Customer Experience Management Market

Adobe (US) and IBM (US) are leading players in Customer Experience Management Market

MarketsandMarkets expects the customer experience management market to grow from USD 8.5 billion in 2020 to USD 14.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period. Customer Experience Management (CEM) is a set of processes that are used to track customer feedback, understand customer expectations, and improve the overall customer experience, in order to help businesses to reach new markets through different touchpoints. The need to improve customer engagement and reduce customer churn rate is driving companies to adopt customer experience management solutions.

Key and emerging market players include 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), NGDATA (Belgium), Amperity (US), Manthan (India), Mixpanel (US), Segment.io (US), ZephyrTel (US), and MindTouch (US). These players have adopted various growth strategies such as partnerships, acquisitions, agreements, collaborations, and new product launches to increase their presence in the global customer experience management market.

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Adobe Systems entered the customer experience management market with its product Adobe Experience Cloud and has become a pioneer in offering digital experience solutions to enterprises worldwide. In March 2019, Adobe announced the availability of its CX product, Adobe Experience Cloud, globally. This product will enable its users to access personalized profiles by stitching together data from across the enterprise and by leveraging Adobe Sensei artificial intelligence (AI) and machine learning. Adobe is also focused on inorganic growth strategies to strengthen its market position. For instance, in September 2018, the company acquired Magento and Marketo to drive its revenue growth in the coming years. The company also concentrates on increasing its innovative capabilities by spending approximately 17% of its revenue on R&D consecutively in fiscal years 2017, 2018, and 2019.

IBM offers an elaborate range of products in the customer experience management market through its AI-based solution IBM Watson. The company offers various solutions in the form of predictive analytics, premium insights, and web content management, among others, providing end-to-end solutions in the market. The company has been able to maintain a leading position globally owing to its capabilities as cognitive solutions and cloud platform provider through which it has been able to create a wide range of services, software, analytics tools, and related services for its customers in the customer experience management market. The company offers the Watson Marketing solution that enables users with multiple solutions to improve their offerings in customer experience management. IBM has adopted inorganic growth strategies, such as partnerships and acquisitions, to enhance its offerings. For instance, in May 2021, IBM acquired Waeg, a leading Salesforce Consulting Partner in Europe, to extend IBMs portfolio of Salesforce services and advance IBMs hybrid cloud and AI strategy; Waeg provides a full spectrum of Salesforce consulting services, from digital strategy advisory, business-to-business commerce, marketing automation, and customer experience design to implementation and managed services. Moreover, in February 2019, the company partnered with BUCKiTDREAM, providing BUCKiTDREAM with the Watson Marketing solution for an improved and personalized brand engagement experience to its customers.

Related Report

Customer Experience Management Market by Component (Solutions, Services) Touchpoint, Deployment Type, Organization Size, Vertical (IT and Telecom, BFSI, Retail, Healthcare, Media and Entertainment), and Region - Global Forecast to 2025

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Report Code
TC 2625
RI Published ON
7/20/2020
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