Rising deployment of omnichannel CEM solutions to improve customer engagement is a key factor driving market revenue growth
The latest report, titled ‘Global Customer Experience Management Market,’ comprises a profound analysis of the fundamental parameters contributing to the global Customer Experience Management market scenario. The research report provides the reader with an in-depth interpretation of the Customer Experience Management market dynamics, including the crucial drivers, opportunities, threats, and challenges. The report also describes the key business strategies, demand and supply ratios, leading regions, and the renowned market players, in a nutshell, offering a futuristic outlook of the overall Customer Experience Management industry. The market intelligence report is a prototype of the 360° overview of the global Customer Experience Management industry, shedding light on the estimated market value, share, growth trends, gross revenue, competitive overview, prominent manufacturers and buyers, available product types, and end-use applications.
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Competitive Terrain:
The global Customer Experience Management industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
The Leading Market Contenders Listed In The Report Are:
Adobe, IBM, Oracle, Avaya LLC, NICE, Nokia, SAP, Open Text Corporation, Tech Mahindra Limited, and Verint systems Inc
Some Key Highlights From the Report
On 6 June 2023, Q-nomy, a global provider of customer journey management solutions launched Cubu, its most recent product, which is the most straightforward and user-friendly all-in-one solution available right now. This was created to improve the customer experience by streamlining the customer journey, which is appropriate for all kinds of organizations, from Small and Medium-sized Enterprises (SMEs) to huge enterprise organizations. Whether a client connection takes place in person, online through video, or through another digital channel, Cubu offers a centralized platform for managing all of those interactions.
The customer feedback segment is expected to account for largest revenue share in the global CEM market over the forecast period. This is because customer feedback plays a crucial role in providing businesses with valuable insights into customer satisfaction levels, enabling to effectively address customer issues, minimize customer churn, and enhance a loyal customer base. In addition, customers may provide feedback that highlights negative experiences , which gives businesses an opportunity to improve their products and operational practices. Businesses can enhance their overall offerings by utilizing this feedback to make necessary adjustments. Furthermore, customer feedback serves to identify dissatisfied customers, allowing businesses to engage in constructive dialogue and implement corrective actions. This not only helps resolve specific issues but also provides an opportunity to positively transform customer relationship.
The cloud-based segment is expected to register steadily fast revenue growth rate in the global CEM market over the forecast period. This is attributed to capabilities of cloud that enhance client interactions and overall customer experience. For companies aiming to enhance their customer experience, cloud offers benefits, including capacity to customize interactions, enhance collaboration and customer service, and go through digital transformation. CEM systems built on the cloud make it simple to gather and examine client data.
The North America market is expected to account for largest revenue share during the forecast period. This is attributed to increasing activities by key market players in countries in this region to develop technologically advanced customer experience management solutions. For instance, on 30 June 2022, TravelCenters of America Inc. (TA) collaborated with Service Management Group (SMG) to develop a CEM program. As a part of this initiative, TA is implementing a system to capture and evaluate customer feedback at the location level across its expanding network of travel centers. The feedback data is collected through various channels and made accessible in real-time through the smg360 platform. This enables program leaders to access essential customer experience metrics, receive actionable insights, and access role-based reporting. Furthermore, a mobile reporting app will provide field teams with visibility into real-time customer feedback, strategic areas of focus, and a comprehensive set of location-level metrics.
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For the purpose of this report, Emergen Research has segmented global CEM market on the basis of component, touchpoint, technologies, deployment mode, organization size, and vertical, and region:
Component Outlook (Revenue, USD Billion; 2019–2032)
Solutions
Omnichannel
Machine Learning (ML)
Analytics
Workforce Optimization
Services
Professional Services
Development and Integration
Support and Maintenance
Consulting and Training
Managed Services
Touchpoint Outlook (Revenue, USD Billion; 2019–2032)
Online Channels
Websites
Mobile Apps
Social Media
Physical Locations
Stores
Branches
Service Centers
Contact Centers
Phone Calls
Live Chat
SMS/Messaging
Self-Service
Interactive Voice Response (IVR)
Knowledge Bases
Chabot
Technology Outlook (Revenue, USD Billion; 2019–2032)
Customer Feedback Management
Surveys
Net Promoter Score (NPS)
Voice of the Customer (VoC) Analytics
Customer Journey Mapping
Touchpoint Analysis
Customer Behavior Tracking
Customer Segmentation
Customer Analytics
Predictive Analytics
Sentiment Analysis
Customer Lifetime Value (CLV)
Personalization
Recommendation Engines
Dynamic Content
Behavioral Targeting
Omnichannel Integration
Data Integration
Channel Orchestration
Unified Customer Profiles
Deployment Mode Outlook (Revenue, USD Billion; 2019–2032)
On-Premises
Cloud-based
Organization Size Outlook (Revenue, USD Billion; 2019–2032)
SMEs
Large Enterprises
Vertical Outlook (Revenue, USD Billion; 2019–2032)
Banking, Financial Services and Insurance (BFSI)
Retail & e-commerce
Healthcare & Life Sciences
Information Technology (IT) & Information Technology-Enabled Services (ITES)
Media & Entertainment
Telecom
Energy and Utilities
Government and Defense
Other Verticals
Regional Segmentation:
North America
Latin America
Europe
Middle East & Africa
Asia Pacific
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Report Highlights:
Besides offering a vivid depiction of the global Customer Experience Management business sphere and its fundamental operations, the latest report provides the industrial chain analysis and list down the current and future market trends and growth opportunities.
The report includes information on the present and historical market scenarios, which helps forecast the market conditions over the next eight years (2020-2027).
The report scrutinizes the salient factors influencing the growth of the market in the near future.
The strategic marketing recommendations, crucial information related to the new market entrants, and expansion plans of various businesses are poised to provide the reader with a competitive edge in the market.
Key Benefits of the Report:
Comprehensive analysis of the competitive scenario and its changing dynamics
Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis
In-depth 8 year analysis of the Global Customer Experience Management Market
Critical assessment of the key market segments
Comprehensive analysis of the drivers, restraints, trends, and opportunities
Detailed regional analysis and extensive company profiling
Extensive assessment of current and emerging trends of the market
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