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Customer Experience Management Market Will Raise $23.83 Billion By 2027, CAGR of 15.6% From 2020 To 2027
Customer Experience Management Market
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Covid-19 Scenario:
➢ The majority of the companies have been investing in digital channels for business expansion to gain high margins. This has boosted the adoption of customer experience management software.
➢ Since the Covid-19 outbreak, customers prefer online shopping through e-commerce platforms to avoid physical contact. The analysis of online
consumer behavior helped the companies to meet consumer requirements.
The global customer experience management software market is segmented on the basis of component, deployment type, platform, industry, and region.
Based on component, the services segment is projected to manifest the highest CAGR of 16.9% during the forecast period. However, the software segment held the lion's share in 2019, accounting for nearly two-thirds of the market.
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On the basis of platform, the voice assistants segment would register the highest CAGR of 21.5% during the forecast period. However, the mobile app segment held the largest share in 2019, contributing to two-fifths of the market.
Key Findings Of The Study
➢ By component, in 2019 the software segment dominated the customer experience management software market size. However, the services segment is expected to exhibit significant growth during the forecast period.
➢ On the basis of deployment type, the cloud segment accounted for the highest revenue in 2019 during the forecast period.
➢ On the basis of platform, the mobile app segment accounted for the highest revenue in 2019, however, the voice assistants segment is expected to witness highest growth rate during the forecast period.
➢ On the basis of industry, the retail, then BFSI segment accounted for the highest revenue in 2019, however, the healthcare segment is expected to witness highest growth rate during the forecast period.
➢ Region wise, the customer experience management software market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
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The global customer experience management software market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to portray the highest CAGR of 17.8% from 2020 to 2027. However, the market across North America held the largest share in 2019, contributing to more than one-third of the market.
Significant structural transformations have occurred in the conventional business model, leading to the emergence of a novel and profitable concept known as the "On-demand" business model. This model is centered around providing immediate, customer-focused services, addressing customer demands promptly. Consequently, this approach expands the customer base through the delivery of exceptional products and services.
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Key Market Players:
➢ Adobe Inc.
➢ Avaya Inc.
➢ IBM Corporation
➢ Nice Ltd.
➢ Oracle Corporation
➢ SAP SE
➢ Verint Systems
➢ Zendesk Inc.
➢ SAS Institute Inc.
➢ Salesforce.com, Inc.
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