Customer Experience Management Platforms Market Size, Share, Trends, Growth 2032

Customer Experience Management Platforms Industry Prospective:

The global customer experience management platforms market size was worth around USD 12.6 billion in 2023 and is predicted to grow to around USD 45.7 billion by 2032 with a compound annual growth rate (CAGR) of roughly 15.4% between 2024 and 2032.

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Customer Experience Management Platforms Market: Overview

Customer experience management (CEM) platforms aim to help businesses monitor, assess, and improve the overall customer experience across all channels. To increase customer happiness, loyalty, and retention, these systems let businesses measure customer interactions, analyze feedback, and gain insights into consumer behaviors and preferences. Using CEM platforms to assist businesses in providing more engaging, personalized, and consistent experiences can lead to increased customer loyalty and commercial success.

Key Insights

• As per the analysis shared by our research analyst, the global customer experience management platforms market is estimated to grow annually at a CAGR of around 15.4% over the forecast period (2024-2032).
• In terms of revenue, the global customer experience management platforms market size was valued at around USD 12.6 billion in 2023 and is projected to reach USD 45.7 billion by 2032.
• The increasing technological advancement is expected to drive the customer experience management platforms industry over the forecast period.
• Based on the analytical tool, the text analytics segment is expected to dominate the market over the forecast period.
• Based on the touch point type, the call centers segment is expected to capture the largest market share over the projected period.
• Based on region, North America is expected to dominate the market during the forecast period.

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Customer Experience Management Platforms Market: Growth Drivers

Growing emphasis on customer-centricity among organizations drives market growth

The customer experience management platforms market's growth and trends are mostly caused by the increasing emphasis that enterprises are placing on client-centricity. The market is progressing significantly as a result of this increased attention. As a result, many companies are investing in CEM solutions to obtain deep insights into the needs, preferences, and behaviors of their customers.

Companies can gather feedback, evaluate data, and find insightful information using CEM solutions. This enables them to offer relevant and personalized experiences. CEM systems offer several noteworthy benefits, including helping companies match their resources, procedures, and strategies to the demands of their customers. Companies can map the trip, pinpoint pain points, and enhance interactions at every touchpoint because of this alignment. Thus, it is anticipated that these elements will support the expansion of worldwide market research as well as the growth and development of the market during the analysis period.

Customer Experience Management Platforms Market: Restraints

High implementation costs and security concerns hinder market growth

Particularly for large enterprises, CEM platforms may necessitate a substantial investment in hardware, software, and customization. The total cost may go up if the platform is integrated with already-existing systems like marketing automation, ERP, and CRM. The high expenses of these platforms can be unaffordable for many SMBs, which restricts market expansion to larger businesses.

Moreover, the potential of data breaches or leaks can prevent firms from implementing CEM platforms, especially those in areas like finance and healthcare that manage private customer information. Thus, the high implementation cost and security concerns are expected to hinder the customer experience management platforms industry.

Customer Experience Management Platforms Market: Opportunities

Recent advancements and developments offer a lucrative opportunity for market growth

The recent changes and improvements in the worldwide CEM landscape are some of the key elements driving the market's expansion. The worldwide CEM market has experienced significant growth in recent times, and this is expected to have a positive effect on the industry globally.

For instance, to accelerate clients' cloud transformation journeys, Kyndryl, a well-known global provider of IT infrastructure services, engaged in a strategic partnership with Oracle in June 2022. The goal of this collaboration was to provide managed cloud services to companies worldwide. Using this partnership, Kyndryl aimed to augment its vast expertise in collaborating with and providing assistance to customers that use Oracle goods and services, obtaining the designation of Oracle Cloud Infrastructure (OCI) principal delivery partner. Thus, this type of development in the market drives the customer experience management platform's revenue share.

Customer Experience Management Platforms Market: Challenges

Complexity in managing omnichannel data poses a major challenge to market expansion

Compiling data from many client touchpoints (social media, mobile apps, websites, in-store, etc.) is challenging for many firms. A unified customer experience may be challenging to establish because of its complexity, particularly when outdated technologies are involved. The diverse formats in which data is generated by different channels pose a challenge for CEM platforms in terms of standardization and effective data analysis. Thus, the complexity of managing omnichannel data poses a major challenge for the customer experience management platforms market.

