According to a research report "Customer Experience Management Market by Offering (Solutions, Services), Touchpoint, Deployment Type, Organization Size, Vertical (Travel & Hospitality, BFSI, Retail, Healthcare, IT & Telecom) and Region - Global Forecast to 2028" published by MarketsandMarkets, the global customer experience management market is estimated to be worth USD 11.4 billion in 2023 and is projected to reach USD 20.4 billion by 2028 at a CAGR of 12.2% during the forecast period.
As businesses recognize the significance of building lasting customer relationships, they invest in strategies and technologies to optimize every customer journey touchpoint. The infusion of advanced technologies like AI, data analytics, and omnichannel platforms empowers companies to not only understand customer preferences but also to anticipate their needs. This evolution reflects a fundamental understanding that superior customer experiences are no longer optional but essential for differentiation, loyalty, and sustained success in today’s competitive market landscape.
The services to record a higher growth rate during the forecast period
As businesses increasingly prioritize tailored customer interactions and seamless multichannel engagement, the demand for specialized services is poised to surge. These services encompass diverse offerings, from strategic consulting and implementation to continuous support and training. The services segment becomes an indispensable element of successful customer experience management strategies by aligning solutions with unique business needs and enhancing customer engagement. This heightened emphasis on comprehensive services is poised to significantly bolster the growth trajectory of the customer experience management market, emphasizing their instrumental role in driving the effective and sustainable implementation of customer-centric approaches.
Cloud deployment mode is expected to have a higher growth rate during the forecast period
Businesses increasingly recognize the advantages of cloud-based solutions in enabling seamless, scalable, and cost-effective implementation of customer-centric strategies. Cloud deployment allows access to data and tools from anywhere, ensuring real-time insights and personalized engagements. This aligns well with the evolving customer expectations for on-demand interactions across multiple touchpoints. As companies seek to streamline operations, enhance agility, and cater to digital-savvy customers, the cloud deployment mode emerges as a critical driver of growth in the customer experience management landscape.
Customer Experience Management Market Regional Analysis:
The Asia-Pacific (APAC) region is experiencing a surge in Customer Experience Management due to its vast market, growing middle class, mobile technology adoption, and evolving regulatory landscape. Businesses are increasingly investing in CEM to cater to the demands of this dynamic and competitive market.
Japan:
Repro a Marketing Technology SaaS business with its headquarters in Tokyo, Japan, and a goal of enhancing business-customer connection. By sending the appropriate content to the appropriate person at the appropriate time, Repro's client Engagement Platform helps businesses to establish long-lasting client relationships. In order to drive for global expansion, Repro announced in 2020 that it has raised 3 billion yen ($27 million) in Series C funding.
Australia & New Zealand (ANZ):
Salesforce, the market leader in CRM, today announced that the Australia Trailblazer Fund, a new $50 million fund to support Australian entrepreneurs in the Salesforce ecosystem, has been formed by Salesforce Ventures, the company's worldwide corporate investment department.
China:
After obtaining a $17 million Series B round of funding, Taiwanese firm iKala, which provides an artificial intelligence-based platform for client acquisition and engagement, will expand into new Southeast Asian regions.
India:
With an initial expenditure of $200 million, Air India claims to have upgraded its digital environment in order to promote customer interaction and operational and financial efficiency. In order to become the most technologically advanced airline in the world, The Tata Group Airlines expects to maintain this pace of investment over the next five years.
Market Players
The major players in the customer experience management market are Adobe (US), IBM (US), Oracle (US), Avaya (US), Nice (Israel), Nokia (Finland), SAP (Germany), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US), Teradata (US), Sprinklr (US), Medallia (US), InMoment (US), SAS (US), Clarabridge (US), Sitecore (US), NGDATA (Belgium), Amperity (US), Mixpanel (US), Segment.io (US), Skyvera (US), MindTouch (US), Algonomy (US), and Sogolytics (US).
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