SAN FRANCISCO, May 13, 2021 /PRNewswire/ -- The global customer experience management market size is expected to reach USD 27.12 billion by 2028, registering a CAGR of 17.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The increasing importance of understanding consumer behavior and their preferences is driving various organizations and brands to adopt customer experience strategies for providing the best service performance in real-time. Moreover, the growing use of digital channels by consumers to communicate with brands and organizations is expected to boost market growth over the coming years. Furthermore, the companies can become better differentiators by implementing customer experience management (CEM) solutions, which are perceived to be significant in the current competitive environment.
Key suggestions from the report:
Speech analytics is estimated to record the fastest CAGR from 2021 to 2028 due to its rising popularity as a result of the increasing number of voice-enabled searches and contact centers
Moreover, speech analytics enables enterprises to identify the areas of trends, opportunities, and concerns through calls
The mobile touch point type segment is anticipated to register the fastest CAGR over the forecast period due to the increased use of smartphones, which is encouraging enterprises to develop mobile marketing strategies
The BFSI segment is expected to register the highest CAGR over the forecast period as CEM solutions enable BFSI enterprises to maintain their quality standards and reduce internal inefficiencies
The cloud-based deployment segment is estimated to attain a significant market size, in terms of revenue, by 2028 as cloud technology offers the benefit of low-cost integration of a CEM system within the existing business environment
The Asia Pacific regional market is anticipated to register the highest CAGR over the forecast period due to the presence of call centers, increasing trend of social media marketing, and the growing emphasis on CEM and buyer satisfaction across industries and sectors
The rising demand from buyers for a personalized experience across various industries is a significant trend escalating the market growth. Customer experience management signifies evolving sets of technologies and practices to make a constant transformation within organizations to meet and go beyond consumer expectations. Business organizations have recognized the importance of CEM as it supports them in strengthening their brand presence, increasing consumer loyalty, reducing consumer churn, and increasing business revenue.
Technological advancement is transforming the way a buyer interacts with and reacts to the brands across various channels. Currently, consumers use numerous devices to understand, evaluate, and finalize products. The digital technology disruption has helped consumers to demand a smooth experience while interacting with companies across multiple touchpoints or channels. Owing to the evolution in buyer expectations, organizations are progressively involved in restructuring their CEM strategies to successfully position and reposition their brands and products while retaining buyers as their strategic focus.
Grand View Research has segmented the global customer experience management market based on analytical tools, touch point type, deployment, end-use, and region:
CEM Analytical Tools Outlook (Revenue, USD Million, 2016 - 2028)
Web Analytics & Content Management
CEM Touch Point Type Outlook (Revenue, USD Million, 2016 - 2028)
Social Media Platform
CEM Deployment Outlook (Revenue, USD Million, 2016 - 2028)
CEM End-use Outlook (Revenue, USD Million, 2016 - 2028)
IT & Telecom
Government, Energy & Utilities
Construction, Real Estate & Property Management
CEM Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Players of Customer Experience Management (CEM) Market
Connected Enterprise Market–The global connected enterprise market size was estimated at USD 90.10 billion in 2015. The surge in technological advancements such as big data, analytics, and cloud computing is triggering investments in this market.
Machine Learning Market–The global machine learning market size was valued at USD 6.9 billion in 2018 and is anticipated to register a CAGR of 43.8% from 2019 to 2025. Emerging technologies such as artificial intelligence are changing the way industries and humans work.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.