SAN FRANCISCO, Feb. 9, 2022 /PRNewswire/ — The global customer experience management market size is expected to reach USD 38.98 billion by 2030 and is expected to register a significant CAGR of 18.1% from 2022 to 2030, according to the new report by Grand View Research, Inc. The growing importance of understanding customer behavior and their preferences is driving various organizations and brands to provide the best service performance for modern customers in real-time.
Key Insights & Findings from the report:
- The popularity of speech analytics tools has grown with the increasing number of voice-enabled searches and call centers. Speech analytics enables enterprises to identify the areas of trends, opportunities, and concerns through calls. This will improve the agent’s performance, monitor compliance, streamline business processes, improve first call resolution, and enhance customer experience
- The mobile touchpoint market is anticipated to register a CAGR of 19.9% over the forecast period. The driving factor for the growth is the increased use of smartphones, which is empowering enterprises to develop mobile marketing strategies. Moreover, mobile CEM solutions enable mobile carriers to take part in building sustainable customer relationships via customer-initiated requests
- The cloud-based segment is expected to attain significant growth in terms of revenue by 2030, registering a CAGR of 20.3% over the forecast period. This technology offers low-cost integration of CEM systems within the existing environment. It is widely used across the end-use segment for its flexibility and scalability and will play a vital role in increasing the growth of this market
- The BFSI segment is expected to register the highest CAGR of 19.5% over the forecast period as these solutions and services provide quality standards and reduce internal inefficiencies in BFSI enterprises. The major factors included for driving the growth are increasing adoption of cloud-based deployment models and investments in advanced technologies to offer digital finance management assistance
- The Asia Pacific regional market is expected to register the highest CAGR of 19.9% over the forecast period. With huge presence of call centers, increasing trend of social media marketing, and growing emphasis on customer satisfaction across industries and sectors are driving factors for the growth
Read 150 page market research report, “Customer Experience Management Market Size, Share & Trends Analysis Report By Analytical Tools, By Touch Point Type, By Deployment, By End-use, By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Moreover, the growing use of Artificial Intelligence (AI) and its applications by organizations to communicate with their consumers is expected to boost the growth of the Customer Experience Management (CEM) market in the forthcoming years. Several brands and organizations are increasingly depending on customer experience management tools to determine customers’ requirements, which are perceived to be significant to sustain in this competitive market.
The continuous demand from customers for a personalized experience across several industries, such as IT, telecom, retail, and BFSI, is a key driving factor for the market growth. Customer experience management allows smooth connectivity between companies and customers for achieving the organizational goal as well as customer expectations. It blends customer satisfaction, loyalty, retention, and customer-centricity.
With the advancements in technology, consumers are using numerous devices to understand, evaluate, and finalize products. The digital transformation has helped consumers to demand a smooth experience while interacting with companies across multiple touchpoints and channels. Several organizations are highly involved in developing and restructuring their customer experience management through artificial intelligence and its applications to retain their customers and successfully position and reposition their brands and products.
Grand View Research has segmented the global customer experience management market based on analytical tools, touchpoint type, deployment, end use, and region:
- Customer Experience Management Analytical Tools Outlook (Revenue, USD Million, 2017 – 2030)
- EFM Software
- Speech Analytics
- Text Analytics
- Web Analytics & Content Management
- Customer Experience Management Touch Point Type Outlook (Revenue, USD Million, 2017 – 2030)
- Call Centers
- Social Media Platform
- Web Services
- Customer Experience Management Deployment Outlook (Revenue, USD Million, 2017 – 2030)
- Customer Experience Management End-use Outlook (Revenue, USD Million, 2017 – 2030)
- IT & Telecom
- Government, Energy & Utilities
- Construction, Real Estate & Property Management
- Service Business
- Customer Experience Management Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Players in the Customer Experience Management Market
- Avaya Inc.
- Freshworks Inc.
- International Business Machines Corporation
- Medallia Inc.
- Open Text Corporation
- SAP SE
- SAS Institute Inc.
- Service Management Group (SMG)
- Tech Mahindra Limited
Check out more studies related to customer experience and relationship management, published by Grand View Research:
- North America Customer Experience Management Market – The North America customer experience management market is expected to grow at a compound annual growth rate (CAGR) of 17.1% till 2025. The rising adoption of big data solutions to gain insights on customer behavior and customer preferences is triggering the CEM market growth in the North America region.
- Canada Customer Relationship Management Market – The Canada customer relationship management market size was valued at USD 2.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.2% from 2021 to 2028. The adoption of Customer Relationship Management (CRM) software is currently gaining traction in various industries owing to the changing nature of the software in terms of functionalities and features.
Browse through Grand View Research’s coverage of the Global Communication Services Industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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