The demand for customer experience management systems is rising across various industries. The customer experience management systems market is expected to gain significant traction owing to the recent technological advancements. According to a new study by Fortune Business Insights, the global customer experience management market is anticipated to be worth USD 23.9 Billion by 2026, as against USD 6.2 Billion in 2018.
Heavy Investments by Key Players to Bring Innovations in Customer Experience Management Platforms
As per the report, some of the leading players in the global market are:
- Avaya Inc.
- Verint Systems
- Tech Mahindra
- Open Text Corporation.
- Medallia, Inc.
- MaritzCX Research LLC
The study is titled “Customer Experience Management Market Size, Share & Industry Analysis, Component (Solution, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By TouchPoint (Telephone, Email, Web, Social Media, and Others) and Regional Forecast, 2019-2026.” It predicts the global market to expand at an exponential CAGR of 18.5%. The report offers a meticulous analysis of market trends and growth. Along with this, the report offers a detailed evaluation of the market segments and factors affecting segments’ growth. It provides a regional level analysis of the market regarding the regional market size and future predictions. In addition to this, the report gives a detailed analysis of the competitive landscape by discussing strategies, mergers and acquisitions, and partnerships.
Great customer experience comes from great customer experience strategies and businesses strongly focus on customer experience to increase revenues. Considering the adoption of digitization, customer service is becoming challenges as customers use different modes of communication. Therefore, organizations invest in customer experience management software to gain in-depth insights into customers’ requirements across different channels. This software also harnesses a large amount of data from online as well as offline channels with precision and speed.
Some of the upcoming customer experience management trends are:
- Artificial Intelligence to revolutionize the customer service space to offer real-time experience and instant feedback.
- Adoption of digital signage, advanced and smart speakers and others to keep customers happy by offering convenience.
- Companies to use of cloud-based technology, advanced analytics, and automation to highly personalized customer experience.
Telephone, as a Medium to be the Best Touchpoint for Customers
Customers around the world look for personalization, convenience, and immediacy while investing in products or services. Among different touchpoints including email, web, telephone, and social media, the telephone is expected to generate the highest customer experience management revenue in the forthcoming years. transactions. Voice is still considered the most effective channel for communicating with customers. Other touchpoints are also gaining popularity, but voice has the ability to understand what exactly our customer. Conversations through the telephone are productive and can be helpful to both the parties. Effective communications can lead to better customer relationships, which in turn, can increase the sales. As per the report, the telephone covered a share of 64.6% in the global market and is likely to remain dominant through the forecast years.
The demand for customer experience technology solution is increasing in BFSI and IT and telecom, thereby spurring the customer experience management market size. Moreover, email is a preferred mode of communication with customers in these two sectors.
1. By Component
- Professional Services
- Managed Services
2. By Deployment
3. By Organization Size
- Large Enterprises
4. By Touchpoint
- Social Media
5. By End-User
- IT and Telecommunications
- Travel and Transportation
- Others (Media and Entertainment, Public Sector)
6. By Region
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)
- Asia Pacific (China, Japan, India, Southeast Asia, and Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)
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Increasing Focus on Customer Experience to Enable Market Growth in North America
In 2018, the customer experience management market in North America was valued at USD 2.6 Billion and is projected to reach USD 9.4 Billion by 2026. The region is expected to lead the market over the projected horizon as telecom is driving the customer experience management market growth. Sectors such as BFSI, IT and others in the regions are continuously focussing on enhancing customer experience solutions, which is one of the primary factors boosting the market growth.
Other regions such as the Middle East & Africa, Latin America, and Asia Pacific are expected to register considerable growth during the forecast timeline.
Companies such as Verint Systems, Adobe, Medallia, Inc., and Clarabridge are planning to heavily invest in customer experience strategy and develop innovative customer experience management platforms. Some of the recent developments are:
March 2019: Adobe developed a real-time Adobe experience platform for its customers. The platform has the ability to gather data in real-time from different sources and convert it into actionable insights.
May 2019: Medallia announced the acquisition of Strikedeck with an aim to effectively drive customer success. Both organizations will integrate predictive analytics, artificial intelligence, and machine learning to understand the customers’ requirements better.
Table of Content
5.Global Customer Experience Management Market Analysis, Insights and Forecast, 2015-2026
5.1.Key Findings / Summary
5.2.Market Size Estimates and Forecasts
5.2.1.By Component (Value)
5.2.2.By Deployment (Value)
5.2.3.By Organization Size (Value)
5.2.4.By Touchpoint (Value)
5.2.5.By End-User (Value)
220.127.116.11.IT and Telecommunications
6.North America Customer Experience Management Market Analysis, Insights and Forecast, 2015-2026
6.1.Key Findings / Summary
6.2.Market Size Estimates and Forecasts
6.2.1.By Component (Value)
6.2.2.By Deployment (Value)
6.2.3.By Organization Size (Value)
6.2.4.By Touchpoint (Value)
6.2.5.By End-User (Value)
18.104.22.168.IT and Telecommunications
7.Europe Customer Experience Management Market Analysis, Insights and Forecast, 2015-2026
7.1.Key Findings / Summary
7.2.Market Size Estimates and Forecasts
7.2.1.By Component (Value)