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The global customer experience management market is expected to reach USD 23.91 Billion by 2026. As per the report, the global CEM market is anticipated to exhibit an outstanding CAGR of 18.5% between 2019 and 2026 owing to the rising adoption of digitization for enhancing customer service. Fortune Business Insights in a new study, titled “Customer Experience Management Market Size, Share & Industry Analysis, Component (Solution, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By Touchpoint (Telephone, Email, Web, Social Media, and Others) and Regional Forecast, 2019-2026” highlights that the market was valued at USD 6.28 Billion in 2018 and is gaining popularity as companies focus on improving their business processes and focus on fulfilling the actual needs of their customers.
An organization primarily focusses on empowering business operations which involves strategy and integration of advanced technology. With the ever-changing customer preferences, organizations need to adopt a customer experience strategy to offer consistent customer experience, thereby leading to the adoption of customer experience management platform.
This platform helps organizations to handle vast amount of customers’ data with precision and accuracy. The system collects data from infrastructure and organizations, manipulates information and correlates statistics, and offers reporting capabilities. Furthermore, the process can help organizations to identify the right business opportunities and real needs of their customers to build a customer-business relationship. Enabled by this, the customer experience management market growth is expected to increase in the forecast years.
Owing to the Flexibility and Scalability, Demand for Could-based Solutions to Increase
As per deployment, a cloud-based customer experience management solution covers a major portion in the CEM market share. These solutions are high in demand as they help organizations to offer better customer service than on-premise solutions. Several organizations invest in cloud deployments models to enhance customer experience management operations, thereby connecting with customers through emails, voice, social media, and other channels. However, an important thing to consider is budget availability, priorities, and process readiness among these organizations. “Cloud-based solutions are likely to be high in demand owing to their flexibility and scalability and have lesser privacy issues than on-premise,” stated a lead analyst at Fortune Business Insights.
Rising Importance of Customer Feedback to Fuel Demand for Customer Experience Management Solution
Customers’ preferences are changing rapidly owing to the rapid advancements in technology and customer feedback or review plays a crucial role in businesses. Therefore, a customer experience management strategy offers a simplified, smart, and effective means to reach out to customers for their feedback. Customer feedback can help organizations to analyze their profits and accordingly shape policies. Now, the demand for advanced customer experience management solution is increasing as organizations plan to analyze raw customer data and convert into actionable business insights to ensure smooth organizational workflow. The demand for cloud-based customer experience management technology is increasing as these solutions help to bring flexibility and agility to customer experience operations. The rising adoption of cloud-based solutions across organizations is likely to foster the CEM market size during the forecast period.
Adobe’s Experience Platform to Convert Real-time Customer Data into Insights
Key players such as Verint Systems, Medallia, Adobe, and Clarabridge are among the leading players in the global market. In March 2019, Adobe launched an Adobe experience platform which can convert customer data in real-time and convert into data models. Well-known brands such as Sony Interactive Entertainment, Best Buy, The Home Depot, DXC technology, and Verizon Wireless already invested in this platform. Verint Systems continues to focus on enhancing customer experiences strategies with an aim to reduce operating costs and advancing customer engagement by integrating automation and AI capabilities. Clarabridge plans to offer customer experience management platform integrated with sentiment and language processing. Along with this, the company uses text analysis to offer insights to their customers by analyzing customer feedback. Companies are adopting different strategies to bring advancements in customer experience, thereby augmenting the customer experience management market revenue.
North America to Exhibit the Highest Demand for Customer Experience Management Software
Among regions, North America is expected to maintain its dominance in the global CEM market through the forecast years. This is primarily on account of the rising demand for these solutions across IT & telecommunications, and BFSI. The market in the Middle East and Africa is expected to grow steadily in the forecast years. Other regions such as Latin America, Europe, and Asia Pacific are likely to grow considerably in the forthcoming years owing to the continuous improvements in customer experience solutions.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/customer-experience-management-cem-market-101661
The global customer experience management market can be segmented into the following categories:
Value (USD Billion)
By Organization Size