SAN FRANCISCO, July 4, 2023 /PRNewswire/ — The global customer experience management market size is expected to reach USD 32.87 billion by 2030 and expand at a significant CAGR of 15.4% from 2023 to 2030 according to the new report by Grand View Research. Customer experience management solutions are gaining widespread popularity in diverse industries. As businesses become more customer-centric, the customer experience management (CEM) market is expected to witness rapid growth in the forecast period. Ongoing trends such as hyper-personalization of customer service, the use of AI and automation, and various customer value models are the key attributes propelling the growth of the segment. Moreover, implementing robust social media customer service can help reduce costs, increase response times, improve customer satisfaction, and increase the adoption of customer experience management platforms across industries.
Key Industry Insights & Findings from the report:
- The speech analytics segment is about to witness a significant CAGR of 17.0% during the forecast period. Through the calls, they assist enterprises in identifying areas of trends, opportunities, and concerns. Speech analytics tools in contact centers help improve agent performance, monitor compliance, streamline business processes, improve first-call resolution, and improve customer experience.
- The mobile touchpoint segment is anticipated to expand at a CAGR of 17.2% over the forecast period. The segment’s expansion can be attributed to the increased use of smartphones, which enables businesses to develop mobile marketing strategies. Furthermore, mobile CEM solutions enable mobile carriers to participate in the development of long-term customer relationships through customer-initiated requests.
- The cloud segment is anticipated to expand at a CAGR of 17.5% over the forecast period. The cloud deployment model enables enterprises to purchase only the features, added applications, or an updated version of the software based on the pay-as-you-go subscription model. Owing to these benefits, large enterprises are gradually investing in CEM software and collaborating with technology providers for digital transformation.
- The BFSI segment is anticipated to register the highest CAGR of 16.7% over the forecast period. The segment growth can be attributed to the increasing adoption of cloud-based deployment models and investments in advanced technologies to offer digital finance management assistance.
- Asia Pacific is expected to register the highest CAGR of 17.1% over the forecast period. With a significant presence of call centers, an increasing trend of social media marketing, and a growing emphasis on customer satisfaction across industries and sectors, the regional market is expected to grow.
Read 150 page market research report, “Customer Experience Management Market Size, Share, & Trends Analysis Report By Analytical Tools, By Touch Point Type, By Deployment, By End-use, By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Customer Experience Management Market Growth & Trends
As working from home becomes more common and is facilitated by video conferencing, digital transformation of the employee experience will be critical for growth. Remote working frequently leads to higher Employee Satisfaction (E-SAT), which leads to higher overall Customer Satisfaction (C-SAT). A remote workforce allows an organization to hire the best talent from all over the world, which improves both the local and global customer experiences. Organizations that want to keep their customer experience scope onshore/nearshore could benefit from a right-shored work-at-home model rather than an offshore-only model. These developments would further drive the growth of the customer experience management market during the forecast period.
Organizations have implemented new business models in order to broaden their customer reach and improve the end-user experience. Organizations are also working to improve their ability to adapt to changing customer expectations as well as market conditions. Several industries and industry verticals are expanding their customer reach by utilizing various e-commerce models such as e-retail, direct-to-customer (D2C), marketplace, and social commerce. For instance, Oracle Corporation, a software company, provides Oracle Commerce, a unified B2C, and B2B e-commerce platform. The solution uses interactive dashboards and data visualizations and takes real-time insights from every customer engagement.
Customer Experience Management Market Report Scope
|
Report Attribute |
Details |
|
Market size value in 2023 |
USD 12.04 billion |
|
Revenue forecast in 2030 |
USD 32.87 billion |
|
Growth rate |
CAGR of 15.4% from 2023 to 2030 |
|
Base year for estimation |
2022 |
|
Historical data |
2018 – 2021 |
|
Forecast period |
2023 – 2030 |
Customer Experience Management Market Segmentation
Grand View Research has segmented the global customer experience management market report based on analytical tools, touch point type, deployment, end-use, and region.
Customer Experience Management Market – Analytical Tools Outlook (Revenue, USD Million; 2018 – 2030)
- EFM Software
- Speech Analytics
- Text Analytics
- Web Analytics & Content Management
- Others
Customer Experience Management Market – Touch Point Type Outlook (Revenue, USD Million; 2018 – 2030)
- Stores/Branches
- Call Centers
- Social Media Platform
- Mobile
- Web Services
- Others
Customer Experience Management Market – Deployment Outlook (Revenue, USD Million; 2018 – 2030)
- Cloud
- On-premise
Customer Experience Management Market – End-use Outlook (Revenue, USD Million; 2018 – 2030)
- BFSI
- Retail
- Healthcare
- IT & Telecom
- Manufacturing
- Government, Energy & Utilities
- Construction, Real Estate & Property Management
- Service Business
- Others
Customer Experience Management Market – Regional Outlook (Revenue, USD Million; 2018 – 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Denmark
- Finland
- Norway
- Sweden
- Asia Pacific
- China
- India
- Japan
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
List of Players in Customer Experience Management Market
- Adobe
- Avaya Inc.
- Clarabridge
- Freshworks Inc.
- Genesys
- International Business Machines Corporation
- Medallia Inc.
- Open Text Corporation
- Oracle
- Qualtrics
- SAP SE
- SAS Institute Inc.
- Service Management Group (SMG)
- Tech Mahindra Limited
- Verint
- Zendesk
- Miraway
Check out more related studies published by Grand View Research:
- Customer Relationship Management Market – The global customer relationship management market size is expected to reach USD 163.16 billion by 2030 with a significant CAGR of 13.9% from 2023 to 2030, according to the new report by Grand View Research, Inc. The continuous demand for innovative solutions to collate critical customer data, analyze customer information, and transform it into a better customer experience strategy are driving factors for customer relationship management solutions across all sizes of businesses.
- Know Your Customer Software Market – The global know your customer software market size is expected to reach USD 15.81 billion by 2030, expanding at a CAGR of 20.8% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growth of the know your customer (KYC) software market can be attributed to the rising identity financial frauds across the globe. For instance, in 2021, according to the Federal Trade Commission (FTC), identity theft was the most common complaint registered by consumers accounting for almost 29.4% of all the reports received by the FTC in 2021.
- Customer Data Platform Market – The global customer data platform market size is expected to reach USD 5.66 billion by 2025, registering a CAGR of 27.5% from 2019 to 2025, according to the new study conducted by Grand View Research, Inc. The growing demand for assimilating and storing unstructured and structured consumer data, automatically obtained from various media touchpoints, is driving the adoption of CDP among B2B and B2C marketers. Furthermore, the need to engage and improve customer lifecycle by comprehending the collected insights is also contributing to the growth of the market.
Browse through Grand View Research’s Next Generation Technologies Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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