Global Customer Experience Management Market – Overview
Customer experience management has become a key element of today’s marketing and branding strategy. With the constant technological evolution, consumers have become more intelligent and informed and are thus demanding superior and seamless experience throughout their purchase journey. It has thus become imperative for market leaders to provide such tailor-made experience for better profits and lead generation. Business organizations have understood the importance of customer experience management as it helps organizations to strengthen their brand presence, improve consumer loyalty, reduce consumer churn, and in turn boost business revenue. Customer experience management market is thus projected to witness a highly promising growth in the coming years of the forecast period.
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Global Customer Experience Management Market – Notable Developments
Some of the key developments in the global customer experience management market are:
- Recently, Deloitte Tocuche Tohmatsu Limited announced the launch of 360 degree CX Retail Intelligence Solution. It is an AI and Machine learning driven solution for the retail and FMCG industry that identifies poor consumer experiences, understands emerging trends, and offers actionable measures to improve overall efficiency.
- In 2019, SAP SE announced the takeover of Qualtrics, a US based customer experience management software developing company.
Some of the prominent companies operating in the market are IBM; Oracle; Adobe; SAP SE; and Avaya, Inc.
Global Customer Experience Management Market – Drivers and Restraints
One of the key driving factors for the growth of the global customer experience management market has been the increasing demand for customized and more personal experience by end users across wide range of industry verticals. Another important factor driving the growth of the market has been the constant technological advancements that are fundamentally transforming the way consumers react and interact with the brands of their choice across different channels. Presently, consumers are using different devices to gauge, review, and purchase the products. This disruption in the digital world is encouraging them to demand for seamless and hassle free experience during their interaction with different brands for different products. Due to the growth in the overall consumer expectations and their purchasing intelligence, companies are now more focused on restructuring their marketing strategies. These companies are now coming up with more aggressive and personalized marketing campaigns and provide an enriched customer experience. Such developments are thus projected to drive the overall growth of the global market in coming years.
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Global Customer Experience Management Market – Geographical Outlook
The global market for customer experience management is divided into five key regional segments to provide a better understanding of its overall geographical outlook. These five regions are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, currently, the global market has been led by the regional segment of North America. The regional segment accounted for a prominent share in the global market and is projected to continue to lead over the course of the forecast period. The growth of the segment can be primarily attributed to the fast paced digital transformation across wide range of industry verticals such as banking, telecom, and retail among others. In addition to this, increased levels of spending and resource allocation for digital channels and marketing among notable enterprises in the US and Canada will also help the overall development of the regional market.
On the other hand, the regional segment of Asia Pacific is expected to witness a highly promising growth in the coming years of the forecast period. The growth of the regional segment can be primarily attributed to the increasing digitization and adoption of new age technologies in the key industry verticals of emerging economies such as India and China among others.
Customer Experience Management (CEM) is getting a lot of attention in the technology market. CEM is a solution through which an organization can interact with their customers and analyze customer behavior, purchasing patterns, satisfaction, complaints, insights and their overall experience. Organizations have to reach out to customers and hence are applying this customer centric approach.
This approach helps organizations to analyze customer insights and also helps the growth of the organization by improving the customer experience and customer loyalty. All organizations rely on satisfied customers for their growth since unhappy customers spread negativity about the organization thus destroying the brand name. With CEM, an organization collects the voice of customers which consists of the customer experience data that is invaluable for any organization to analyze customer insights. The customer experience management and voice of customer market can be segmented into the following categories: by analytic types, by customer touch point usage and by applications. Market trends and customer touch points are elaborated in this market.
The customer experience management market has registered growth of USD 2.59 billion in 2012 and is expected to reach USD 6.54 billion in 2017. North America is the leading market in CEM with the largest share of 48% of the overall market. It has registered market size of USD 2 billion in 2012 and is estimated to reach USD 3 billion by the year 2017. The customer experience management market is driven by factors such as increasing competition among market players, rising customer needs and demands. Some of the factors inhibiting the growth of this market are the emerging competitive landscape and increasing number of substitutes to analyze customer insights.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a technological growth map over time to understand the industry growth rate
- It provides a seven-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides an overview of the pricing trend and its impact on the market
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.