The global customer experience management market is estimated to be valued at US$ 9.6 Bn or billion in 2022 and is expected to exhibit a CAGR of 13.46% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Customer experience management helps organizations understand customer behavior, expectations, needs and pain points throughout the entire customer lifecycle in order to build loyalty, increase customer satisfaction and drive brand advocacy. It provides businesses with real-time visibility into all customer interactions and delivers personalized experiences.
Market key trends:
Rising focus on improving the overall customer experience is one of the major trends witnessed in the customer experience management market. Customers today expect seamless, personalized and consistent experiences across all channels and touchpoints. As a result, companies are increasingly adopting technologies that can help them optimize every customer interaction and strengthen relationships. Customer experience management solutions allow organizations to collect valuable customer insights, understand changing expectations and ensure that all customer engagements meet established standards of quality. This enables businesses to enhance loyalty and spend more time strengthening critical customer relationships.
Market key trends:
The customer experience management market is increasingly witnessing growing demand for AI-powered customer experience management solutions. Advancements in artificial intelligence, machine learning, and analytics are enabling customer experience management platforms to gain deeper customer insights and provide personalized experiences across multiple touchpoints. Many customers experience management vendors are investing in AI to analyze huge volumes of customer data, identify patterns of customer behavior, predict needs in real-time and enable context-aware conversations.
SWOT Analysis
Strength: AI capabilities allow for sophisticated customer profiling and personalization.
Weakness: High costs associated with deploying and maintaining customer experience management systems.
Opportunity: Growing focus on customer centricity and demand for omnichannel experiences across industries.
Threats: Increased competition from specialized AI and analytics vendors.
Key Takeaways
The global Customer Experience Management Market Share is expected to witness high growth, exhibiting CAGR of 13.46% over the forecast period 2023-2030, due to increasing adoption of advanced technologies like AI andAnalytics by enterprises to enhance customer experience and retain customers.
North America captured the largest share of the customer experience management market in 2022 owing to early adoption of advanced technologies and strong presence of leading vendors. Europe and Asia Pacific are expected to showcase high growth over the forecast period driven by rising focus on customer satisfaction levels across industries.
The key players operating in the customer experience management market are MaritzCX Research LLC (Inmoment LLC), Adobe Inc., Medallia Inc., Oracle Corporation, Clarabridge, SAP SE, Sitecore, IBM Corporation, Zendesk, Avaya Inc., Open Text Corporation, Verint Systems Inc., and Tech Mahindra. The players are increasingly adopting organic and inorganic growth strategies like partnerships, new product launches to remain competitive in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it