Global Customer Experience Management Market Size, Share, Growth 2032

Global Customer Experience Management Market Insights

According to a report from Zion Market Research, the global Global Customer Experience Management Market was valued at USD 11.89 Billion in 2023 and is projected to hit USD 45.46 Billion by 2032, with a compound annual growth rate (CAGR) of 16.07% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Global Customer Experience Management Market industry over the next decade.

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Customer Experience Management Market: Overview

Customer experience management (CEM) is the process of planning and responding to customer experiences to meet their needs. It represents changing sets of practices and technology that enable companies to continuously adapt to reach and surpass customer expectations. Customer experience management is important to companies because it helps companies grow their market presence, enhance consumer satisfaction, decrease buyer turnover, and increase sales.

Customer relationship management systems also aided in the reduction of at-risk revenues and the re-acquisition of lost clients. The approach also allows company leaders to involve their customers as a long-term source of growth.

COVID-19 Impact Analysis

The ongoing global pandemic COVID-19 has a general and moderate effect on the overall performance of the Customer Experience Management Market Trends globally. The worldwide epidemic of COVID-19 has largely affected a few main industries, such as manufacturing, logistics, and transportation, and retail, with non-core sectors, such as IT and telecom, and the e-commerce industry, having a minor effect.

On the contrary, side, owing to a sudden rise in the number of customers, business industries such as government and public hospitals and the public sector are largely responding to major Customer Experience Management (CEM) global strategies amid the worldwide pandemic. The COVID-19 pandemic has had a major effect on the growth of the Global Customer Experience Management Market and people's lives all over the world. Many businesses are constantly fighting for survival and maintaining customer relationships.

Customer Experience Management Market: Growth Factors

One of the major growth factors for Customer Experience Management is the growing importance of understanding customer behaviour and their preferences. This leads various brands and organizations to adopt Customer Experience Management (CEM) to deliver the best service performance in real-time. Companies are constantly restructuring their customer service plans to effectively place and reposition their goods and brands, with customers as their competitive target, as a result of the buyer preferences. Over the projected period, this is expected to fuel demand growth.

Another factor for the growth is the increasing usage of digital platforms. Over the next few years, the increasing usage of digital platforms by consumers to engage with brands and companies is expected to drive business growth. Before purchasing a commodity, consumers study, comprehend, and finalize it using a variety of technologies. Consumers demanded a seamless interface when engaging with businesses through several platforms or touchpoints as a result of the new media disruption.

Touch Point Segment Analysis Preview

In 2020, the call centers segment led the industry. Call centers are an important part of an organization's supply chain because they help businesses create successful buyer relationships by providing services including real-time problem mediation and question handling. And popularity of call centers has prompted businesses to invest in technology that can help them increase call resolution rates, customer retention rates, and multi-channel efficiency, among other things. To meet this demand, the contact center is under increased pressure to provide high-quality services.

Deployment Segment Analysis Preview

In 2020, the on-premise market has the largest sales share, accounting for more than 60% of total revenue. The CEM suite or programs are hosted on the organization's computer in an on-premise implementation. Organizations who choose to store their business-critical data on their servers for increased data security use this implementation model. Large-scale businesses have dedicated servers and computer infrastructures that enable them to run the network with only a software license or copy. As a result, they can lower their overall ownership, deployment, and other associated costs. Furthermore, on-premise systems provide businesses with greater data storage and monitoring.

Global Customer Experience Management Market: Report Scope

Customer Experience Management Market: Regional Segment Analysis Preview

The Global Customer Experience Management Market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East Africa.

Among all North America dominated the market, accounting for over 44% of total sales. The continuous digital transformation through numerous industries, such as telecommunications, retail, and banking, is credited with the development. Furthermore, increased investments and budget allocations for digital platforms and marketing by US and Canadian businesses are adding to regional market expansion. As consumers increasingly continue to leave ratings and share their impressions on social media, brands and businesses are undergoing digital transformations and implementing CEM technologies as part of their attempts to follow a customer-centric business model.

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The Asia Pacific is projected to be the fastest-growing regional market over the forecast period due to the increasing acceptance of new technology. One of the major factors driving market growth in the Asia Pacific is the growing adoption of IoT-based sensors and technologies, as well as AI-driven advanced analytics software, to provide personalized services to B2C and B2B customers. The presence of call centers, the rising popularity of social media, and a focus on customer experience and loyalty are all adding to the regional market's expansion.

Customer Experience Management Market Players and Competitive Landscape

Some of the key market players in the Customer Experience Management Market are

• Adobe (US)
• IBM (US)
• Oracle (US)
• Avaya (US)
• Nice (Israel)
• Nokia (Finland)
• SAP (Germany )
• OpenText (Canada)
• Tech Mahindra (India)
• Verint Systems (US)
• Zendesk (US)
• SDL (UK)
• Teradata (US)
• Sprinklr (US)
• Medallia (US)
• InMoment (US)
• SAS Institute (US)
• Clarabridge (US)
• Sitecore (US)

The Global Customer Experience Management Market is segmented as follows:-

TouchPoint

• Call Centre
• Website
• Mobile Application
• Email
• Social Media
• Other

Deployment

• Cloud
• On-premises

End-User

• Retail
• BFSI
• Healthcare
• Manufacturing
• Government, Energy & utilities
• 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