USD 8.96 billion
Report ID: SQMIG20Q2006 | Region: Global | Published Date: July, 2022 | Pages: 165 | Tables: 62 | Figures: 72
Global Customer Experience Management Market Size was valued at USD 8.96 billion in 2021, and it is expected to reach a value of USD 38.03 billion by 2028, at a CAGR of 16.9% over the forecast period (2022 - 2028).
In order to promote brand loyalty and repeat business, customer experience management (CEM) is an approach that places business customers at the heart of marketing, sales, and customer support. Systems that measure consumer perceptions about their interactions with a business are heavily reliant on the voice of the customer information. In an effort to match and surpass customer demands, organizations must continuously evolve. This is represented by evolving sets of practices and technology.
One of the main reasons anticipated to accelerate the growth of the worldwide CEM Market is the surge in demand for personalized experiences from customers across various sectors.
Global Market Size
USD 8.96 billion
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The Global Customer Experience Management Market segmentation is based on components, deployment, and region. Based on components the market is segmented into services (professional and managed) and solutions. Based on deployment the market is segmented into cloud and on-premises. Based on region the global customer experience management market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Component
In 2021, the solution segment had the highest market share. The rise of solutions is fueled by the widespread use of smartphone apps and the expansion of call centers to enhance customer experience. Solutions for the customer experience assist businesses in managing client relations.
Over the projected timeline, the service segment is predicted to increase at the fastest rate. Alongside customer experience solutions, businesses offer managed and professional services to end-users. During the forecast years, professional services are anticipated to grow with the largest market share, which is projected to drive market expansion across all services.
Analysis by Deployment
In 2021, Based on deployment type the on-premise segment accounted for the largest CEM market and is anticipated to remain dominant in the coming future The growing concern about the securing information or content connected to entertainment and media productions, which is extremely useful, and inspires businesses to adopt native or on-premise solutions.
Owing to rising customer requirements for prolonged user interactions giving a richer consumer experience and rising costs of proprietary CRM software, which necessitate frequent upgrades, the cloud category is anticipated to grow rapidly during the projected time.
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In 2021, North America has the largest market share in the global customer experience management market. The growing demand for CEM across numerous sectors is anticipated to fuel the expansion of the global market for this service.
The same pattern is being observed in Europe, which is regarded as a substantial market for customer experience management. But in the coming years, the world market will also benefit from growing demands and more stiff competition among market participants. The overall customer experience management industry is also affected by the growing number of alternatives for evaluating customer information. Additionally, the changing competitive environment is promoting the expansion of the world market.
Owing to the rapid urbanization, automation, and rise of digital transactions in emerging countries such as India, China, and Singapore, Asia-Pacific will enjoy substantial growth.
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Significant competitors control a major portion of the market. In order to grow and develop their current contact point-type portfolios and attract new clients, these firms are adopting innovative customer experience management services. In order to create technically sophisticated contact point types and obtain a dominant market position, businesses are also engaged in mergers, acquisitions, and partnerships. For instance, in June 2021, A strategic collaboration was formed between Genesys and Qualtrics to provide top-notch customer experience solutions at scale.
Top Players Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Solutions sector dominated the global customer experience management market in 2021. In 2021, the On-premise industry had a sizable market share and is anticipated to increase at the fastest rate throughout the projection period. In 2021, North America dominated the global customer experience management market due to the growing demand in CEM in the region.
|Market size value in 2021||USD 8.96 billion|
|Market size value in 2028||USD 38.03 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Customer Experience Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Customer Experience Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Customer Experience Management Market:
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Product ID: SQMIG20Q2006