Customer Experience Management Market Research Report 2021-2031
The customer experience management market size is projected to reach US$ 47103.94 million by 2031 from US$ 13326.30 million in 2023. The market is expected to register a CAGR of 17.1% during 2023–2031. The increasing adoption of augmented reality (AR) and virtual reality (VR) technologies is likely to remain a key trend in the market.
Customer Experience Management Market Analysis
Personalized and meaningful experiences across physical and digital channels are becoming more and more preferred by customers. Thus, end-user industry verticals are increasingly demanding hyper-personalization from customer experience management market solutions. To determine the optimal course of action to provide to a client, it employs a combination of automation, machine learning (ML), artificial intelligence (AI), predictive analytics, and real-time buyer data. To guarantee that each client has a special and customized purchasing experience, numerous touchpoints are connected, and the customers are treated as individuals rather than as groupings. Businesses can send highly contextualized communications to specific customers at the appropriate time, location, and channel by utilizing hyper-personalization. The business can obtain more insights by implementing a hyper-personalized marketing approach driven by data, analytics, and AI.
Customer Experience Management Market Overview
Customer experience management, mostly called CEM or CXM, is a system of technologies and marketing strategies that focus on customer satisfaction, engagement, and experience. With the aim of accomplishing a digital transformation that genuinely places consumers at the center of the organization, customer experience management, or CXM, is an approach to customer relationships that goes beyond simple marketing tools and software. The orchestration and personalization of the complete end-to-end customer experience are given top priority by a customer experience management philosophy, which also makes it easier to do at scale, across any channel, in real-time.
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Customer Experience Management Market: Strategic Insights
Market Size Value in US$ 11,555.18 Million in 2022 Market Size Value by US$ 29,780.95 Million by 2028 Growth rate CAGR of 17.1% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Customer Experience Management Market: Strategic Insights
| Market Size Value in | US$ 11,555.18 Million in 2022 |
| Market Size Value by | US$ 29,780.95 Million by 2028 |
| Growth rate | CAGR of 17.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Customer Experience Management Market Drivers and Opportunities
Rising Adoption of e-Commerce
The exchange of goods and services over the Internet is known as e-commerce or electronic commerce. It includes a broad range of information and tools for online buyers and dealers. Companies with an online presence typically manage logistics and fulfillment, carry out e-commerce marketing and sales, and manage an online store and platform. Over the next ten years, it is projected that worldwide retail e-commerce sales will expand steadily at a rate of more than 10% each year. Essential articles, such as those on food and drink, health, and personal hygiene, are major contributors to e-commerce in industrialized countries. One major factor driving e-commerce in developing countries is the widespread use of cell phones and poor internet access. Gains in e-commerce are also fueled by consumers who are price-conscious and use the Internet to compare products. Customer support issues, transactional problems, irrelevant search results, shipping regulations, and website navigation are a few examples of negative encounters. Excellent customer experience is, therefore, no longer just a corporate objective; it is now a must for success. E-commerce businesses are heavily utilizing customer experience management services and solutions due to an increase in e-commerce transactions. These applications are driving global demand for customer experience management.
Increasing focus on data-driven insights to improve customers' experiences
Brand-customer interactions are evolving due to data-driven customer experience. Data-driven customer experiences, as seen through a marketing lens, center on leveraging data to customize the interactions with each unique customer. From an operations standpoint, they are concentrated on leveraging data to enhance internal procedures so that users may provide their clients better experiences. Both strategies result in happier, more devoted customers who are prepared to invest more time and money in the brand's goods and services. Therefore, increasing focus on data driven insights to improve customer experiences is creating an opportunity for the customer experience management market.
Customer Experience Management Market Report Segmentation Analysis
Key segments that contributed to the derivation of the customer experience management market analysis are component, deployment, organization size, touchpoint, and industry vertical.
- Based on the component, the customer experience management market is divided into solution and services. The solutions segment held a larger market share in 2023.
- By deployment, the market is segmented into on-premise and cloud. The cloud segment held a larger market share in 2023.
- By organization size, the market is segmented into SMEs and large enterprises.
- By touchpoint, the market is segmented into call centers, websites, mobile applications, email, social media, and others.
- By industry vertical, the market is segmented into IT & telecom, BFSI, energy & utilities, government, retail, manufacturing, and others.
Customer Experience Management Market Share Analysis by Geography
The geographic scope of the customer experience management market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. North America dominates the customer experience management market. With early technology adoption, government investment in new developments, and robust economic growth, it is among the technologically most advanced regions in the world. The area has a high rate of adoption of customer experience management, a high rate of advanced technology penetration, and a huge number of tech start-ups. Furthermore, the area is a leader in the development and research of these cutting-edge technologies. In addition, there has been a notable increase in the number of consumers of the solutions provided by market participants in customer experience management in the US and Canada.
Customer Experience Management Market Report Scope
Customer Experience Management Market News and Recent Developments
The customer experience management market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the customer experience management market are listed below:
- Cisco at Enterprise Connect announced new offerings within its Webex cloud customer experience solutions. Efficiently delivering a standout, connected customer experience across all channels and interactions is a business imperative, and organizations are increasingly looking for solutions that enable them to modernize the customer experience without disrupting their business. (Source: Cisco, Press Release, March 2024)
- SAP SE, a global leader in enterprise cloud solutions, announced new generative AI capabilities across the SAP Customer Experience portfolio, including SAP’s natural-language generative AI copilot Joule. (Source: SAP SE, Press Release, October 2023)
Customer Experience Management Market Report Coverage and Deliverables
The “Customer Experience Management Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Customer experience management market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Customer experience management market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- customer experience management market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the customer experience management market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Organization Size, Touchpoint, and Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The expected CAGR of the global customer experience management market is 17.1%.
The global customer experience management market is expected to reach US$ 47103.94 million by 2031.
The key players holding majority shares in the global customer experience management market are Adobe, Avaya Inc., IBM Corporation, NICE Ltd., Oracle Corporation, SAP SE, Verint Systems, Inc., Zendesk, SAS Institute Inc., and Salesforce.com, inc.
The increasing adoption of augmented reality (AR) and virtual reality (VR) technologies is anticipated to play a significant role in the global customer experience management market in the coming years.
Rising adoption of e-commerce and increasing focus on data-driven insights to improve customers' experiences are the major factors that propel the global customer experience management market.
North America dominates the customer experience management market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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