Customer Experience Management Market - Forecast(2021 - 2026)

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Customer Experience Management Market Overview

Customer experience management market size is forecast to reach $17.2 billion by 2026, growing at CAGR 11.4% during 2021-2026 owing to the increasing emphasis on customer retention due to lack of proper communication and customer relationship. The companies especially falling under for red ocean category, are prominently increasing their focus on improving customer experience strategy through customer engagement and customer feedback and bridge the gap created due to deficiency in customer engagement. Additionally, advanced techniques such as machine learning and analytics get a better understanding of their customer’s buying pattern and behavior to pitch better deals along with targeting the proper customer pool which can actually convert marketing qualified leads to sales qualified leads. This is set to bolster the adoption of CEM technology during the forecast period 2021-2026 thereby driving the market.

Customer Experience Management Market Outlook

The report: “Customer Experience Management Industry Outlook - Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the customer experience management market. The customer experience market scope not only includes analysis by offering type, touchpoint and end user vertical but also analysis by geographic regions with the major economies in each region
By Offering Type: Solutions, Services.
By Touchpoint: Company Website, Branch/Store, Web, Call Center, Mobile, Social Media, Email and Others.
By Deployment: Cloud, On Premises.
By Organization Size: Small Enterprises, Medium Enterprises, Large Enterprises.
By Tools Type: Text Analytics, Speech Analytics, Web Analytics, Enterprise Feedback Management Software and Others.
By End Use Industry: IT and Telecommunication, Education, Energy & Utilities, Banking, Financial Services & Insurance, Healthcare, Automotive & Transportation, Consumer Goods & Retail, Media & Entertainment, Travel & Hospitality, Manufacturing and Others.
By Geography: North America (U.S, Canada, Mexico), South America (Brazil, Argentina, Chile, Colombia and Others), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands and Others), APAC (China, Japan, South Korea, India, Australia, Indonesia, Malaysia and Others), RoW (Middle East and Africa).

Key Takeaways

  • Customer experience management services vertical to witness the highest growth rate owing to the adoption of these services by SMEs during the forecast period.
  • North America to dominate the global customer experience management market owing to the wide scale adoption by large enterprises in 2020.
  • Implementation of Data Analytics in customer experience management to avail new growth potential.

Customer Experience Management Market, By Offering Type, 2020

Customer Experience Management Market
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Customer Experience Management Segment Analysis – By Offering Type

By offering type, the global customer experience management market has been segmented by solutions and services. The customer experience management services market is estimated to witness the highest growth rate during 2021-2026 at 13.6% owing to the shift to these services from solutions to cut down operational expenses and growing preference among the SMEs. The cloud based services models for customer experience management solutions to improve customer engagement and customer feedback is estimated to witness significant growth by the large enterprises owing to the scalability, flexibility, cost effectiveness, ease of integration with other Customer Relationship Management (CRM) solutions and various others as compared to on premise solutions.

Customer Experience Management Segment Analysis – By End Use Industry

Customer Experience Management in BFSI market is projected to grow at a CAGR of 14.2% through 2026. The outbreak of COVID-19 has significantly impacted some of the core sectors, such as manufacturing, logistics and transportation, and retail; and has moderately impacted the non-core sectors, such as IT and telecom and eCommerce. On the other hand, industry sectors, such as healthcare and public sector, are significantly adopting Customer Experience Management (CEM) solutions during the pandemic, due to a sudden rise in the number of customers.

Customer Experience Management Segment Analysis – By Geography

North America held the major share of the global customer experience management market acquiring around 37.1% in 2020. The is mainly due to large scale adoption of customer experience management solutions and services by the large enterprises as well as the SMEs operating in the B2C and B2B space to foster their customer relationships. The APAC customer experience market demand is estimated to grow at the highest rate during the forecast period 2021-2026. This is due to the increasing adoption of advanced artificial intelligence customer service technologies including speech analytics, text analytics, web analytics and others by the SMEs especially operating in consumer good and retail, automotive and transportation, IT and telecommunication sector and others to reduce wait time, improve customer feedback and customer engagement by automating customer engagement and in certain cases collect customer feedback as well. The APAC customer experience market for consumer goods and retail sector is estimated to witness a growth of CAGR 13% during 2021-2026.

