Customer Experience Management Market by Offering (Solutions, Services), Touchpoint, Deployment Type, Organization Size, Vertical (Travel & Hospitality, BFSI, Retail, Healthcare, IT & Telecom) and Region - Global Forecast to 2028
Customer Experience Management (ECM) Market Size, Share,Industry, latest Trends and global analysis 2028
The global Customer Experience Management [ECM] Market Size is projected to reach USD 20.4 billion by 2028 and USD 11.4 billion in 2023, at a CAGR of 12.2% during the forecast period. Businesses realize that delivering exceptional customer interactions, personalized journeys, and seamless multichannel experiences is essential for fostering loyalty and maintaining a competitive edge. Integrating advanced technologies such as AI, analytics, and cloud platforms amplifies the impact of customer experience management strategies. As companies focus on understanding and meeting customer expectations, the market is witnessing substantial expansion, reflecting the ongoing commitment to creating meaningful and enduring customer connections in an ever-changing business landscape.
To know about the assumptions considered for the study, Request for Free Sample Report
To know about the assumptions considered for the study, download the pdf brochure
Customer Experience Management Market Trends
Driver: Empowering Loyalty and Growth through Personalized Interactions and Cutting-edge Technologies
Pursuing personalized interactions, data-driven insights, and seamless multichannel engagement has become a cornerstone for businesses aiming to foster loyalty and growth. The infusion of cutting-edge technologies like AI, analytics, and integrated platforms amplifies the impact of customer experience management strategies. As companies strive to align with customer needs and preferences, the market experiences robust growth, reflecting the continuous endeavor to cultivate meaningful and enduring relationships that drive success in today's dynamic business landscape.
Restraint: Investment Barriers and Data Security Concerns
The requirement for significant investments in technology infrastructure, talent acquisition, and training acts as a barrier for smaller businesses seeking to adopt comprehensive customer experience management solutions. Moreover, ensuring data privacy and security in an increasingly digitized landscape remains a critical concern, with potential breaches undermining customer trust and damaging brand reputation posing a significant restraint in customer experience management market.
Opportunity: Harnessing Advanced Technologies and Data-driven Insights to Elevate Customer Experiences
As customers increasingly demand personalized, seamless, and engaging experiences across various touchpoints, the market presents a wide scope for innovation. Integrating advanced technologies such as AI, machine learning, and predictive analytics opens avenues for predictive and proactive customer engagement. Additionally, the rising trend of omnichannel strategies further accentuates the potential for businesses to provide consistent experiences across diverse platforms. Moreover, the increasing emphasis on data-driven decision-making allows companies to gain deep insights into customer behaviors and preferences, refining strategies and strengthening customer relationships. This landscape of evolving consumer expectations, technological advancements, and data-driven insights creates a fertile ground for businesses to revolutionize their approaches and elevate their market presence through customer experience management.
Challenge: Navigating Dynamic Consumer Preferences and Complex Data Realities
As consumer preferences shift and adapt to technological innovations and market trends, businesses face the constant challenge of staying aligned with these dynamic expectations. This necessitates continuously updating strategies, tools, and platforms to ensure they remain relevant and effective. Moreover, the vast array of customer touchpoints across digital and physical landscapes adds complexity, requiring seamless integration to provide consistent experiences. Additionally, while data is valuable, managing and harnessing it effectively for actionable insights can be challenging, particularly in a landscape that demands stringent data privacy and security compliance.
Customer Experience Management Market Ecosystem
The major players in the customer experience management market are Adobe, IBM, Oracle, Avaya, Nice, Nokia, and so on. The customer experience management market is driven by prominent companies that have established themselves as leaders in the industry. These companies are well-established, financially stable, and have a proven track record of providing innovative solutions and services in customer experience management. Their diverse product portfolio spans infrastructure, solutions, applications, and services, enabling them to cater to the market’s evolving needs. With state-of-the-art technologies and extensive capabilities, these companies are at the forefront of driving the advancement of customer experience management technology.
By deployment type, the cloud segment to constitute a larger market size during the forecast period
During the forecast period, the cloud deployment segment is anticipated to establish a significant presence in the market, constituting a larger market size. Businesses increasingly recognize the advantages of cloud-based solutions, which offer scalability, flexibility, and streamlined resource access. The cloud deployment model enables organizations to implement and manage customer experience management solutions, ensuring real-time insights and personalized engagements across various touchpoints. This aligns well with customers’ evolving demands for seamless interactions in an omnichannel environment. As companies focus on optimizing operations, enhancing agility, and catering to digitally-savvy consumers, the cloud deployment segment emerges as a central driver of growth in the customer experience management market.
By organization size, the large enterprise segment to lead the market during the forecast period
During the forecast period, the customer experience management market is anticipated to be led by the large enterprise segment in terms of organization size. This can be attributed to large enterprises' substantial resources and capabilities, allowing them to invest in comprehensive customer experience management solutions. As these organizations aim to enhance customer satisfaction and loyalty through tailored interactions and seamless engagements, adopting advanced technologies, data analytics, and integrated platforms becomes paramount. The ability to allocate significant budgets for technology implementation, talent acquisition, and training positions large enterprises as frontrunners in shaping the customer experience management landscape. Their capacity to navigate complex business environments and the resources to deploy customer-centric strategies cements their role as drivers of growth and innovation in the market.
