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Customer Experience Management Software Market Garner USD 23.83 Billion by 2027 | Registering 15.6% CAGR Globally
According to the report published by Allied Market Research, Customer Experience Management Software Market Garner USD 23.83 Billion by 2027 | Registering 15.6% CAGR Globally. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.Increase in prominence of the on-demand business model and surge in adoption of omni-channel shopping behavior have boosted the growth of the global customer experience management software market. On the contrary, intricacies in integrating electronic data interchange and data synchronization coupled with bias in operational data leading to an incomplete insight generation hamper the market growth. However, advent of AI integrated customer experience management software and emergence of the cloud-based business model would open lucrative opportunities for the market players in the future.
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The global customer experience management software market size was valued at USD 7,571 million in 2019, and is projected to reach USD 23,835 million by 2027, registering a CAGR of 15.6% from 2020 to 2027.
The customer experience management software market is primarily segmented based on component, deployment, platform, industry, and region. Based on component, the market is segmented into software and services, while on the basis of deployment the market is bifurcated into on-premise and cloud. Based on platform, the market is segmented into website, email, voice assistants, mobile app and others. By industry, the market primarily studies retail, BFSI, healthcare, media and entertainment, government sector and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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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.
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.
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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.
The global customer experience management software market includes an in-depth analysis of the prime market players such as Adobe, IBM, Avaya, Oracle, Nice, Verint, SAP, SAS, Zendesk, and Salesforce.
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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.
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