According to a research report "Customer Experience Management Industry 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 demand for super-apps that combine various financial services (such as current and savings accounts, investments, and payments) within a single digital platform will increase as European banking consumers expect increasingly highly integrated experiences from a variety of providers by July 2023, according to a report by EY.

UK:

Financial institutions in the UK are investing more on open banking than those in any other European nation, according to prior Tink study. While 33% of UK financial institutions spend more than €100 million on open banking, nearly half (47%) spend between €1 million and €49.9 million. The most recent study from Tink analyses this expenditure and shows that UK financial institutions are giving use cases that contribute to meeting customer expectations and regulatory requirements top priority when prioritising investment.

Germany:

The IT teams at Vodafone Germany started transforming the company's retail, telesales, and online customer channels in 2019. They were faced with the task of supporting many outdated BSS while delivering improvements to the customer experience. The goal was to maximise the variety of integrated services available to its consumers.

France:

IKEA declares a about €1.2 billion investment in France for the years 2023-2026. The company will quicken the process of becoming accessible and omnichannel in France while also making a positive impact on sustainability and the energy transition.

Italy:

In an effort to expand its global and technological presence, Italian investment bank Mediobanca announced a partnership with London-based Founders Factory, an early-stage investor in start-up companies, to support fintech entrepreneurs. To help 35 fintech firms grow over the next five years, Mediobanca will invest €12 million ($13 million) in a joint venture with Founders Factory. According to Mediobanca, their newest business plan identified the use of artificial intelligence solutions as a digital priority to support its sales force, reduce expenses, and enhance the customer experience.

Spain:

Consumer products companies are 3.5 times more likely to employ granular data for precise decision-making, according to a McKinsey analysis. This is a result of difficulties like inflation, broken supply chains, and quickly changing consumer tastes. With the goal of reimagining the consumer panel, the Spanish data analytics firm Algori has raised €3.3 million in funding.

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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