By region, North America to dominate market during the forecast period
Throughout the forecast period, North America is anticipated to maintain a dominant customer experience management market position. This stronghold can be attributed to the region's advanced technological infrastructure, mature market ecosystem, and persistent focus on delivering exceptional customer interactions. As businesses across industries recognize the pivotal role of customer experience in fostering loyalty and competitiveness, North American companies are investing significantly in cutting-edge technologies, data analytics, and personalized engagement strategies. Moreover, the region's consumer base is accustomed to seamless digital experiences, further driving the demand for innovative customer experience management solutions. With a strong commitment to customer-centricity and robust adoption of emerging technologies, North America is poised to retain its leadership in shaping the customer experience management landscape.
Customer Experience Management Market Companies:
The major companies in 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), Teradata (US), Sprinklr (US), Medallia (US), InMoment (US), SAS (US), Clarabridge (US), Sitecore (US), NGDATA (Belgium), Amperity (US), Mixpanel (US), Segment.io (US), Skyvera (US), MindTouch (US), Algonomy (US), and Sogolytics (US).
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metrics |
Details |
|
Market size available for years |
2017-2028 |
|
Base year considered |
2022 |
|
Forecast period |
2023-2028 |
|
Forecast units |
Value (USD) Million/Billion |
|
Segments Covered |
By Offering, touchpoint, Deployment type, Organisation Size, Verticals |
|
Region covered |
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
|
List of top Customer Experience Management Market Companies |
Adobe (US), IBM (US), Oracle (US), Avaya (US), Nice (Israel), Nokia (Finland), SAP (Germany), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US), Teradata (US), Sprinklr (US), Medallia (US), InMoment (US), SAS (US), Clarabridge (US), Sitecore (US), NGDATA (Belgium), Amperity (US), Mixpanel (US), Segment.io (US), Skyvera (US), MindTouch (US), Algonomy (US), and Sogolytics (US) |
This research report categorizes the customer experience management market to forecast revenues and analyze trends in each of the following submarkets:
Based on Offering:
-
Solutions
- Omnichannel
- Machine learning
- Analytics
- Workforce optimization
-
Services
-
Professional services
- Deployment & integration
- Support & maintenance
- Consulting & training
- Managed services
-
Professional services
Based on Touchpoint:
- Websites
- Stores
- Call centers
- Mobile apps
- Social media
- Emails
- Virtual assistants
- Other touchpoints (loyalty programs, surveys, sales representatives, seminars, trade shows, public speaking, and training)
Based on Deployment type:
- On-Premises
- Cloud
Based on Organisation Size:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
Based on Vertical:
- IT & Telecom
- BFSI
- Retail
- Healthcare
- Automotive
- Travel & hospitality
- Media & entertainment
- Public sector
- Other verticals (education, transportation, and logistics)
Based on regions:
-
North America
- US
- Canada
-
Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
-
Asia Pacific (APAC)
- Australia and New Zealand (ANZ)
- China
- India
- Japan
- Rest of Asia Pacific
-
Middle East and Africa (MEA)
- United Arab Emirates (UAE)
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
-
Latin America
- Brazil
- Mexico
- Rest of Latin America
Recent Developments
- May 2023 - Oracle announced the rollout of its cloud-based retail solutions at Prada Group. The luxury brand integrates its physical and digital products to better connect with its clients and use data to provide an ever-more-tailored experience.
- April 2023 - To help customers accelerate their cloud-centric digital transformation, OpenText unveiled OpenText Cloud Editions (CE) 23.2, which includes around 75,000 advancements from the previous year.
- May 2022 - At its flagship conference, Zendesk introduced new products intended to make conversations the focal point of CRM. Along with this, the company unveiled a brand-new employee experience solution to assist companies in modernizing internal processes and improving the hybrid work environment.
- March 2022 - As part of its sales and marketing division's digital transformation, Adobe announced that BMW Group, one of the top worldwide auto and motorcycle manufacturers, has expanded its cooperation with Adobe. BMW Group, which owns the brands BMW, Rolls-Royce, MINI, and BMW Motorrad, is using Adobe Experience Cloud to create personalized digital experiences as it works towards its three-year goal of selling a quarter of all its vehicles online. Using a data-driven, individualized strategy, BMW Group will provide customers with seamless online and offline experiences, including personalized vehicles, doorstep delivery, and unique post-purchase services.
Frequently Asked Questions (FAQ):
What is customer experience management?
customer experience management (CEM) refers to strategically designing and managing the interactions and touchpoints that customers have with a brand or business throughout their journey. CEM focuses on creating positive and meaningful customer experiences by understanding their needs, preferences, and expectations and tailoring business processes and strategies accordingly. This involves continuously collecting and analyzing customer feedback, data, and insights to improve products, services, and interactions. Customer experience management aims to enhance customer satisfaction, build loyalty, and ultimately drive business growth by delivering consistent and exceptional experiences that resonate with customers and exceed their expectations.
