DUBLIN–(BUSINESS WIRE)–The “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” report has been added to ResearchAndMarkets.com’s offering.
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.
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 Organisation size, large enterprises are expected to hold the largest market size. 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 is expected to have a higher growth rate during the forecast period
By Deployment Mode, cloud is expected to have a higher growth rate. 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.
APAC to have a higher growth rate during the forecast period
By region, APAC to grow at the highest CAGR during the forecast period. The enormous population in the region has led to an extensive pool of subscriber base for companies. The increasing internet penetration and per-user online consumption have led organizations to enhance their offerings in the customer experience management market through digital touchpoints such as social media, websites, emails, virtual assistants, and call centers.
- Increased Need for Establishing the Learning Behavior with the Customers
- Increase in Customer Responsiveness and Satisfaction Would Increase Revenue
- Customer Loyalty and Increased Retention is the Need of the Hour
- Coordination Among All Customer Contact Channels and CEM Managers Would be Established
- Customer Lifetime Value Can be Calculated
- Need for Better Understanding Customers Increasing the Demand for CEM Solutions
- Customer-Related Scores Generated for the Organizations to Plan Better Customer Engagement Strategy
- CEM Solutions Reduce Customer Churn Rates
- CEM Solutions Keep Customer Engagement Through Omnichannel
- Lack of Innovation
- Using Incomplete Data while Calculation of CE Matrix
- Data Synchronization Complexities
- Collection of All the Information on a Single Platform
- Need for Insights to Predict Customer Intents
- Information Extracted from CEM Solutions Can be Used to Make Optimal CE Strategy
- Difficulty in Ensuring CE ROI
- Concerns Over Data Privacy and Security Issues
- Difficulty in Getting Consistent CE Feedback Through All Channels
- Difficulty in Synchronizing CE Data Collected from Different Touchpoints Within Different Domains
- Sas Institute
- Tech Mahindra
- Verint Systems
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