Information and Communication Technology

Global Customer Experience Management Market is estimated to register a healthy CAGR of 30.4% in the forecast period of 2019-2026

Global Customer Experience Management Market

Global Customer Experience Management Market is estimated to register a healthy CAGR of 30.4% in the forecast period of 2019-2026. This rise in market value can be attributed to the need of understanding of customers, increase in demand for customer experience management solutions and customer related scores which helps to strategize better customer engagement facility. Few of the major competitors currently working in the global customer experience management market are Adobe, Oracle, SAP SE, IBM Corporation, Avaya Inc., NICE Systems Ltd., Nokia, OpenText Corporation, Tech Mahindra Limited, SDL plc, MaritzCX reseach LLC,  Medallia, InMoment, Inc, SAS Institute Inc, Clarabridge, Sitecore,  Qualtrics, Verint, Zendesk, Broadcom and others.

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Segmentation:-

Global Customer Experience Management Market By Components (Solutions, Services), Touchpoint (Websites, Store, Call Centre, Mobile App, Social Media, Email, Virtual Assistance), Deployment (On Premises, Cloud), Vertical (IT and Telecom, BFSI, Retail, Healthcare, Automotive, Travel and Hospitality, Media and Entertainment, Public Sector, Others), Geography (North America, South America, Europe, Asia-Pacific and Middle East & Africa) – Industry Trends and Forecast to 2026 – Industry Trends and Forecast to 2026.

Competitive Analysis

Global customer experience management market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of customer experience management market for Global, Europe, North America, Asia Pacific, South America and Middle East and Africa.

Market Definition: 

A routine followed in order to interact with customers to serve their expectations, refers to as customer experience management. Enhancement in support and loyalty has led to process elevation. Customer experience management has an important role in minimizing the cost of acquiring new customers. Various industries see customer experience management as a source of customer productivity. Customer experience market helps in decreasing the lead time and increases revenue by engaging customer in least time.

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Key Insights in the report:

  • Complete and distinct analysis of the market drivers and restraints
  • Key market players involved in this industry
  • Detailed analysis of the market segmentation
  • Competitive analysis of the key players involved

Market Drivers:

  • Need of understanding of customers has driven the market growth
  • Increase in demand for customer experience management solutions might act as a catalyst for the growth of the market
  • Customer related scores which helps to strategize better customer engagement facility would enhance the market growth
  • Increase in the growth of e-commerce and competition among them to meet consumer requirements which could boost the market

Market Restraints:

  • Collection of data from different touchpoints might hamper the market growth
  • Lack of awareness related to the technology can act as a restraint to the market
  • Huge investment in development of customer experience management system may hinder the growth of this market

Key Developments in the Market:

  • In January 2019, Oracle released Oracle Retail Xstore Office Cloud Service Release 18.0, which is a web based application for administration corporate-based functions. The service helps in enhancing customer engagement and simultaneously improves operational efficiency for the retailers
  • In July 2018, UDKU (U Don’t Know Us), a customer experience consultancy was acquired by the KPMG Australia. The prime motive behind the acquisition was to ramp up KPMG marketing strategy. The acquisition of UDKU resulted in providing better customer experience

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