Customer Experience Management Market - Forecast(2020 - 2025)

Report Code: ITR 68221 Report Format: PDF + Excel (Delivery in 48 Hrs)
The Customer experience management Market is forecast to reach $17.9 billion by 2025, growing at a CAGR of 15.4% in the period 2020-2025. The Customer experience management market is driven primarily by factors such as rising use of machine learning, artificial intelligence, cloud computing for having proper communication and establishing relationship with customers. Additionally, this advanced techniques helps in analyzing the customer needs through monitoring the Customer inclinations, expenditure conduct, purchasing patterns thereby boosting the market growth during the forecast period 2020-2025.

Key Takeaways
  • Customer experience management services vertical is witnessing the highest market growth rate in arrears to the adoption of the services including professional, training, support and maintenance, managed services by small and medium scale enterprises during the forecast period 2020-2025.
  • Customer experience management market is predominantly deployed in mobile touch point segment owing to increased usage of mobile phones and its rising applications tends to penetrate the market growth during the forecast periods.
  • North America region dominated the customer experience management in 2019 due to growth of advanced technologies including artificial intelligence, machine learning, natural language processing, cloud computing and others technologies. Additionally, implementation of these technologies in various fields such as banking, automotive, retail and others thereby boosting the market growth.

Component - Segment Analysis
The Customer experience management market is segmented into solution and service based based on components. Among these, the market for service component is witnessing a significant growth during the forecast period 2020-2025 of 18.8% owing to its rising preference among small and medium enterprises. Moreover, in outsourcing the customer experience management solutions customers are assisted via managed services for management of the business efficiently. With managed services, IT service becomes proactive. Customers are provided with regular routine maintenance to prevent downtime. An alert pop up if a system threatens to malfunction, so that the issue can be addressed before downtime occurs. Consequently, managed services aids the end user in reducing their operational costs, increasing their revenue and thus improving their business performance.

Touch point - Segment Analysis
Among the touch point mobile segment is one of the predominant segment on the global Customer experience managements market that accelerates over the forecast period with a CAGR of 19.3%. This is attributable to the growing usage of mobile devices among customers. Moreover effective communication on mobile leads to formation of productive relationship which in turn provides better customer service and thus enhance the market growth.

Geography - Segment Analysis
North America is the leading region across the world for Customer experience managements. As of 2018, North America region accounted for a major market share of 46.4% in the global Customer experience management market The market in this region is driven primarily by factors such as large scale adoption of artificial intelligence, cloud computing technologies, customer service management solution and services. In September 2019 McDonald’s purchased conversational AI startup apparent. This technology is helpful for complex, multilingual, multi-accent, and multi-item conversational ordering. Consequently, customer experience is improved thus retaining the current customer and bringing the former customer. The APAC region is analyzed to grow at a highest rate of CAGR during the forecast period 2020-2025. This growth is attributed to the increasing rate of digitization. High penetration of advanced technologies in various fields such as banking, automotive, media and entertainment and others propelling the market growth in this region. In 2019 launch of digital banks was announced by Hong Kong Monetary Authority to renew the retail banking experience. 

Drivers – Customer experience management Market

  • Rise of machine learning and natural language processing(NLP)
Radical communication channel is delivered to the customers via natural language processing (NLP). In addition, responses have become quicker, accurate and condition based. Consequently communications have become easier and problem with their solutions can be identified formerly before the customer might actually face it.

  • Adoption of cloud based technology
Cloud based technologies boost the market growth owing to accessibility of the cloud based data anywhere. Moreover customer behavior with the company is analyzed through the data stored on cloud. Additionally, same data on the cloud is accessible by multiple employees or customer on same time thereby enhancing the market growth.

Challenges – Customer experience management Market

  • Technical skill related issues
Customer inclinations, expenditure conduct, purchasing patterns needs to be monitored properly for providing better assistance to customers that set a demand for skilled workforce. The availability of technical skills including verbal communication, problem solving skills, monitoring customer needs efficiently through using latest software and technologies is low. Moreover, pay scale of the skilled personnel is high consequently hindering the market growth of small and medium scale enterprise. 

Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the market players in the Customer experience management Market. As of 2018, the market for customer experience management is consolidated with the top 10 players accounting for approximately xx% of the market share. The major players in the Customer experience management Market include IBM corporation, SAP, Oracle corporation, Avaya, Medallia, Adobe system incorporation, Nokia networks, Tech Mahindra, Nice systems, 1.9 MaritzCX Research LLC  among others. 

Partnerships/Product Launches/Acquisition
  • In May 2019 a partnership was made between OZ and Mediallia to enrich the customer experience through digital wizardry thereby boosting the market growth. A connection between the digital innovation and its effect on the customer experience is shaped through this partnership.
  • In January 2020 a covenant was formed to procure Maihiro via Accenture. The acquisition is beneficial for Accenture to generate solutions for customers which consecutively drive the market and customer experiences.
  • In October 2019 a acquisition was formed to procure Cloud Cherry via Cisco. The acquisition was beneficial for companies to enhance their business by transforming their contact centers and moving from individual encounters with clients to coherent, engaging experiences thereby boosting the market growth.

1. Customer experience management- Market Overview
    1.1 Definitions and Scope
2. Customer experience management- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by type 
3. Customer experience management Market- Comparative analysis
    3.1 Product Benchmarking
    3.2 Top 5 Financials Analysis
    3.3 Patent Analysis 
    3.4 Pricing Analysis 
    3.5 Technology Roadmap
4. Simulation Software Market- strategic analysis
    4.1 Value chain analysis 
    4.2 Opportunities analysis
    4.3 Product life cycle
    4.4 Suppliers and distributors Market Share
5. Distributed Cloud Market - Startup companies Scenario Premium (Premium)
    5.1 Top 5 startup company Analysis by
        5.1.1 Investment
        5.1.2 Revenue
        5.1.3 Market shares
        5.1.4 Market Size and Application Analysis
        5.1.5 Venture Capital and Funding Scenario
6. Distributed Cloud Market - Industry Market Entry Scenario Premium (Premium)
    6.1 Regulatory Framework Overview
    6.2 New Business and Ease of Doing business index
    6.3 Case studies of successful ventures
    6.4 Customer Analysis - Top 5 companies 
7. Customer experience management- Market Forces
    7.1 Market Drivers
    7.2 Market Constraints
    7.3 Market Opportunities
    7.4 Porters five force model
        7.4.1 Bargaining power of suppliers
        7.4.2 Bargaining powers of customers
        7.4.3 Threat of new entrants
        7.4.4 Rivalry among existing players
        7.4.5 Threat of substitutes 
8. Customer experience management Market – By  components Type
    8.1 Solution
        8.1.1 Omni-channel
        8.1.2 Machine learning
        8.1.3 Analytics
        8.1.4 Workforce optimization
    8.2 Service
        8.2.1 Professional
        8.2.2 Training
        8.2.3 Support and maintenance
        8.2.4 Managed service
9. Customer experience management Market – By  Tools Type
    9.1 Text analytics
    9.2 Speech analytics
    9.3 Web analytics
    9.4 Enterprise feedback management software
    9.5 Others
10. Customer experience management Market-By Deployment
    10.1 On -Premise
    10.2 Cloud
11. Customer experience management Market-By Organization Size
    11.1 Small
    11.2 Medium
    11.3 Large
12. Customer experience management Market- By Touch points
    12.1 Social media
    12.2 E-mail
    12.3 Mobile
    12.4 Company websites
    12.5 Branch/stores
    12.6 Others
13. Customer experience management Market-By End-user
    13.1 Banking, Financial Services, and Insurance(BFSI)
    13.2 Retail
    13.3 Education
    13.4 Automation
    13.5 Healthcare and Life Sciences
    13.6 Manufacturing
    13.7 Media and Entertainment
    13.8 IT and Telecommunication 
    13.9 Others
14. Customer experience management Market – By Geography
    14.1 Americas
        14.1.1 U.S
        14.1.2 Canada
        14.1.3 Mexico
        14.1.4 Brazil
        14.1.5 Rest of Americas
    14.2 Europe
        14.2.1 U.K.
        14.2.2 Germany
        14.2.3 France
        14.2.4 Italy
        14.2.5 Spain
        14.2.6 Netherlands
        14.2.7 Other European Countries 
    14.3 Asia-Pacific
        14.3.1 China
        14.3.2 Japan
        14.3.3 South Korea
        14.3.4 India
        14.3.5 Others
    14.4 Rest of the World
        14.4.1 Middle East
        14.4.2 Africa
15. Customer experience management Market- Entropy
16. Customer experience management Market Company Analysis
    16.1 Market Share, Company Revenue, Solution & Services, M&A, Developments
    16.2 IBM Corporation
    16.3 SAP
    16.4 Avaya
    16.5 Oracle Corporation
    16.6 Medallia
    16.7 Adobe Systems Incorporation
    16.8 Nokia Networks
    16.9 Tech Mahindra
    16.10 MaritzCX Research LLC 
    16.11 Nice Systems and others
"*Financials would be provided on a best efforts basis for private companies

