With 16.2% CAGR, Global Customer Experience Management Market Size Worth USD 32.53 Billion in 2029
Fortune Business Insights
7 min read
According to Fortune Business Insights, the global Customer Experience Management Market Size is projected to reach USD 32.53 billion in 2029, at CAGR of 16.2% during forecast period; Growing Adoption of Artificial Intelligence and Augmented Reality to Propel Market Growth
Pune, India, May 09, 2022 (GLOBE NEWSWIRE) -- The global customer experience management market size is projected to grow from USD 11.34 billion in 2022 to USD 32.53 billion by 2029, exhibiting a CAGR of 16.2% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Customer Experience Management Market Share, 2022-2029.” Customer experience management solutions help enterprises to reduce their customer churn rates and improve their customer loyalty. They also help business to increase their brand presence. The growing digitization and the surging adoption of artificial intelligence and augmented reality are anticipated to boost the market growth.
Industry Developments
June 2021: Genesys and Qualtrics entered into a strategic partnership to deliver world-class customer experience solutions at scale.
January 2021: Medallia Inc. entered into a strategic partnership with Facebook to enable businesses of all scales and sizes to act, share, and collaborate to customer feedback through the Medallia customer experience management platform and Facebook’s workplace.
Surging Adoption of AI and AR to Create Lucrative Growth Opportunities
Rising Adoption of Mobile Consumer Experience Applications to Accelerate the Market Growth
Drivers & Restraints
Surging Adoption of Artificial Intelligence and Augmented Reality to Create Lucrative Growth Opportunities
The rapid digitization and the dynamic consumer demand have led major businesses to adopt advanced customer experience management solutions to improve customer loyalty and reduce customer churn rates. Additionally, the changing purchasing patterns of consumers have induced the organizations to adopt bots or virtual assistants. The dynamic consumer needs and the increasing focus of enterprises to improve customer experience are anticipated to boost the Customer Experience Management market growth.
The growing adoption of AI and AR have is anticipated lucrative growth opportunities for the market as task automation and self-service resolutions can be achieved with the incorporation of AI and AR. Also, advanced AI applications such as digital assistants, chat bots, biometric measures, and facial recognition improve customer experience and profitability. The rising adoption of advanced AI and AR technologies are anticipated to accumulate growth for the market.
However, the rising concerns over data privacy and security may hinder Customer Experience Management Market growth.
Regional Insights
North America to Witness the Highest Growth Due to Early Technology Adoption
North America is projected to witness the highest growth in the global customer experience management market share. The early adoption of technologies such as big data analytics, AI, and cloud computing in the U.S. and the surging investments in the research and development activities are anticipated to drive the growth of the market.
Asia Pacific is anticipated to gain immense growth due to the rapid development of the e-commerce sector in the region. Additionally, the growing number of mobile phone users and internet users are expected to stimulate the Customer Experience Management Market growth.
The Middle East & Africa is expected to exhibit considerable growth in the coming years due to the surging internet and social media penetration.
Rise of Digital Payment to Bring New Opportunities for CEM Companies
The rapid outbreak of the COVID-19 pandemic has significantly impacted the global economy and hampered the growth of several industries and markets. However, the swift digitization observed during the pandemic has accelerated the demand for digital payment application such as Amazon Pay and Google Pay. The reduced physical consumer interaction facilitated by these applications have boosted the growth of effective customer experience solutions. The pandemic has created dynamic purchasing patterns of consumers and thus, major players in the Customer Experience Software Market are developing ingenious solutions to cater to the changing consumer demand. On account of these trends, the market is slated to experience tremendous growth opportunities in the post-pandemic era.
Segmentation
Based on component, the market is bifurcated into services and solutions.
By deployment model, the market is segregated into cloud and on-premises.
By enterprise size, the market is classified into large enterprises and small and medium enterprises. In terms of touchpoint, the market is divided into call center, website, mobile applications, email, social media, and others.
By end-user, the market is categorized into BFSI, rental and consumer goods, IT and telecom, healthcare, automotive, media and entertainment, government, and others.
Geographically, the Customer Experience Management Market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The Customer Experience Software Market report provides a 360-degree evaluation of the prospected market.
The report provides information on the various market segments; type, activity, run time, etc.
The Customer Experience Management Market report incorporates Porters’ Five Forces Analysis and PESTLE Analysis for an accurate market prediction.
The report analyzes the impact of the COVID-19 pandemic and suggests strategies for future growth.
The CEM Market report highlights the market's competitive landscape and presents vital information on new product launches, latest industry developments, key market trends, and others.
Competitive Landscape
Key Players Invest in Advanced Technologies to Enhance Customer Experience Management Solutions & Garner Growth The key players in the market are focused on improving existing technologies and software. They are investing in advanced technologies to enhance customer experience management solutions. Several companies are eyeing partnership, merger, acquisition, and collaboration strategies to launch new products and others to generate greater revenues and enhance their market presence.
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