Customer Experience Management Market to Perceive Substantial Growth During 2027

The global customer experience management software market size was valued at $7,571 million in 2019, and is projected to reach $23,835 million by 2027, registering a CAGR of 15.6% from 2020 to 2027.

Asia-Pacific is estimated to achieve a higher CAGR during the forecast period, backed by higher proliferation of mobile phones and social media coupled with dominancy in the retail & e-commerce sector. Rising influence of voice assistants and chatbots within the retail sector in the countries majorly such as South Korea, Singapore and Japan, has created a strong foundation garnering the need for analyzing the customer needs and behavior, thus boosting the overall market structure.

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Global customer experience management market scenario is primarily driven by the factors such as growing popularity of on demand business model; increasing adoption of omnichannel shopping experience and the need for personalization within the consumer behavior has mandated the companies to adopt strategic initiatives that would boost the overall product sales, thereby creating a higher profit margins. Growing scope of customer experience management within the healthcare and public sector, backed by rising product sales such as medical devices and favorable government programs has created huge potential for the overall market growth during the forecast period. However, complexities in integrating electronic data interchange and data synchronization and bias issue within the operational data is estimated to hinder the overall market growth.

With AI becoming a core part in the technology, its integration within the software is set to create meaningful insights for various business structure creating higher profit margins. In addition to this, expanding cloud-based business model is set to create a lucrative opportunity for the customer experience management software market during the forecast period.

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The current COVID scenario is projected to have a higher positive impact, with the emergence of strict social distancing measure, business have transitioned their performance over the online channel creating a higher surge for consumer personalization and needs, thereby creating a strong demand for customer experience management software. With this trend being followed for various other industries including BFSI, public & government, healthcare, retail and others, the demand for customer engagement, retention and loyalty is estimated to have a positive correlation, thereby creating strong need for effective experience management software.

Some of the major companies operating in the market are Adobe Inc., Avaya Inc., IBM Corporation, Nice Ltd., Oracle Corporation, SAP SE, Verint Systems, Zendesk Inc., SAS Institute Inc., and Salesforce.com, Inc. and others.

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