Customer Experience Management Software Market by Component (Solutions and Services), Deployment (On-premises and Cloud), Platform (Websites, Call Center, Mobile Application, Email, Social Media, and Others), End-use (Healthcare, Retail & Consumer Goods, BFSI, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

Information, Infrastructure & Network Security

IC22018536

Pages: 230

Jan 2022

Reports Overview

Global Customer Experience Management Software Market Trend

The global customer experience management software market size is predicted to garner a revenue of $26,466.6 million in the 2021–2028 timeframe, growing from $7,538.4 million in 2020, at a healthy CAGR of 17.7%.

Market Synopsis

The growing demand to improve customer experience and have a deeper knowledge of customers could increase the growth of global customer experience management software market.

On the contrary, privacy concerns and information security might limit growth of customer experience management software market.

According to the regional analysis of the market, the Asia-Pacific customer experience management software market share is anticipated to grow at a CAGR of 18.7%, by generating a revenue of $6,132.8 million during the review period.

Customer Experience Management Software Market Overview

Customer experience (CX) is the outcome of a company's engagement with a customer during their business relationship. The three parts of this interaction are the customer journey, the brand touchpoints the consumer interacts with, and the environments the customers encounter (including the digital environment) during their engagement. At all points of interaction, an exceptional customer experience means that the individual's experience fits their expectations.

Covid-19 Impact on Customer Experience Management Software Market

The COVID-19 outbreak has had a moderate influence on worldwide customer experience management software market growth. Manufacturing, tourism, logistics & transportation, and retail have all suffered major losses as a result. However, social distancing efforts have prompted the companies to embrace an online channel in order to increase sales and profit margins. Companies have adopted analytics and experience management tools to better understand the ever-changing consumer wants and requirements as a result of this online consumer behavior. Users, regardless of their age, linguistic preference, or physical problems, have embraced digital media and technologies in response to this pressing issue.

Growing Importance for Customer Experience Management is Anticipated to Drive the Market Growth

Understanding customer behavior and preferences is becoming highly significant, prompting many companies and organizations to implement customer experience management to provide the best service performance and capabilities. Additionally, customers' growing access to digital channels to communicate with businesses and organizations is likely to drive market growth in the future years. CEM solutions are becoming more prevalent in modern businesses and enterprises in order to achieve customer-centricity across processes and, as a result, better differentiate themselves in the present competitive market.

To know more about global customer experience management software market trends, get in touch with our analysts here.

Privacy Concerns are Expected to Restrain the Customer Experience Management Software Market Growth

To provide a great client experience in current competitive industry, businesses require safe and real-time data. Customers' experience data is being collected and measured virtually through numerous touchpoints. Various data kinds, such as big data, small data obtained from consumers, and public information, may be used in communications and support. Individual permissions and preferences, as well as updated contact information on communication plat forms, solutions, and services, are examples of this data. As a result, end-users are very concerned about the privacy and security of their sensitive data. According to a Cognizant White Paper, 91% of consumers are increasingly concerned about the privacy of their internet data. To sustain consumers' trust, customer experience solution providers must offer high-level information privacy and security.

Technological Advancements are Expected to Increase the Opportunities of Customer Experience Management Software Market Growth

Customer experience management software is proving to be one of the most useful tools for recognizing customer needs and predicting their intents. Marketers can leverage the analytics capabilities of the solution to predict which customers are about to abandon or divert from a product. The marketer could design customer retention strategies and incentives, such as discount coupons or product improvements. Moreover, using of advanced technologies like artificial intelligence and machine learning are expected to provide number of opportunities in this market worldwide.

To know more about global customer experience management software market opportunities, get in touch with our analysts here.

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