Global Customer Experience Management Software Market Anticipated to Generate a Revenue of $26,466.6 Million and Rise at a CAGR of 17.7% during the Analysis period from 2021 to 2028 [230-Pages] | Divulge by Research Dive
The global customer experience management software market is expected to witness rising growth by 2028 due to the rising importance of customer experience management across businesses. The Asia-Pacific region is expected to dominate the market.
NEW YORK, June 8, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "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), Vertical (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."
According to the report, the global customer experience management software market is anticipated to generate a revenue of $26,466.6 million and grow at a CAGR of 17.7% during the forecast timeframe from 2021 to 2028.
Dynamics of the Customer Experience Management Software Market
With the increasing importance of customer experience management across organizations to provide the best service performance and capabilities, the market is expected to witness striking growth over the estimated period. Besides, the growing access of customers to the digital channels to communicate with organizations is further expected to bolster the growth of the customer experience management software market during the forecast period. Moreover, the increasing technological advancements to recognize customers' needs and predict their intents, are projected to create wide growth opportunities for the growth of the market during the forecast timeframe. However, the increasing privacy concerns across businesses to secure customers' sensitive information may hinder the growth of the market during the analysis period.
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Covid-19 Impact on the Customer Experience Management Software Market
Though with the rise of the novel coronavirus, various industries have been impacted, it has moderately influenced the customer experience management software market growth. To check the transmission of the deadly virus, various organizations have adopted online channels to increase their sales and revenues. This further led to the implementation of analytics and experience management tools to understand customers' wants and requirements. Furthermore, the rising reliance of people of all age groups on digital technologies to fulfill their needs has enhanced the growth of the market during the period of crisis.
Segments of the Customer Experience Management Software Market
The report has been divided the customer experience management software market into different segments namely component, deployment, platform, end-use, and region.
- By component, the solutions sub-segment is predicted to be most lucrative and is expected to generate a revenue of $13,923.7 million over the estimated timeframe. Furthermore, the increasing number of call centers and rising demand for real-time customer engagement solutions are predicted to amplify the growth of the market sub-segment over the forecast period.
- By deployment, the on-premises sub-segment is expected to be most productive and is projected to garner a revenue of $11,399.5 million during the analysis period. Moreover, as the on-premises solutions provide enhanced data management and security for the businesses, is expected to foster the growth of the customer experience management software market sub-segment during the analysis period.
- By platform, the mobile application sub-segment is predicted to be the most profitable and is expected to generate a revenue of $4,014.3 million over the forecast period. The increasing mobile CMX services and consumer-initiated requests that allow mobile carriers to create long-term client connections are projected to fuel the growth of the customer experience management software market sub-segment over the estimated period.
- By end-use, the healthcare sub-segment is expected to be most beneficial and is predicted to garner a revenue of $6,906.0 million during the analysis period. The advancements in digital technology that enabled patients to share their opinion through digital channels and to select wide healthcare providers and plans are predicted to boost the growth of the market sub-segment throughout the analysis timeframe.
- By region, the Asia-Pacific region is predicted to hold the largest share of the market and is expected to generate a revenue of $6,132.8 million during the analysis timeframe. The increased usage of IoT-based sensor devices, and AI-driven advanced automation & analytical tools in order to provide tailored services to business-to-business and business-to-consumer is the significant factor predicted to drive the regional market growth over the analysis timeframe.
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Key Players of the Customer Experience Management Software Market
The major players in the customer experience management software market include
- Oracle Corporation
- IBM Corporation
- Verint Systems
- Nice Limited
- Sap Se
- Zendesk Inc.
- Avaya.
- SAS
- Adobe Inc.
- Salesforce, and many more.
These players are working on the development of new tactics to attain a leading position in the global industries. – Inquire here for grab an full report started at $2999 (Read-Only)
For instance, in January 2022, Amazon, a renowned American multinational technology company that focuses on e-commerce, cloud computing, artificial intelligence, and digital streaming, announced to collaborate with Stellantis, a leading multinational automotive manufacturing corporation. With this collaboration, the companies are aiming to enhance vehicle development, train the next generation of automotive software engineers, and develop connected in-vehicle experiences.
In addition, the report also presents other vital aspects including product portfolio, the latest strategic developments, SWOT analysis, and the financial performance of the key players.
More about the Customer Experience Management Software Market:
- Acquisitions Like That of Medallia by Thomabravo to Drive the Growth of the Global Customer Experience Management Software Market
- What is a Customer Experience Management Software?
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