What is the market size of the customer experience management market?
The global customer experience management market is estimated to be worth USD 11.4 billion in 2023 and is projected to reach USD 20.4 billion by 2028, at a CAGR of 12.2% during the forecast period.
What are the major drivers in the customer experience management market?
Rising customer expectations in the digital age drive businesses to deliver personalized, seamless, and engaging experiences across all touchpoints. To gain a competitive edge, companies harness data-driven insights and employ advanced analytics and AI technologies to decode customer behaviors and preferences. The omnichannel engagement has become essential as customers interact with brands through diverse platforms. Moreover, aligning employee engagement with superior customer interactions underlines the significance of internal culture in shaping external experiences. By excelling in customer experience management, businesses foster loyalty and create a robust ecosystem for innovation and revenue growth. In this era of evolving consumer behaviors and technological advancements, businesses must remain agile and adaptable to navigate changing customer expectations, maintaining their market relevance and driving industry innovation.
Who are the major players operating in the customer experience management market?
The major 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), Teradata (US), Sprinklr (US), Medallia (US), InMoment (US), SAS (US), Clarabridge (US), Sitecore (US), NGDATA (Belgium), Amperity (US), Mixpanel (US), Segment.io (US), Skyvera (US), MindTouch (US), Algonomy (US), and Sogolytics (US).
Which key technology trends prevail in the customer experience management market?
In the customer experience management market, many key technology trends are steering the evolution of customer interactions. Artificial Intelligence (AI) and Machine Learning (ML) are driving automation and personalization, enabling businesses to anticipate customer needs and tailor experiences on a large scale. Data analytics and insights are offering deeper understandings of customer behaviors, guiding strategic decision-making for enhanced engagement. The integration of omnichannel platforms ensures consistent interactions across touchpoints, accommodating the preferences of today's interconnected consumers. Chatbots and virtual assistants powered by AI are transforming customer support, providing instantaneous responses and bolstering customer satisfaction.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The research study involved 4 major activities in estimating the Customer Experience Management Market size. Exhaustive secondary research has been done to collect important information about the market and peer markets. The next step has been to validate these findings, assumptions, and sizing with the help of primary research with industry experts across the value chain. Both top-down and bottom-up approaches have been used to estimate the market size. Post which the market breakdown and data triangulation have been adopted to estimate the market sizes of segments and sub-segments.
Secondary Research
In the secondary research process, various secondary sources were referred to identify and collect information for the study. These included journals, annual reports, press releases, investor presentations of companies and white papers, certified publications, and articles from recognized associations and government publishing sources. Secondary research was mainly used to obtain key information about industry insights, the market’s monetary chain, the overall pool of key players, market classification, and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for the report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various companies and organizations operating in the customer experience management market. The primary sources from the demand side included consultants/specialists, Chief Information Officers (CIOs), and subject-matter experts.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Multiple approaches were adopted to estimate and forecast the customer experience management market. The first approach involved estimating the market size by summating companies’ revenue generated through customer experience management solutions & services.
Both top-down and bottom-up approaches were used to estimate and validate the total size of the customer experience management market. The research methodology used to estimate the market size includes the following:
- Key players in the market have been identified through extensive secondary research.
- In terms of value, the industry’s supply chain and market size have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakups have been determined using secondary sources and verified through primary sources.
Market Size Estimation Methodology-Bottom-up approach
To know about the assumptions considered for the study, Request for Free Sample Report
Market Size Estimation Methodology-top-down approach
Data Triangulation
The data triangulation procedures were used to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with data triangulation and market breakdown, the market size was validated by the top-down and bottom-up approaches.
Market Definition
Customer experience management (CEM) refers to an organization's strategic approach and set of practices to actively oversee, optimize, and enhance all aspects of its customer interactions. CEM encompasses a broad spectrum of activities, including understanding customer preferences, expectations, and behaviors; designing tailored experiences across various touchpoints; measuring and analyzing customer feedback and sentiments; and continuously refining processes to ensure consistent, positive, and memorable customer interactions. The ultimate goal of CEM is to create and maintain a seamless, personalized, and delightful journey for customers, fostering strong relationships, loyalty, and advocacy.
Key Stakeholders
- CEM solution providers
- System integrators
- Value-added resellers (VARs)
- Distributors and resellers of CEM solutions
- Cloud service providers
- Investors and venture capitalists
- Professional and managed service providers
- Government associations
- Technology consultants
- Independent software vendors (ISVs)
- IT agencies
The main objectives of this study are as follows:
- To define, describe, and forecast the customer experience management market based on segments based on offerings, solutions, services, touchpoints, deployment type, organization size, and vertical with regions covered.
- To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
- To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the market.
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global market.
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global customer experience management market.
- To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market’s competitive landscape.
- To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Generating Response ...
Growth opportunities and latent adjacency in Customer Experience Management Market