LIST OF TABLES

1.Global Customer Experience Management Market By Vertical Market 2019-2024 ($M)
1.1 IT Communication Service Providers Market 2019-2024 ($M) - Global Industry Research
1.2 Telecommunication Service Providers Market 2019-2024 ($M) - Global Industry Research
1.3 Healthcare Market 2019-2024 ($M) - Global Industry Research
1.4 Automotive & Transportation Market 2019-2024 ($M) - Global Industry Research
1.5 Consumer Goods & Retail Market 2019-2024 ($M) - Global Industry Research
1.6 Media & Entertainment Market 2019-2024 ($M) - Global Industry Research
1.7 Travel & Hospitality Market 2019-2024 ($M) - Global Industry Research
1.8 Manufacturing Market 2019-2024 ($M) - Global Industry Research
2.Global Customer Experience Management Market By Vertical Market 2019-2024 (Volume/Units)
2.1 IT Communication Service Providers Market 2019-2024 (Volume/Units) - Global Industry Research
2.2 Telecommunication Service Providers Market 2019-2024 (Volume/Units) - Global Industry Research
2.3 Healthcare Market 2019-2024 (Volume/Units) - Global Industry Research
2.4 Automotive & Transportation Market 2019-2024 (Volume/Units) - Global Industry Research
2.5 Consumer Goods & Retail Market 2019-2024 (Volume/Units) - Global Industry Research
2.6 Media & Entertainment Market 2019-2024 (Volume/Units) - Global Industry Research
2.7 Travel & Hospitality Market 2019-2024 (Volume/Units) - Global Industry Research
2.8 Manufacturing Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America Customer Experience Management Market By Vertical Market 2019-2024 ($M)
3.1 IT Communication Service Providers Market 2019-2024 ($M) - Regional Industry Research
3.2 Telecommunication Service Providers Market 2019-2024 ($M) - Regional Industry Research
3.3 Healthcare Market 2019-2024 ($M) - Regional Industry Research
3.4 Automotive & Transportation Market 2019-2024 ($M) - Regional Industry Research
3.5 Consumer Goods & Retail Market 2019-2024 ($M) - Regional Industry Research
3.6 Media & Entertainment Market 2019-2024 ($M) - Regional Industry Research
3.7 Travel & Hospitality Market 2019-2024 ($M) - Regional Industry Research
3.8 Manufacturing Market 2019-2024 ($M) - Regional Industry Research
4.South America Customer Experience Management Market By Vertical Market 2019-2024 ($M)
4.1 IT Communication Service Providers Market 2019-2024 ($M) - Regional Industry Research
4.2 Telecommunication Service Providers Market 2019-2024 ($M) - Regional Industry Research
4.3 Healthcare Market 2019-2024 ($M) - Regional Industry Research
4.4 Automotive & Transportation Market 2019-2024 ($M) - Regional Industry Research
4.5 Consumer Goods & Retail Market 2019-2024 ($M) - Regional Industry Research
4.6 Media & Entertainment Market 2019-2024 ($M) - Regional Industry Research
4.7 Travel & Hospitality Market 2019-2024 ($M) - Regional Industry Research
4.8 Manufacturing Market 2019-2024 ($M) - Regional Industry Research
5.Europe Customer Experience Management Market By Vertical Market 2019-2024 ($M)
5.1 IT Communication Service Providers Market 2019-2024 ($M) - Regional Industry Research
5.2 Telecommunication Service Providers Market 2019-2024 ($M) - Regional Industry Research
5.3 Healthcare Market 2019-2024 ($M) - Regional Industry Research
5.4 Automotive & Transportation Market 2019-2024 ($M) - Regional Industry Research
5.5 Consumer Goods & Retail Market 2019-2024 ($M) - Regional Industry Research
5.6 Media & Entertainment Market 2019-2024 ($M) - Regional Industry Research
5.7 Travel & Hospitality Market 2019-2024 ($M) - Regional Industry Research
5.8 Manufacturing Market 2019-2024 ($M) - Regional Industry Research
6.APAC Customer Experience Management Market By Vertical Market 2019-2024 ($M)
6.1 IT Communication Service Providers Market 2019-2024 ($M) - Regional Industry Research
