Experience Optimization Platforms: Introduction
- Experience optimization platforms are solutions which provide an organization the ability to understand the requirement of every individual customer and offer the best possible experience for them across all touch points. Through optimization platforms, organizations can enhance the experiences of their customers through dynamic experience delivery and controlled experimentation.
- Many players are active in the market, introducing technologically advanced experience optimization platforms. For instance, Salesforce.com, Inc., an American cloud-based software company offers Salesforce Interaction Studio, a Salesforce real-time interaction and personalization management solution which delivers individualized and optimized experiences throughout the customer journey. The solutions combine behavioral analytics with data from numerous sources and artificial intelligence.
- The global experience optimization platforms market is projected to expand at a rapid pace during the forecast period, due to increasing adoption of technologically advanced experience optimization platforms across the globe.
Global Experience Optimization Platforms Market: Dynamics
Global Experience Optimization Platforms Market: Key Drivers and Restraints
- Growing need to provide the best experience to each customer is expected to boost the experience optimization platforms market during the forecast period. This is primarily because these platforms provide deep theoretical and practical knowledge of customer prospects.
- Rising need to track consumer behavior in real-time is a major factor projected to boost the market in the next few years. Customer experience optimization platforms provide end-users the ability to make decisions based on behavioral analytics, real user data, and individual user insight.
- Rising demand for cost effective operations and need to quickly implement decisions based on real-time testing and live results among organizations is expected to boost the experience optimization platforms market during the forecast period.
- Rise in demand to provide high-quality results and improve customer satisfaction is estimated to propel the experience optimization platforms market during the forecast period
- Moreover, advent of digital technologies such as cloud computing, Internet of Things (IoT), and artificial intelligence (AI) across the globe is anticipated to boost the demand for experience optimization platforms during the forecast period.
- However, lack of awareness and privacy concerns are expected to hamper the experience optimization platforms market during the forecast period.
Impact of COVID-19 on the Global Experience Optimization Platforms Market
- Increase in cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Most manufacturing or production of goods is temporarily suspended globally. Businesses have been adversely impacted in most countries due to partial or full lock down. This, in turn, is projected to indirectly hinder the global experience optimization platforms market during the COViD-19 pandemic.
- However, experience optimization platforms help companies by reducing the burden of dealing with customer queries when they are operating with minimal customer service employees. This in turn is expected to boost the market during the forecast period.
North America to Hold Major Share of the Global Experience Optimization Platforms Market
- In terms of region, the global experience optimization platforms market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global experience optimization platforms market in 2019, due to the presence of large number of players and adoption of experience optimization platforms in the region.
- The experience optimization platforms market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to the growing online searching and visitor experience digitization in countries such as India.
Global Experience Optimization Platforms Market: Competition Landscape
Several local, regional, and international players are active in the experience optimization platforms market with a strong presence. Rapid technological advancements have led to opportunities in this market. Vendors of experience optimization platforms are focusing on an inorganic growth strategy such as strategic collaborations, and merger and acquisition activities with technology partners to develop innovative and advanced solutions to improve their offerings and market reach.
Key Players Operating in the Global Experience Optimization Platforms Market Include:
- AB Tasty
- Adobe Inc.
- Dynamic Yield Ltd.
- Kibo Software, Inc.
- Optimizely, Inc.
- Oracle Corporation
- Salesforce.com, Inc.
- SAS Institute Inc.
Global Experience Optimization Platforms Market: Research Scope
Global Experience Optimization Platforms Market, by Component
- Software/ Platform
Global Experience Optimization Platforms Market, by Enterprise Size
- Large Enterprises
Global Experience Optimization Platforms Market, by Industry
- Retail & E-commerce
- IT & Telecommunication
- Travel & Hospitality
- Food & Beverages
Global Experience Optimization Platforms Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Customer Engagement
- Customer Experience Management
- Customer Intelligence
- Customer Journey Mapping
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.