According
to a new market research report "Customer Experience Management Market with COVID-19 Impact, by Component
(Solutions, Services), Touchpoint, Deployment Type, Organization Size, Vertical
(Travel and Hospitality, BFSI, Retail, Healthcare, IT and Telecom), and Region
- Global Forecast to 2026", published
by MarketsandMarkets™, the
global Customer Experience Management Market size to grow from USD 9.5 Billion
in 2021 to USD 16.9 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of
12.3% during the forecast period. CEM has changed the way organizations
interact with their employees and customers. It provides insights for
day-to-day decision-making, thereby resulting in enhanced operational
efficiency, optimized business outcomes, and increased customer satisfaction.
The transformation enables innovation and creativity in a particular domain,
rather than simply improving and supporting traditional methods. CEM is rapidly
gaining traction as enterprises seek solutions, technologies, and platforms to
transform operating processes and business models. For example, online services
are now firmly established in the banking and financial sectors, resulting in
the proliferation of online activities and websites.
Browse
in-depth TOC on "
Customer Experience Management
Market”
312- Tables
54 Figures
282- Pages
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The services to record a higher growth rate during the
forecast period
In the Customer
Experience Management Market by component, the services is expected to record a higher growth
rate during the forecast period. The overall services segment has a major
influence on the Customer Experience Management Market’s growth.
These services assist end users in reducing overall costs, increasing overall
revenues, and improving business performance. With the help of these services,
organizations can track, evaluate, and analyze the requirements of their
business to make better-informed decisions.
Large Enterprises are expected to hold a larger market
share during the forecast period
By Organization size, large enterprises are expected to
hold the largest market size during the forecast period, as compared to SMEs.
Large enterprises deploy CEM solutions to enhance their CE and satisfaction.
Large enterprises encompass distributed data related to customers scattered
across different departments and are, hence, opting for cloud-based CEM
solutions to gain valuable insights from this data. The adoption of CEM
solutions helps large enterprises enhance customer interaction and loyalty.
Large enterprises are keen on investing in new and latest technologies such as
artificial intelligence (AI), big data, and machine learning to automate the
customer engagement process.
Cloud deployment mode is expected to have a higher growth
rate during the forecast period
By Deployment Mode, cloud is expected to have a higher
growth rate in 2021, compared to on-premises deployment mode. Cloud-based CE
solutions are preferred over traditional systems as they are effective and
compatible in addressing the rising level of customer expectations. Besides
reducing costs associated with upgrading and updating CE solutions, cloud
deployments also help organizations integrate technologies to provide a better
CE to their customers.
Healthcare sector is expected to have a higher growth
rate during the forecast period
By Verticals, Healthcare sector is expected to have a
higher growth rate during 2021-2026. In the healthcare vertical, consumer
expectations and demographics evolve and influence the desire to seek more
detailed information about their health. A great difficulty comes when there is
a mismatch between the different communication channels consumers use and the
limited ways with which healthcare organizations can interact with customers. Many
consumers expect a different experience and set of interactions with their
health care providers than they have in the past, and this is a fact across age
groups and customer segments. If health care providers do not completely use
the customer-driven encounters, they can be at a high risk of losing their
market share.
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North America to hold the largest market size during the
forecast period
North America is expected to hold the largest market size
in the global Customer Experience Management
Market
during the forecast period. The region constitutes developed economies, such as
the US and Canada, which have fairly adopted the latest instruments in domains
such as customer data analytics and real-time reporting, besides incorporating
advanced technologies such as machine learning and AI; this makes organizations
in these economies excel in the Customer Experience Management
Market
space. North America is a front-runner when talking about digital advancement
and technology adoption.
The
key and emerging market players in the Customer Experience Management Market include
Adobe (US), IBM (US), Oracle (US), Avaya (US), Nice (Israel), Nokia (Finland),
SAP (Germany), OpenText (Canada), Tech Mahindra (India), Verint Systems (US),
Zendesk (US), Teradata (US), Sprinklr (US), Medallia (US), InMoment (US), SAS
(US), Clarabridge (US), Sitecore (US), NGDATA (Belgium), Amperity (US),
Mixpanel (US), Segment.io (US), ZephyrTel (US), MindTouch (US), Algonomy (US),
and SoGoSurvey (US). These players have adopted several organic and inorganic
growth strategies, including new product launches, partnerships and
collaborations, and acquisitions, to expand their offerings and market shares
in the global Customer Experience Management
Market.
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