Customer Experience Management Market Competitive Landscape Report to 2030

Customer Experience Management Industry Overview

The global customer experience management market size was valued at USD 8.79 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 18.1% from 2022 to 2030. The growing importance of understanding customer behavior and their preferences drives various brands and organizations to adopt customer experience strategies, such as regular communication and engagement, longstanding program, and use of automation, to deliver the best service performance to customers in real-time.

The outbreak of the COVID-19 pandemic has significantly impacted some of the core sectors, such as manufacturing, logistics, and transportation. The adoption of digital technology tools is likely to set the digital transformation and digital optimization of both existing businesses and new businesses. The pandemic has forced enterprises to assess their growing customer preferences and business continuity plans. As a result, the market for customer experience management is expected to witness steady growth.

Gather more insights about the market drivers, restrains and growth of the Global Customer Experience Management Market

U.S. Customer Experience Management Market size, by analytical tools, 2020 - 2030 (USD Billion)

The market will likely witness an increasing share of work delivered through digital engagement models based on collaboration tools and platforms. The rapid proliferation of smart technologies, such as Artificial Intelligence (AI) and advanced machine learning, has reduced the cost of computing and storage power. For instance, automakers use the Internet of Things (IoT), AI, and analytics to understand in-vehicle consumer behavior and to provide maintenance services within vehicle sensors that prompt service requests.

Technological advancements will help enterprises design, operate, and improve their end-to-end CEM and drive market growth. AI and its applications are transforming the way that enterprises interact with end-users and enterprises are investing in AI-based customer services to improve efficiency by decreasing complaint resolution and call processing. It allows brands and leaders to offer relevant content, increase sales opportunities, enhance the customer journey, and prioritize the content strategies that can align with the touchpoints with the buyer journey.

Technologies like big data analytics, remove the guesswork and understand customer needs, pain points, goals, and interests, and create total visibility into the buying process. Growing investments in implementing enhanced marketing technologies to assist customers to make cognitive decisions and to develop enhanced customer experience management are also fueling the growth. The growing trend of investment in customer retention strategies is one of the major factors that drive market growth.

For instance, according to Harvard Business Review, the cost to retain a customer is 25% lower than the cost of acquiring a new customer. Additionally, other research studies also indicate that repeat customers tend to buy more from a company with products priced at different prices and help drive higher business growth. Hence, improving customer experience management is critical for ensuring customer retention and satisfaction and subsequently enhancing sales for any business in industries such as banking, manufacturing, retail, and entertainment.

Browse through Grand View Research's Communication Services Industry Research Reports.

  • North America Customer Experience Management Market - The North America customer experience management market size was valued at USD 2,512.4 million in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 17.1% from 2019 to 2025.
  • Field Service Management (FSM) Market - The global Field Service Management market size was valued at USD 1,725.8 million in 2016 and is expected to witness significant growth with an approximate CAGR of 10% due to the growing number of field operations across different end-use industries such as telecom, oil & gas, construction, and energy & utilities.

Market Share Insights

  • November 2021: Adobe launched a real-time customer data platform, which is built for marketers operating in the B2B service model. It brings the data from multiple sources and combines it into a single view of people and account profiles. This allows marketers to precisely target specific audiences and engages those audiences across all available channels.

Key Companies profiled:

Some prominent players in the global customer experience management market include

  • Adobe
  • Avaya Inc.
  • Clarabridge
  • Freshworks Inc.
  • Genesys
  • International Business Machines Corporation
  • Medallia Inc.
  • Open Text Corporation
  • Oracle
  • Qualtrics
  • SAP SE
  • SAS Institute Inc.
  • Service Management Group (SMG)
  • Tech Mahindra Limited
  • Verint
  • Zendesk
  • Miraway

Order a free sample PDF of the Customer Experience Management Market Intelligence Study, published by Grand View Research.  

Comments

Post a Comment

Popular posts from this blog

South Africa Veterinary Medicine Market Size, Share, Revenue Analysis By 2028

Image
South Africa Veterinary Medicine Industry Overview The  South Africa veterinary medicine market  size is expected to reach USD 248.2 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.1% from 2021 to 2028. The market holds many opportunities to grow during the forecast period owing to the growing livestock and pet population, increasing consumption of meat, rising incidence of diseases in animals, and the presence of key global companies. According to a report published by the African Union/Interafrican Bureau for Animal Resources (AU/IBAR), MSD Animal Health leads the South African market for veterinary medicines, followed by other key companies. South Africa Veterinary Medicine Market Segmentation Grand View Research has segmented the South Africa veterinary medicine market on the basis of animal type, product, mode of delivery, and end-use: Based on the Animal Type Insights, the market is segmented i...
Read more

Fencing Market Competitive Landscape And Component Benchmarking 2030

Image
Fencing Market Growth & Trends The global  fencing market  size is anticipated to reach USD 44.39 billion by 2030, growing at a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. The growing need to safeguard agricultural assets and the aggressive investments being made by private companies in strengthening the security and enhancing the aesthetics of their premises are expected to drive the growth of the market over the forecast period. The growth of the  real estate market  and the increase in the number of remodeling projects being undertaken are expected to contribute to the growth of the market. Fencing Market Segmentation Grand View Research has segmented the global fencing market based on material, distribution channel, installation, application, end use, and region: Based on the Material Insights, the market is segmented into Metal, Wood, Plastic & Composite, Concrete. The metal segment accounted for ...
Read more

U.S. Cold Storage Market Distributor Analysis and Forecasts By 2030

Image
U.S. Cold Storage Market Growth & Trends The  U.S. cold storage market  size is estimated to reach USD 96.90 billion by 2030, expanding at a CAGR of 13.6% over the forecast period, according to the new research conducted by Grand View Research, Inc. The U.S. is widely regarded as one of the leading markets in developing technologies responsible for the effective management of cold storage processes. The pharmaceutical industry is expected to offer growth opportunities to the market. Inventory management of pharmaceutical goods, such as vaccines   and medicines, is an expensive process that necessitates adequate security measures to maintain product quality. Advanced cold storage technologies that offer beneficial features, such as advanced refrigeration technologies and monitoring and tracking systems of various products like fruits and vegetables, significantly mitigate the possibility of wastage of temperature-sensitive goods. U.S. Cold Storage Market S...
Read more