Customer Experience Management Market Trends Drivers

Adoption of Advanced Data Analytics

The coalescence of data analytics customer experience workspace avails new grounds for understanding customer’s behavior, buying pattern, brand preference, buying cycle, geographic preferences and various others to understand the various customer pools which can be immediately targeted. Apart from these cloud based services and artificial intelligence customer services also assist in understanding the customer defection and the gaps challenging in building up a strong customer relationship. This not only helps the companies to understand their internal challenges in real time but also the focus on new opportunities. Owing to these benefits of advanced data analytics, the customer experience management market is estimated to witness significant growth during 2021-2026

Customer Experience Management solutions help in reducing customer churn rates

Churn rate means the annual percentage rate at which customers stop buying a product or subscribing to a service. Poor customer service is one of the major reasons for the increasing churn rate of customers. With the help of CEM solutions, organizations can calculate the customer churn rate for a certain time period, such as quarterly or yearly. CEM solution vendors deliver a wide range of solutions and services that enable the management of customer profiles and queries about their requirements. They also provide real-time tracking of customers and their behavior through improved customer engagement and customer feedback. All these services help in retaining customers and also tapping unexplored markets.

Lack of Skilled Workforce

The availability of skill workforce for handling analytics based customer experience management has been analyzed to be low and pay scale of the same is also high owing to which only large enterprises houses dedicated teams and procure solutions for effectively focusing onto customer relationship. However, in case of SMEs maintaining an in-house dedicated teams for customer experience puts a strain to reducing operational expenses. This is set to pose a significant challenge to the customer experience management market growth during 2020-2025

Market Landscape

Some of the key players analyzed for the customer experience management market share analysis includes IBM Corp, Oracle Corp, Verint Systems, Adobe Systems, Avaya Inc., SAS Institute, InMoment, Salesforce.com, Inc, SAP, Nokia, Service Management Group and so on. These players are opting for various strategies such as acquisition, product launch, and collaboration and among others to maintain their market position and gain a stronghold through innovative offerings. However, the threat of new entrants in the market is significantly high due to the lack of regulatory barriers, IP rights and dynamic affinity for innovative solutions and services.

Contracts & Acquisitions

  • In October 2019, Subaru selected MaritzCX Customer Experience Platform for transition from its former measurement tools to an action-oriented program for collaborative working of the company’s dealers, field support, corporate teams and others to enhance its customer experience.
  • In October 2019, Marston a U.K. based company operating in independent brewing and pub retailing business chose Service Management Group (SMG) for collecting, analyzing and share guest feedback across the country to better understand the guest experience and take actionable steps for improving its services.
  • In November, 2019, Tech Mahindra Ltd. acquired Born Group Pte. Ltd. a U.S. based media outsourcing company to strengthen its commerce and customer experience capabilities.

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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 (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 (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 Consumer Goods and Retail
    13.3 Education
    13.4 Energy and Utilities
    13.5 Healthcare and Life Sciences
    13.6 Manufacturing
    13.7 Media and Entertainment
    13.8 IT and Telecommunication 
    13.10 Automotive and Transportation
    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
    14.2 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 Russia
        14.2.8 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 Indonesia
        14.3.6 Australia
        14.3.7 Malaysia
        14.3.8 Others
    14.4 South America
        14.4.4 Brazil
        14.4.4 Argentina
        14.4.4 Chile
        14.4.4 Colombia
        14.4.5 Rest of South America
    14.5 Rest of the World
        14.5.1 Middle East
        14.5.2 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
    16.1 IBM Corporation
    16.2 SAP
    16.3 Avaya
    16.4 Oracle Corporation
    16.5 Medallia
    16.6 Adobe Systems Incorporation
    16.7 Nokia Networks
    16.8 Tech Mahindra
    16.9 MaritzCX Research LLC 
    16.10 Nice Systems and others

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)