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| Customer Experience Management Market |
The customer experience management market is estimated to be valued at US$ 9.6 Bn in 2022 and is expected to exhibit a CAGR of 13.46% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Customer experience management (CEM) solutions help companies gather insights
about customer needs, emotions, behaviors, and satisfaction levels at each
touchpoint across various channels. It enables organizations to deliver
improved customer experience and enhances customer retention. CEM solutions
offer holistic customer data management, customer analytics, marketing
automation and other capabilities.
Market Dynamics:
Increasing focus of companies on customer retention and growing need to
understand complex customer journeys are expected to drive the market growth
over the forecast period. According to a study, over 50% of customers switch to
competitors after just one bad customer experience. Therefore, many companies
are adopting CEM to gain a comprehensive view of customers and improve
experience at every stage. In addition, rapid digital transformation and
growing adoption of cloud and mobile technologies is resulting in generation of
large volumes of customer data. CEM solutions help companies harness this customer
data to gain deeper insights and drive experiences. However, data privacy
regulations pose a challenge for customer data collection and analytics.
The customer experience management market is fragmented in nature with presence
of several global and regional players. Key players are focusing on mergers
& acquisitions and partnerships to expand their product portfolio and
market reach. For instance, in 2021, Sitecore acquired Boxever to strengthen
their capabilities in real-time personalization and journey orchestration.
SWOT Analysis:
Strength: The customer experience management market has strong revenue and
consistent growth prospects. Companies like Adobe Inc. and Oracle Corporation
have dominated the market with robust product portfolios and continuous
innovation efforts. Their products and platforms provide advanced analytics
capabilities, personalized omnichannel experiences and actionable insights to
drive business outcomes.
Weakness: Startups and smaller players face difficulties in competing against
giant tech companies due to lack of resources. Further, high implementation and
maintenance costs of CX solutions pose challenges for SMEs. Data privacy and
security also remain key concerns.
Opportunity: Growing digitization and emphasis on enhancing customer
experiences across industries offer huge growth avenues. Emerging technologies
like AI, machine learning and IoT provide opportunities to develop innovative
solutions that deliver hyper-personalized experiences. The COVID-19 pandemic has
further accelerated digital transformation initiatives.
Threats: Stiff competition from open source and cheaper alternatives restrict
premium pricing. Changing customer expectations and emergence of newdigital
trends threaten existing CX strategies. Regulatory changes around data privacy
also introduce compliance challenges.
Key Takeaways
The global Customer
Experience Management Market Share is expected to witness high growth,
exhibiting a CAGR of 13.46% over the
forecast period, due to increasing adoption of CX solutions to enhance customer
retention and loyalty. North America dominates the market currently due to
presence of major CX vendors and early adoption by enterprises. However, Asia
Pacific is expected to offer lucrative opportunities with growing digitization
and customer-centric approach of companies in emerging economies.
Regional analysis
North America currently holds the largest share in the customer experience
management market owing to strong presence of CX solution providers like
Oracle, Adobe and Medallia in the US and Canada. Asia Pacific is anticipated to
grow at the fastest pace during the forecast period on back of rising digital
transformation initiatives across industries coupled with growing consumerism
in countries like China, India. Expanding e-commerce and IT industries
supplement regional market growth.
Key players
Key players operating in the customer experience management market are MaritzCX
Research LLC (Inmoment LLC), Adobe Inc., Medallia Inc., Oracle Corporation,
Clarabridge, SAP SE, Sitecore, IBM Corporation, Zendesk, Avaya Inc., Open Text
Corporation, Verint Systems Inc., and Tech Mahindra. Major players are focusing
on regular product innovations and M&A activities to consolidate their
market share.
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