6.2 Telecommunication Service Providers Market 2019-2024 ($M) - Regional Industry Research
6.3 Healthcare Market 2019-2024 ($M) - Regional Industry Research
6.4 Automotive & Transportation Market 2019-2024 ($M) - Regional Industry Research
6.5 Consumer Goods & Retail Market 2019-2024 ($M) - Regional Industry Research
6.6 Media & Entertainment Market 2019-2024 ($M) - Regional Industry Research
6.7 Travel & Hospitality Market 2019-2024 ($M) - Regional Industry Research
6.8 Manufacturing Market 2019-2024 ($M) - Regional Industry Research
7.MENA Customer Experience Management Market By Vertical Market 2019-2024 ($M)
7.1 IT Communication Service Providers Market 2019-2024 ($M) - Regional Industry Research
7.2 Telecommunication Service Providers Market 2019-2024 ($M) - Regional Industry Research
7.3 Healthcare Market 2019-2024 ($M) - Regional Industry Research
7.4 Automotive & Transportation Market 2019-2024 ($M) - Regional Industry Research
7.5 Consumer Goods & Retail Market 2019-2024 ($M) - Regional Industry Research
7.6 Media & Entertainment Market 2019-2024 ($M) - Regional Industry Research
7.7 Travel & Hospitality Market 2019-2024 ($M) - Regional Industry Research
7.8 Manufacturing Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Customer Experience Management Market Revenue, 2019-2024 ($M)
2.Canada Customer Experience Management Market Revenue, 2019-2024 ($M)
3.Mexico Customer Experience Management Market Revenue, 2019-2024 ($M)
4.Brazil Customer Experience Management Market Revenue, 2019-2024 ($M)
5.Argentina Customer Experience Management Market Revenue, 2019-2024 ($M)
6.Peru Customer Experience Management Market Revenue, 2019-2024 ($M)
7.Colombia Customer Experience Management Market Revenue, 2019-2024 ($M)
8.Chile Customer Experience Management Market Revenue, 2019-2024 ($M)
9.Rest of South America Customer Experience Management Market Revenue, 2019-2024 ($M)
10.UK Customer Experience Management Market Revenue, 2019-2024 ($M)
11.Germany Customer Experience Management Market Revenue, 2019-2024 ($M)
12.France Customer Experience Management Market Revenue, 2019-2024 ($M)
13.Italy Customer Experience Management Market Revenue, 2019-2024 ($M)
14.Spain Customer Experience Management Market Revenue, 2019-2024 ($M)
15.Rest of Europe Customer Experience Management Market Revenue, 2019-2024 ($M)
16.China Customer Experience Management Market Revenue, 2019-2024 ($M)
17.India Customer Experience Management Market Revenue, 2019-2024 ($M)
18.Japan Customer Experience Management Market Revenue, 2019-2024 ($M)
19.South Korea Customer Experience Management Market Revenue, 2019-2024 ($M)
20.South Africa Customer Experience Management Market Revenue, 2019-2024 ($M)
21.North America Customer Experience Management By Application
22.South America Customer Experience Management By Application
23.Europe Customer Experience Management By Application
24.APAC Customer Experience Management By Application
25.MENA Customer Experience Management By Application
26.Adobe Systems, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Oracle, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.IBM, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Avaya, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Nice Systems, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Nokia, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Opentext, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Tech Mahindra, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Verint Systems, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Maritzcx, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Medallia, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Qualtrics, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Inmoment, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Key Innovators, Sales /Revenue, 2015-2018 ($Mn/$Bn)