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Customer Experience Management Market 2024 | Analytical Overview, Key Drivers, Top Players, Regional Demand And Forecast To 2033
Customer Experience Management Market
Customer Experience Management Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2.64 billion In 2028 At A CAGR Of 7.8% :
The customer experience management market size has grown rapidly in recent years. It will grow from $10.97 billion in 2023 to $12.69 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to competitive advantage through cx, focus on customer lifetime value, demand for seamless customer journeys, rise of social media engagement, voice of customer (voc) insights.
The customer experience management market size is expected to see rapid growth in the next few years. It will grow to $22.53 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to increasing emphasis on personalization, advanced data analytics and ai integration, rise of omni-channel experiences, real-time engagement strategies. Major trends in the forecast period include integration of feedback loops, emphasis on customer-centric cultures, customer retention and loyalty, focus on customer journey mapping, real-time engagement.
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Customer Experience Management Market Major Segments
The customer experience management market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Touchpoint: Websites, Stores, Call centers, Mobile apps, Social media, Emails, Virtual assistants, Other Touchpoints
3) By Deployment type: On-Premises, Cloud
4) By Organisation Size: Small and Medium Enterprises (SMEs), Large Enterprises
5) By Vertical: IT and Telecom, BFSI, Retail, Healthcare, Automotive, Travel and hospitality, Media and entertainment, Public sector, Other Verticals
Key Driver - Digital Transformations In Retail And Healthcare Fuel Growth In Customer Experience Management Market
The rising digital transformations across retail and healthcare are expected to propel the customer experience management market going forward. Digital transformation refers to integrating digital technology throughout all functional areas of an organization, radically transforming how it runs and giving value to its customers. Digital transformation helps to manage customer experience by integrating digital technology into all business sectors and radically changing how businesses operate and provide value to customers. For instance, in February 2021, according to a survey conducted by the United States Department of Health and Human Services (HHS), the US government's principal agency, one in four respondents (23.1%) reported using telehealth services in the previous four weeks during the study period, which ran from April to October 2021. Additionally, in January 2021, according to a report by Binder Dijker Otte, a Belgium-based global network of firms providing business advice and public accounting services, 61% of retailers are planning to increase digital investment spending in the next year. Therefore, rising digital transformations across retail and healthcare are driving the growth of the customer experience management market.
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Prominent Trend - Technological Advancements Driving Innovation In Customer Experience Management Market
Technological advancements are the key trend gaining popularity in the customer experience management market. Major companies operating in the customer experience management market are innovating new products with advanced technologies to sustain their position in the customer experience management market. For instance, in December 2021, TPG, a US-based private equity company, introduced Anna, a platform for measuring customer experience based on Al technology that accurately assesses 15,000% more interactions. The Anna chatbot offers unique features such as it can assess every single customer interaction and can offer a sample-based assessment of voice and chat interactions with customers. It offers a view into each voice call and chat conversation with customers and can evaluate 100% of the interaction population, doing away with sample-based evaluations. Anna is a platform for AI-powered customer experience analysis that can analyze 15,000% more interactions than a human analyst while maintaining comparable accuracy levels.
Customer Experience Management Market Players
Major companies operating in the customer experience management market report are Medallia Inc., Clarabridge, Zendesk Inc., Open Text Corporation, International Business Machines Corporation, Tech Mahindra, Verint Systems Inc., Avaya Inc., Oracle Corporation, SAP SE, Adobe Inc., Teradata Corporation, Sprinklr Inc., InMoment Inc., SAS Institute, Sitecore, NGDATA N.V., Amperity, Mixpanel Inc., Segment.io, ZephyrTel Inc., MindTouch, Freshworks Inc., Genesys Telecommunications Laboratories Inc., Nokia Corporation, Algonomy Inc., Sogolytics Ltd., Startek, Microsoft Corporation, Skyvera
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Largest And Fastest Growing Region In The Market
North America was the largest region in the customer experience management market in 2023. The regions covered in the customer experience management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Customer Experience Management Market Report Structure
3. Customer Experience Management Market Trends And Strategies
4. Customer Experience Management Market - Macro Economic Scenario
5. Customer Experience Management Market Size And Growth
…..
27. Customer Experience Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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