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Service Quality Management (SQM) And Telco Customer Experience Management (CEM) Market Size, Share Analysis And Outlook By 2033
Service Quality Management (SQM) And Telco Customer Experience Management (CEM) Market Size
According to The Business Research Company's, The service quality management (SQM) and telco customer experience management (CEM) market size has grown rapidly in recent years. It will grow from $4.63 billion in 2023 to $5.22 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to increasing usage of mobile applications, growing customer interactions in the BFSI sector, expansion of IoT connections, focus on customer compatibility issues, rising call center touchpoint interactions by end-users.
The service quality management (SQM) and telco customer experience management (CEM) market size is expected to see rapid growth in the next few years. It will grow to $8.49 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to expected rise in mobile operator services, growing demand for technical support solutions, expansion of cloud-based solutions for cost-effectiveness, adoption of open APIs for network capabilities, focus on fault and event management. Major trends in the forecast period include integration of emerging technologies, AI-driven personalization, automation and self-service solutions, enhanced data analytics capabilities, focus on proactive customer engagement.
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Market Drivers and Trends:
The growing adoption of cloud-based solutions is expected to propel the growth of the service quality management (SQM) and telco customer experience management (CEM) market going forward. Cloud-based solutions refer to software or services that are hosted and accessed over the Internet, rather than being installed and run on local computers or servers. Cloud-based solution adoption is rising due to its scalability, flexibility, and cost-effectiveness for businesses of all sizes. Cloud solutions enhance service quality management and telco customer experience management by providing real-time data analysis, automation, and agile infrastructure for improved responsiveness and personalized service delivery. For instance, in March 2024, according to a survey of 753 respondents worldwide conducted by Flexera, a US-based software company, over a quarter of respondents (29%) invested more than $12 million annually in cloud services, with a similar percentage (22%) spending the same amount on Software as a Service (SaaS). Respondents saw a slight increase in multi-cloud usage by organizations, up from 87% in 2022 to 89% in 2023. Additionally, 61% of large enterprises utilized multi-cloud security measures, while 57% implemented multi-cloud FinOps tools for cost optimization. Therefore, the growing adoption of cloud-based solutions is driving the growth of the service quality management (SQM) and telco customer experience management (CEM) market.
Major companies operating in the service quality management (SQM) and telco customer experience management (CEM) market are developing innovative technologies, such as customer service management software, to increase their profitability in the market. Customer service management software is a collection of digital tools and platforms that are designed to streamline and enhance customer service operations within telecommunications companies. For instance, in June 2021, Service Quality Measurement (SQM) Group, a Canada-based software company, launched a new customer service management software called mySQM FCR (First Call Resolution) Insights. This software is aimed at helping clients improve their customer service and reduce costs. The mySQM FCR Insights software aims to enhance customer service and reduce costs by providing a quality assurance solution for call centers. It offers a single platform for monitoring, motivating, and managing agents to improve both agent and customer experiences while also significantly lowering quality assurance costs.
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Major Key Players of the Market:
Huawei Technologies Co. Ltd, The International Business Machines Corporation, Cisco Systems Inc, Oracle Corporation, SAP SE, The Hewlett Packard Enterprise Company, Nokia Corporation, Telefonaktiebolaget LM Ericsson, NEC Corporation, Capgemini SE, Adobe Inc, Tech Mahindra Ltd, Amdocs Limited, Ciena Corporation, SAS Institute, Genesys Cloud Services Inc, CSG International, Verint Systems, Calix Inc, Medallia Inc, Spirent Communications PLC, Comarch SA, InfoVista SAS, Comviva, Radisys Corporation, Aria Systems Inc.
Service Quality Management (SQM) And Telco Customer Experience Management (CEM) Market 2024 Key Insights:
• The service quality management (SQM) and telco customer experience management (CEM) market size is expected to see rapid growth in the next few years. It will grow to $8.49 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%.
• Accelerated Growth Of Cloud-Based Solutions Is Driving The Service Quality Management And Telco Customer Experience Management Market
• Innovations In Customer Service Management Software For Service Quality And Telco Customer Experience Enhancement
• North America was the largest region in the service quality management (SQM) and telco customer experience management (CEM) market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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