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Customer Experience Management Market to Rise at 13.0% CAGR till 2027; Growing Preference for Cloud-based CEM Solutions to Fuel the Market

February 03, 2021 | Information & Technology

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:


https://www.fortunebusinessinsights.com/industry-reports/customer-experience-management-cem-market-101661


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.


Industry Development:



  • January 2020: Adobe Experience Cloud unveiled a vast array of solutions at the National Retail Federation (NRF) 2020 to empower retailers to comprehensively manage customer experiences across digital platforms as well as in physical stores.


List of Key Players Profiled in this Market Report:



  • Pointillist (Massachusetts, United States)

  • ZephyrTel, Inc. (Texas, United States)

  • Mixpanel (California, United States)

  • NGDATA (Ghent, Belgium)

  • SAS Institute (North Carolina, United States)

  • Teradata Corporation (California, United States)

  • MaritzCX Research LLC (Utah, United States)

  • Clarabridge (Virginia, United States)

  • Zendesk Inc. (California, United States)

  • Tech Mahindra (Maharashtra, India)

  • Avaya Inc. (North Carolina, United States)

  • SAP SE (Walldorf, Germany)

  • Adobe Inc. (California, United States)

  • Genesys Telecommunications Laboratories, Inc. (California, United States)

  • MindTouch, Inc. (California, United States)

  • Segment.io, Inc. (California, United States)

  • Amperity (Washington, United States)

  • InMoment (Utah, United States)

  • Sprinklr (New York, United States)

  • Nokia Corporation (Espoo, Finland)

  • Medallia, Inc. (California, United States)

  • Sitecore (California, United States)

  • Open Text Corporation (Waterloo, Canada)

  • Verint Systems (New York, United States)

  • IBM Corporation (New York, United States)

  • Oracle Corporation (California, United States)


Further Report Findings:



  • The call center segment, which held a market share of 29.6% in 2019, is expected to lead the market during the forecast period on account of the increasing consumer demand for personalized, human response to their demands.

  • North America is poised to dominate the customer experience management market share owing to the widespread presence of CEM startups across the US. In 2019, the region’s market size stood at USD 2.81 billion.


Table of Segmentation


























































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2018



Unit



  Value (USD billion)



Segmentation



  Component; Deployment; Organization Size; Touchpoint; End-     User; and Geography



By Component




  • Solution

  • Services


    • Professional Services

    • Managed Services




By Deployment




  • On-premise

  • Cloud



By Organization Size




  • SMEs

  • Large Enterprises



By Touchpoint




  • Call Center

  • Website

  • Mobile Applications

  • Email

  • Social Media

  • Others (Virtual Assistants, Loyalty Programs, etc.)



By End-User




  • BFSI

  • Rental and Consumer Goods

  • IT and Telecom

  • Healthcare

  • Automotive

  • Media and Entertainment

  • Government

  • Others (Oil and Gas, Education, etc.)



By Region




  • North America (By Component; Deployment; Organization Size; Touchpoint; End-user; and Country)


    • The United States

    • Canada




  • Europe (By Component; Deployment; Organization Size; Touchpoint; End-user; and Country)


    • The United Kingdom

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe




  • Asia Pacific (By Component; Deployment; Organization Size; Touchpoint; End-user; and Country)


    • China

    • Japan

    • India

    • Southeast Asia

    • Rest of Asia Pacific




  • The Middle East & Africa (By Component; Deployment; Organization Size; Touchpoint; End-user; and Country)


    • GCC

    • South Africa

    • Rest of the Middle East & Africa




  • Latin America (By Component; Deployment; Organization Size; Touchpoint; End-user; and Country)


    • Brazil

    • Mexico

    • Rest of Latin America



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