyer expectations, organizations are progressively involved in restructuring their CEM strategies to successfully position and reposition their brands and products while retaining buyers as their strategic focus.

Customer Experience Management Market Report Highlights

  • Speech analytics is estimated to record the fastest CAGR from 2021 to 2028 due to its rising popularity as a result of the increasing number of voice-enabled searches and contact centers.

  • Moreover, speech analytics enables enterprises to identify the areas of trends, opportunities, and concerns through calls.

  • The mobile touch point type segment is anticipated to register the fastest CAGR over the forecast period due to the increased use of smartphones, which is encouraging enterprises to develop mobile marketing strategies.

  • The BFSI segment is expected to register the highest CAGR over the forecast period as CEM solutions enable BFSI enterprises to maintain their quality standards and reduce internal inefficiencies.

  • The cloud-based deployment segment is estimated to attain a significant market size, in terms of revenue, by 2028 as cloud technology offers the benefit of low-cost integration of a CEM system within the existing business environment.

  • The Asia Pacific regional market is anticipated to register the highest CAGR over the forecast period due to the presence of call centers, increasing trend of social media marketing, and the growing emphasis on CEM and buyer satisfaction across industries and sectors.

Customer Experience Management (CEM) Industry Outlook

Market driver analysis

  • Growing preference for voice commerce and hyper-personalized experience

  • Increasing need for customer retention strategies

  • Increasing investments in technologies to improve customer experience

  • Increasing need to understand customer sentiments shared through feedback and comments

  • Digital transformation in industry verticals to improve customer engagement and enhance customer experience

  • New business models to increase and retain the customer base

Market restraint analysis

  • Inconsistent customer experience feedback across multiple channels

  • Difficulty in combining data to have a single view of any customer

  • Lack of integration with back end systems

Penetration and Growth Prospect Mapping

Customer Experience Management (CEM) Market - Porter's Five Forces Analysis

Customer Experience Management (CEM) Market - Company Market Share Analysis, 2020

Customer Experience Management (CEM) Market - PESTEL Analysis

Companies Mentioned

  • Adobe

  • Avaya Inc.

  • Clarabridge

  • Freshworks Inc.

  • Genesys

  • IBM Corporation

  • Medallia Inc.

  • Open Text Corporation

  • Oracle Corporation

  • Qualtrics

  • SAP SE

  • SAS Institute Inc.

  • Service Management Group (SMG)

  • Tech Mahindra Limited

  • Verint

  • Zendesk

  • Miraway

For more information about this report visit https://www.researchandmarkets.com/r/xk9m69

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900