Press release
Customer Experience Management Market Predicted at a Promising CAGR of 11.6% Between 2022 and 2032
Customer Experience Management Market
The growing need to enhance customer experience engagement and lower customer churn rates, and the usage of customer-related scores to create better customer engagement strategies are all driving factors for the customer experience management industry.
Customer experience is critical in keeping customers engaged with the company and converting them into brand advocates. Customer satisfaction is defined as not just returning to the website or store several times but also sharing favorable remarks about the brand. This would encourage other customers to interact with the brand and retain and attract new customers.
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As per the customer experience management market study, customer experience solutions are in high demand due to rising digital transformation in retail and healthcare. Customers have been more receptive to digital channels like e-commerce, and digital banking has evolved. Retailers have switched their focus away from physical storefronts and toward online outlets.
The customer experience management market adoption trends portray that retailers have implemented AI-enabled virtual trial rooms, chatbots, and monitoring to capture and analyze client behavior. To boost their visibility, brands use a variety of media such as social media, smartphone apps, websites, and others.
Brand recognition, marketing, and direct shopping have all increased due to the growing popularity of social media outlets such as Facebook, Instagram, YouTube, Twitter, and Pinterest.
Various firms use social media shops to make the purchasing process easier for their customers.
Shops on Facebook and Instagram, for example, assist retailers in acquiring new clients and allowing them to purchase directly from social media platforms.
Retailers may use consumer experience solutions to reduce customer churn, increase customer lifetime value, and retain consumers. Customer experience management market share growth is aided by changing consumer purchasing habits.
The application of e technologies, telemedicine, smart health equipment, and wearable gadgets has accelerated as a result of the digitalization of healthcare. Customer expectations in healthcare are evolving as a result of digitalization, such as 24x7 service and rapid responses. As a result, businesses are implementing various techniques to boost consumer satisfaction.
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Key Takeaways
The US customer experience management market is expected to reach a valuation of US$ 11.1 Bn by 2032.
During the forecast period, the services segment of the customer experience management market is likely to increase at a faster rate. The growth of the customer experience management market is mostly influenced by the services segment. End customers can use these services to cut expenses, boost revenues, and improve business performance.
During the projection period, on-premises consumer experience solutions are predicted to increase at the quickest rate. On-premises solutions offer superior data security and administration. Due to expanding regulatory compliances such as GDPR, CCPA, and updated requirements, on-premises-based solutions are becoming more popular, which is expected to cater to the rising demand for customer experience management. The APAC customer experience management region is expected to develop at the fastest CAGR during the forecast period. The region's vast population has resulted in a large subscriber base for businesses. Organizations are enhancing their customer experience management services through digital touchpoints such as social networks, webpages, emails, virtual assistants, and contact centers as internet penetration and per-user electronic consumption rise.
Competitive Landscape
Adobe, Clarabridge, Freshworks Inc., Genesys, and International Business Machines Corporation are prominent companies. To grow and reinforce their existing touchpoint-type portfolios and win new clients, these companies are investing in new customer experience management services. Mergers and acquisitions, as well as collaborations, are being used by companies to build technologically advanced touchpoint types and obtain a competitive advantage over their competitors.
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Companies
IBM
SAP
ORACLE
AVAYA
OPENTEXT
ADOBE
VERINT SYSTEMS
TERADATA
TECH MAHINDRA
NOKIA
Recent Developments
In response to the expanding work-from-home trend, Tech Mahindra purchased Activus Connect Customer Experience Management Services and Solutions Company. Tech Mahindra will be able to deliver advanced CEM services for firms that operate remotely as a result of this acquisition.
Watson, a division of IBM Corporation, has launched AI-based Intelligent Watson Assistance, which includes automation tools to assist organizations in transforming customer service.
The Watson Assistant from IBM is meant to assist businesses in setting up voice agents with IntelePeer for a consistent customer experience. It uses advanced analytical technologies to handle customer issues related to increased phone volumes.
Key Segments:
By Components
Solution
Omnichannel
Machine Learning
Analytics
Workforce Optimization
Service
Professional Services
Managed Services
By Deployment
On-premise
Cloud
By Vertical
BFSI
IT and Telecom
Automotive
Healthcare
Retail
Transportation & Logistics
Travel and Hospitality
Public Sector
Media & Entertainment
By Organization Size
Small and Medium Enterprises (SMEs)
Large Enterprises
By Touchpoint
Websites
Stores
Call Centers
Mobile Apps
Social Media
Emails
Virtual Assistants
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Persistence Market Research is here to provide companies a one-stop solution with regards to bettering customer experience. It does engage in gathering appropriate feedback after getting through personalized customer interactions for adding value to customers' experience by acting as the "missing" link between "customer relationships" and "business outcomes'. The best possible returns are assured therein.
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