Customer Experience Management Market Will Reach Nearly USD 39.57 Billion in 2030 With CAGR of 18.2% | Reports and Data
Reports And Data
Growing requirements for customer-related ratings to develop a strong customer relationship is driving Customer Experience Management market revenue growth
NEW YORK, NY, UNITED STATES, November 16, 2022 /EINPresswire.com/ -- The global customer experience management market size is expected to reach USD 39.57 Billion in 2030 and register a revenue CAGR of 18.2% during the forecast period, according to the latest report by Reports and Data. Consumers' increased use of digital platforms to connect with businesses and organizations is driving market revenue growth during the forecast period. Understanding customer behavior and preferences are becoming increasingly important, prompting many companies and organizations to adopt Customer Experience Management (CEM) in order to provide the greatest service performance in real-time. CEM solutions are rapidly being used by global organizations and enterprises to promote customer-centricity across processes and, as a result, better differentiate themselves in today's competitive market.
Technological advancements are changing the way customers react to and interact with companies across several platforms. Customers currently utilize a variety of devices to research, comprehend, and finalize things before purchasing. Because of the digital technological disruption, customers now expect a seamless experience when communicating with organizations across several channels or touchpoints such as websites, customer cares or call centers. Companies are increasingly reorganizing their customer management strategies in order to efficiently restructure their products and brands, with customers as their main focus, as a result of the changing customer expectations and this is expected to drive market growth during the forecast period.
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Companies profiled in the global customer experience management market include Oracle Corporation, IBM Corporation, Avaya Inc., Adobe, SAP SE, Genesys, Tech Mahindra Limited, Zendesk, SAS Institution Inc., and Open Text Corporation.
Some Key Highlights from the Report
• By components, solutions segment is expected to have largest market share during the forecast period. The growth of the segment is primarily driven by an increase in the number of call centers and a growing need for real-time CEM solutions to better customer experience. Customer experience management solution enables businesses to manage customer interactions.
• By deployment types, cloud segment accounted for largest revenue share in 2020. Organizations can use cloud to improve communication with their customers as well as improve speed, responsiveness, and agility, all without having to operate a server infrastructure which is expensive. Customers today do not expect satisfactory customer service rather, they expect sustained customer interaction that may give a better and more beneficial customer experience. Cloud offers a subscription-based business model, so all businesses can afford it and can maintain a healthy interaction with their customers. Therefore, cloud segment is gaining popularity and contributing to the revenue share of CEM market.
• By organization size, large enterprises segment revenue is expected to grow at a faster rate during the forecast period. Large enterprises deploy CEM systems since they have large customer base to manage and have better ability to invest in innovative solutions.
• CEM market in Asia Pacific is expected to grow at fastest revenue CAGR during the forecast period. The region's large population has resulted in larger consumer base for companies, which is driving market revenue growth.
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For the purpose of this report, Reports and Data has segmented the global customer experience management market based on component type, touchpoint, tool type, deployment type, organization size, end-use and region:
Analytical Tools Outlook (Revenue, USD Billion; 2019–2030)
Enterprise Feedback Management (EFM)
Software
Speech Analytics
Text Analytics
Web Analytics & Content Management
Others
Touch Point Outlook (Revenue, USD Billion; 2019–2030)
Stores/Branches
Call Centers
Social Media Platform
Email
Web Services
Deployment Outlook (Revenue, USD Billion; 2019–2030)
On-premise
Cloud
End-use Outlook (Revenue, USD Billion; 2019–2030)
BFSI
Retail
Healthcare
IT & Telecom
Regional Outlook (Revenue, USD Billion; 2019-2030)
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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Table of Content
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2022-2030
Chapter 3. Indicative Metrics
Chapter 4. Customer Experience Management Market Segmentation & Impact Analysis
4.1. Customer Experience Management Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.2.1. Increasing demand for effective customer services due to rapid digital transformation
4.2.2.2. Increasing demand for hand held devices due to faster internet connectivity
4.2.2.3. Rapid advancement and innovation in cloud platforms
4.2.2.4. Growing demand for customer centric business models and strong customer interaction strategies
4.2.3. Market restraints analysis
4.2.3.1. Numerous issues related data privacy and security
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Price Trend Analysis
4.6. Customer Mapping
4.7. Covid-19 Impact Analysis
4.8. Global Recession Influence
Conclusively, all aspects of the Customer Experience Management market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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