Customer Experience Management Market Share worth USD 29,780.95 Million by 2028

CEM software started to gain momentum with increasing demand for online business channels from the retail & e-commerce sectors; however, this trend is also gradually shifting to other industry sectors. Furthermore, the demand for cloud-based solutions is also rising due to a growing trend to adopt operational-based (OpEx) solutions over CapEx solutions to explore variable cost models for computing purposes and provide solutions as pay-as-you-go services. Further, software companies are currently focusing on online channels due to the COVID-19 outbreak, considering B2B and B2C models and the behavior of users focused on cloud-based CEX solutions, which is expected to provide a strong foundation for the growth of the customer experience management market

Customer Experience Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Service), Deployment Mode (On-Premise and Cloud-Based), Organization Size [Small and Medium Enterprises (SMEs) and Large Enterprises], Touchpoint (Call Center, Website, Mobile Application, Email, Social Media, and Others), and Industry Vertical (IT & Telecom, BFSI, Energy & Utilities, Government, Retail, Manufacturing, and Others)

Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis - https://www.theinsightpartners.com/sample/TIPRE00003637?utm_source=OpenPR&utm_medium=10051

According to our latest market study on "Customer Experience Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment Mode, Organization Size, Touchpoint, and Industry Vertical," the market is projected to grow from US$ 11,555.18 million in 2022 to US$ 29,780.95 million by 2028; it is estimated to grow at a CAGR of 17.1% from 2022 to 2028.

Strategic Insights:
Players operating in the customer experience management market are mainly focused on the development of advanced and efficient products.

- In 2020, Adobe and Genesys, a cloud customer experience and contact center solutions provider, entered into a partnership to enhance the customer experiences across all touchpoints.
- In 2019, Avaya and Standard Chartered, an international banking group, formed a partnership for a multi-year client experience transformation project.

Schedule a pre-sale discussion with the author team in a slot that you prefer to address queries on scope of the report, customization, introduction to methodology, assistance on technologies, and market definitions - https://www.theinsightpartners.com/inquiry/TIPRE00003637?utm_source=OpenPR&utm_medium=10051

Impact of COVID-19 Pandemic on Customer Experience Management Market

The COVID-19 pandemic benefited the customer experience management (CEM) solutions industry. Businesses experienced new challenges due to the COVID-19 pandemic; however, the development of customer experience (CX) technology positively influenced the global market dynamics. The COVID-19 outbreak highlighted the necessity for businesses in various industries to adopt digital technologies and leverage the potential of CEM by helping companies to structure their customer needs and product experience. Thus, there has been a positive trend in adopting the CEM solution during the pandemic. The associated advantages of CEM software-enabled enterprises adopting CEM solutions helped businesses grow during the pandemic. Further, the pandemic affects various industries, including the software industry; however, the imposition of lockdown and communication restrictions fueled the adoption of CEM software via various channels. The pandemic boosted the adoption of digital solutions, increasing the demand for online shopping and the adoption of CEM solutions. The market growth prospects include growing awareness of customer experience efficiency, and the rising integration of cloud-and AI-based platforms into CEM software, enabling enterprises to interact with customers through omnichannel platforms. Thus, such growth prospects for adopting CEM solutions after the onset of the COVID-19 pandemic are anticipated to fuel the customer experience management market growth in the coming years.

Incorporation of New Business Models to Fuel Customer Experience Management Market Growth in Future

Significant structural changes emerged from traditional business structures, resulting in a new, profitable concept called the "on-demand" business model. This business structure focuses primarily on providing direct customer-centric services, thereby expanding the customer base to meet customer requirements in a short period and be supported by superior customer products and services. Investors are primarily focused on investing in such companies, as these business models are based on higher rates of return combined with better customer service. For example, one of the most common causes of such large-scale funding is Uber, which received ~US$ 8.6 billion in funding in 2016, and Airbnb, which raised ~US$ 2.4 billion in 2016. The increasing popularity of the on-demand business model boosts the acceptance of omnichannel shopping experiences. Furthermore, the need to personalize consumer behavior led companies to embark on strategic initiatives expected to increase overall product sales and profitability.

Immediate delivery of our off-the-shelf reports and prebooking of upcoming studies, through flexible and convenient payment methods - https://www.theinsightpartners.com/buy/TIPRE00003637?utm_source=OpenPR&utm_medium=10051

Email: sales@theinsightpartners.com
Phone : +1-646-491-9876

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.