"We Envision Growth Strategies Most Suited
to Your Business"
The global customer experience management market size is projected to reach USD 21.86 billion by 2027 owing to the increasing investments in IT infrastructures by small & medium enterprises (SMEs), observes Fortune Business Insights™ in its report, titled “Customer Experience Management Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services), By Deployment (Cloud, On-Premise), By Organization Size (SMEs, Large Enterprises), By Touchpoint (Call Center, Website, Mobile Applications, Email, Social Media, and Others), By End-User (BFSI, Rental and Consumer Goods, IT and Telecom, Healthcare, Automotive, Media and Entertainment, Government, and Others), and Regional Forecast, 2020-2027”. The report states that the global market value stood at USD 8.29 billion and that the market is expected to register a CAGR of 13.0% from 2020 to 2027.
The COVID-19 pandemic is benefiting the CEM market growth. The market grew at a CAGR of 11.7% in 2020 as remote working, lockdowns, and social distancing prompted market players to adopt advanced digital CEM tools to enhance their interactions with customers. Several companies also launched novel products to help end-user organizations to deepen their relationships with clients, maintain customer loyalty, and gain new customers.
Oracle Launches New CX Solution for the Communications Industry
With a view to arm communications service providers with industry-leading customer experience management tools, Oracle Corporation released its innovative customer experience (CX) product, called Oracle Digital Experience for Communications, in November 2020. The solution has been conceived as a suite of applications that can be customized as per industry requirements, which function by capturing and analyzing customer-interaction data from back- and front-end office operations. The suite will, thus, empower service providers to better understand the unique demands from customers, which, in turn, will enable them to promote new offers and products, improve service, and drive sales.
To get a detailed report summary and research scope of this market, click here:
Evolution of Startup Culture to Catalyze Market Growth
The CEM market is undergoing rapid changes owing to the presence and evolution of startups specializing in the creation of customer experience management solutions for diverse end-use industries. For example, San Francisco-based startup Medallia offers a cloud-powered customer experience platform to companies that allows them to procure customer feedback from different channels, such as social media and contact centers, and analyze it in real-time. Another example is Podium, which brings together consumer reviews from multiple sites on a single platform for businesses to respond. The promising emergence of startups in the CX industry is also fueled by the increasing dependence of brands on digital platforms to maintain their interactions with loyal customers. Moreover, several companies have developed indigenous customer experience management solutions. For example, Zoomcar, the Indian self-driving and car rental platform, has organized a dedicated team that handholds customers through their car-renting journey, which creates a detailed journey map of customers to serve them more efficiently.
Strong Focus on Innovation by Key Players to Foster Market Growth
The presence of a large number of players has fragmented the competitive landscape of this market. In order to gain prominence, most companies are focused on developing innovative products to capture a wider audience and broaden their portfolios. Furthermore, the COVID-19 pandemic has also encouraged players to come up with novel ideas and create path-breaking solutions to aid brands’ efforts in elevating their customer experience management services in these distressing times.
List of Key Players Profiled in this Market Report:
Further Report Findings:
Table of Segmentation
Value (USD billion)
Component; Deployment; Organization Size; Touchpoint; End- User; and Geography
By Organization Size