Customer Experience Management Platforms Market: Segmentation

The global customer experience management platforms industry is segmented based on analytical tools, touch point type, deployment, organization size, end-user, and region.

Based on the analytical tools, the global customer experience management platforms market is segmented into EFM software, speech analytics, text analytics, web analytics & content management, and others. The text analytics segment is expected to dominate the market over the forecast period. The desire to organize consumer interactions, or Voice of the consumer (VoC), across several digital touchpoints and the increasing requirement for social media analytics have both fueled the segment's rise overall.

Additionally, text analytics helps users make important business decisions by examining past and present data to forecast future results. This allows predictive analytics to be used with reliable sentiment data analysis. Because of these factors, during the forecast period, the demand for predictive analytics among enterprises is predicted to drive the segment's growth.

Based on the touch point type, the global customer experience management platforms industry is bifurcated into stores/branches, call centers, social media platforms, email, mobile, web services, and others. The call centers segment is expected to capture the largest market share over the projected period. Because of the growing use of virtual and cloud-based contact center solutions, advanced contact center technology, and social media in contact center operations; additionally, because of expedited client interactions lead to high customer satisfaction.

Additionally, companies are being forced to invest in technologies that help to enhance call resolution rates, customer satisfaction rates, and multi-channel performance, among other things, due to the growing popularity of call centers. These technologies include email response management systems, speech recognition software, self-service workforce management tools, analytical tools, and case management solutions. The need for sophisticated call centers would be further augmented by these advancements.

Based on the deployment, the global customer experience management platforms market is bifurcated into cloud and on-premises.

Based on the organization size, the global customer experience management platforms industry is bifurcated into large enterprises and small & medium enterprises.

Based on the end user, the global customer experience management platforms market is bifurcated into BFSI, retail, healthcare, it & telecom, manufacturing, government, energy & utilities, construction, real estate & property management, service business, and others.

Customer Experience Management Platforms Market: Report Scope

Customer Experience Management Platforms Market: Regional Analysis

North America dominates the market over the projected period

North America is expected to lead the global customer experience management platforms market growth during the forecast period. The expansion of the regional market is facilitated by the U.S. and Canadian companies' increasing investments in digital channels and marketing. Businesses are starting to see social media as a possible platform for exchanging and receiving product reviews and feedback, as well as for raising brand awareness.

Emerging solutions that help businesses build consumer engagements and strengthen their brand awareness among consumers include social middleware, social management, social monitoring, and social measurement. Businesses like Adobe and Salesforce.com are using technology innovations to build online brand communities through social media marketing. As a result, local businesses invest a lot of their funds in digital media. Thus, this is expected to drive the market expansion in the region.

Customer Experience Management Platforms Market: Competitive Analysis

The global customer experience management platforms market is dominated by players like:

• Medallia Inc.
• Adobe Inc.
• Avaya Inc.
• International Business Machines Corp.
• Genesys
• Clarabridge
• Freshworks Inc.
• Miraway
• Service Management Group (SMG)
• Open Text Corp.
• Oracle Corporation
• SAS Institute Inc.
• Qualtrics
• SAP SE
• Tech Mahindra Ltd.
• Verint
• Zendesk

The global customer experience management platforms market is segmented as follows:

By Analytical Tools

• EFM Software
• Speech Analytics
• Text Analytics
• Web Analytics & Content Management
• Others

By Touch Point Type

• Stores/Branches
• Call Centers
• Social Media Platform
• Email
• Mobile
• Web Services
• Others

By Deployment

• Cloud
• On-premises

By Organization Size

• Large Enterprises
• Small and Medium Enterprises

By End User

• BFSI
• Retail
• Healthcare
• IT & Telecom
• Manufacturing
• Government
• Energy & Utilities
• Construction
• Real Estate & Property Management
• Service Business
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa