"Increasing competition across industries for better consumer service is driving the customer experience management market"

Globally, the customer experience management market is expected to grow with a CAGR of 14% during the forecast period from 2021 to 2029, up from US$ 8.70 Bn in 2020. The growth of the market is attributed to the increasing demand among the enterprises to provide the better customer experience. As the competition among the market players is fueling, the organization started focus on providing better customer experience to reduce the churn rate and gain customer loyalty. To address these challenges, the enterprises are looking for advance software solutions to monitor the customer experience. The customer experience software offers enterprises wide range of tools and practices to determine the market dynamics and fulfill their customer requirements. The solution also enables enterprises to enhance their brand reputation, generate new revenue stream, and gain customer loyalty. Moreover, the increasing adoption of the Big Data technologies along with the rapid adoption of the digital devices is augmenting the market growth.

"Text analytics are dominating the customer experience managements market"

Text analytics is the leading sector in the customer experience management market with the majority share in the revenue in 2020. The increasing adoption of the analytical tools among the organizations to process the structured and unstructured data is driving the market growth. As the adoption of the social media enterprises is increasing, the enterprises are leveraging on the text analytics technologies to extract meaningful insights from the unstructured data such as social media posts, and tweets. On the other hand, speech analytics is estimated to grow substantially during the forecast period. The speech analytics tools are widely adopted among the customer care centers to provide the interactive voice assistance.

"North America is leading the customer experience managements market"

North America is leading the customer experience managements market with over 40% share in the revenue in 2020. The increasing investment in the AI and Big Data technologies in the region is the primary factor backing the market growth. The North America is the hub for the AI start-ups and provides favorable environment for the growth of the start-ups. The supportive government initiatives in the region to promote the start-ups are also driving the market growth. Moreover, the wide scale adoption of the customer experience management software among the retail and BFSI sector are also propelling the market growth.

The major players in the customer experience managements domain are Adobe Systems Inc., Avaya Inc., Cisco Systems, Inc., Huawei Corporation, IBM Corporation, OpenText Corporation, Oracle Corporation, Qualtrics, SAS Institute Inc., Software AG, TATA Consultancy Service Limited, Tech Mahindra Limited, and Zendesk, Inc.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Customer Experience Management market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Customer Experience Management market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Customer Experience Management market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Customer Experience Management market?
• Which is the largest regional market for Customer Experience Management market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Customer Experience Management market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Customer Experience Management market worldwide?