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Customer Experience Management Market Report 2024 - Size, Trends & Insights
Customer Experience Management Market Report
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increasing adoption of social media is expected to propel the growth of customer experience management market going forward. Social media refers to a wide range of digital platforms and applications that allow users to create and share content, interact with others, and build communities. Customer experience management solutions integrate with social media to enable real-time monitoring of brand mentions, customer interactions, and feedback. Additionally, social media serves as a valuable source for crisis management, product development feedback, and proactive customer engagement. For instance, in September 2022, according to Meta Platforms, Inc., a US-based multinational technology company, as of September 2022, the average daily active users (DAUs) on Facebook were 1.98 billion, with a 3% year-over-year increase. Further, in October 2023, according to Kepios, a Singapore-based consulting firm, the global social media users account for 61.4% with 4.95 billion users in 2023. Therefore, the increasing adoption of social media is driving the growth of 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.
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Major Key Players of the Market:
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
Customer Experience Management Market 2024 Key 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%.
• Digital Transformations In Retail And Healthcare Fuel Growth In Customer Experience Management Market
• Technological Advancements Driving Innovation In Customer Experience Management Market
• North America was the largest region in the customer experience management market in 2023
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