Customer Experience Management Market

Market Leader - Customer Experience Management Market

The customer experience management market size is estimated at USD 5.98 Billion in 2017 and is projected to reach USD 16.91 Billion by 2022, at a CAGR of 23.1% during the forecast period. Some of the major factors that are driving the customer experience management market include need for effective customer accessibility throughout the customer journey, increasing adoption of customer experience management solutions to reduce customer churn rate, rising need for competitive differentiation, and increasing usage of e-commerce and m-commerce platforms.

Organizations such as Adobe Systems (US), Oracle (US), IBM (US), Avaya (US), Nokia (Finland), NICE Systems (Israel), Tech Mahindra (India), and OpenText (Canada), among others offer customer experience management solutions. These players have adopted various growth strategies, such as expansions, contracts, mergers & acquisitions, partnerships, and new product launches. Between 2014 and 2017, partnerships and acquisitions accounted for more than half the share of all growth strategies adopted by the major market players. 

Adobe Systems (US) focuses on inorganic strategies, such as partnerships and collaborations, to achieve growth in the customer experience management market. For instance, in March 2017, Adobe partnered with 24/7 CUSTOMER INC., a provider of customer engagement solutions, for [24]7’s support for the Adobe Cloud Platform. This launch is expected to provide companies with a continuous feedback loop that connects front end marketing campaigns and backend customer support interaction data. Adobe offers the Adobe Marketing Cloud which delivers integrated digital marketing solutions including experience cloud, advertising cloud, analytics cloud, and marketing cloud.

Oracle Corporation also focuses on inorganic strategies such as partnerships and collaborations, to grow in the customer experience management market. For instance, in September 2016, Oracle partnered with Visa Inc. to introduce Visa Advertising Solutions, which help consumers know whether their digital advertising efforts are influencing consumer purchase decisions online and in-stores. Oracle offers solutions for CEM, under the Oracle CX Cloud Suite, such as Oracle Marketing Cloud, Oracle Sales Cloud, Customer Experience (CX) Service, Customer Experience (CX) Commerce, and Social Relationship Management (SRM) Software.

Related Reports:

Customer Experience Management Market by Touch Point (Company Website, Branch/Store, Web, Call Center), Vertical (IT Communication Service Provider, BFSI, Healthcare, Manufacturing, Travel & Hospitality), and Region - Global Forecast to 2022

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Report Code
TC 2625
Published ON
Nov, 2017
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