USD 11.4 Billion
Report ID:
SQMIG20Q2006 |
Region:
Global |
Published Date: November, 2024
Pages:
165
|Tables:
62
|Figures:
75
Customer Experience Management Market size was valued at USD 11.4 Billion in 2023 and is poised to grow from USD 12.79 Billion in 2024 to USD 32.09 Billion by 2032, growing at a CAGR of 12.2% during the forecast period (2025-2032).
Rising demand for the enhancement of customer experience and growing popularity of experience personalization are slated to drive customer experience management market growth in the future. Growing competition across multiple industry verticals and efforts to gain a competitive advantage are also expected to promote the adoption of customer experience management tools. Advancements in artificial intelligence, machine learning, and analytics technologies are also slated to present new opportunities for customer experience management companies over the coming years. Rapid expansion of the e-commerce and retail industry around the world is also estimated to promote the demand for customer experience management solutions going forward. Evolving consumer preferences and rising awareness regarding the benefits of customer experience management are also estimated to drive market development in the future. On the contrary, high costs of implementation, complexity in integration, data privacy concerns, and dearth of skilled workforce are some key constraints that could slow down the global customer experience management demand outlook.
US Customer Experience Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
USD 11.4 Billion
Largest Segment
On-premises
Fastest Growth
Cloud
Growth Rate
12.2% CAGR
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Global Customer Experience Management Market is segmented by Offering, Touchpoint, Deployment type, Organisation Size, Vertical and region. Based on Offering, the market is segmented into Solutions (Omnichannel, Machine learning), Services (Professional services, Managed services). Based on Touchpoint, the market is segmented into Websites, Stores, Call centers, Mobile apps, Social media, Emails, Virtual assistants, Other touchpoints (loyalty programs, surveys, sales representatives, seminars, trade shows, public speaking, and training). Based on Deployment type, the market is segmented into On-Premises, Cloud. Based on Organisation Size, the market is segmented into Small and Medium Enterprises (SMEs), Large Enterprises. Based on Vertical, the market is segmented into IT & Telecom, BFSI, Retail, Healthcare, Automotive, Travel & hospitality, Media & entertainment Public sector, Other verticals (education, transportation, and logistics). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
On-premises deployment of customer experience management is projected to account for a dominant share of the global customer experience management industry. Enterprises and businesses concerned regarding their data privacy are more likely to opt for on-premises customer experience management solutions. Imposition of stringent data privacy and security regulations and efforts to improve compliance with the same are also expected to help this segment hold sway over others. Better control and flexibility offered by the on-premises customer experience management solutions are also contributing to the dominance of this segment. However, the need for high infrastructure investments and a skilled workforce in on-premises deployment is expected to hurt the share of this segment to certain extent.
On the other hand, the demand for cloud-based customer experience management solutions is projected to increase at a rapid CAGR over the coming years. Advancements in cloud technologies and increasing acceptance of cloud platforms are helping generate new opportunities from this segment. Growing popularity of remote work and remote collaborations in businesses is also expected to promote the adoption of cloud-based customer experience management solutions in the long run. Surging adoption of advanced technologies such as Internet of Things, artificial intelligence, and advanced analytics are also expected to create an opportune setting for companies focusing on cloud deployment in the future.
Large enterprises are expected to account for a substantial chuck of the global customer experience management market share going forward. The expansive nature of large organizations requiring co-ordination from multiple departments and divisions makes them more likely to opt for customer experience management tools to optimize customer experience. Increasing efforts of large enterprises to improve customer retention and reduce new customer acquisition costs are also estimated to promote the demand for customer experience management via this segment. Migration of large enterprises towards cloud platforms and adoption of remote work trends are also slated to promote the adoption of customer experience management going forward.
Meanwhile, the use of customer experience management in small and medium enterprises (SMEs) is slated to rise at a robust pace in the future. Increasing efforts of SMEs to boost their business scope and rising affordability of customer experience management solutions are expected to help this segment generate new business scope through 2032. Targeting the Asia Pacific region is slated to be highly beneficial for customer experience management companies focusing on SMEs owing to the presence of a robust startup ecosystem in this region. Efforts of small enterprises to provide personalized customer experiences are also slated to bolster the adoption of customer experience management in the long run.
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North America is estimated to account for a major share of the global customer experience management industry. Surging use of digital channels by businesses, high emphasis on improving customer experience and engagement, and presence of leading customer experience management companies helps this region maintain its dominant stance. The United States and Canada are projected to be key revenue generating markets for customer experience management companies in this region. Rising use of social media in enhancing customer experience by businesses in this region is also slated to create new business scope for customer experience management providers across the study period and beyond.
The Asia-Pacific region is emerging as the fastest-expanding customer experience management market in the world. Evolving consumer preferences, rising awareness regarding the importance of customer experience in businesses, and increasing digital transformation are helping this region present new opportunities for customer experience management companies. China, Japan, and India are predicted to be the most opportune countries for customer experience management companies operating in this region. Boom in e-commerce activity and rising use of social media platforms are also expected to play a crucial role in driving up the demand for customer experience management in the Asia Pacific region going forward.
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Customer Experience Management Market Drivers
High Demand for Personalized Customer Experiences
Customer experience management tools allow businesses to understand customer preferences, behaviors, and needs, enabling personalized communication. All of these factors are essential in improving customer experience and brand loyalty. Consumers increasingly expect personalized interactions with brands, which is expected to bolster the global customer experience management market outlook going forward.
Rising Competition Across industry Verticals
Market competition has intensified a lot around the world and this is why businesses need to deploy customer experience management solutions to stay competitive. The use of customer experience management tools can help businesses improve their customer satisfaction which is further linked to better customer retention and also helps in driving word-of-mouth marketing.
Customer Experience Management Market Restraints
Difficulty in Measuring Return on Investment
While deploying customer experience management solutions has many benefits, there is no concrete way to measure how these benefits translate into profits for companies. The indirect nature of metrics like customer satisfaction and loyalty makes it challenging to justify investments, deterring some organizations from fully embracing these customer experience management solutions.
Complexity in Integration
Customer experience management solutions face challenges in integration with other enterprise systems and solutions. The complexity of managing data from these various enterprise solutions and feeding it into customer experience management tools can become a daunting and complex task resulting in slowed customer experience management adoption in the future.
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Customer experience management providers should focus on improving the scope of integration with legacy infrastructure for their offerings. Launching new customer experience management solutions integrated with advanced technologies can also help market players stand out from the competition. Developing customer experience management tools that focus on social media platforms can also be a key opportunity for companies as per this global customer experience management market analysis.
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 robust Secondary Desk research.
As per SkyQuest analysis, increasing competition across different industry verticals and high demand for personalized customer experiences are slated to drive the demand for customer experience management solutions over the coming years. On the contrary, complex integration and difficulty in measuring return on investments are projected to slow down customer experience management adoption across the study period. North America is slated to lead customer experience management adoption owing to the presence of leading customer experience management providers in this region. Using predictive and prescriptive analytics and emphasis on customer journey analytics are expected to help customer experience management companies boost their revenue generation potential in the long run.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 11.4 Billion |
Market size value in 2032 | USD 32.09 Billion |
Growth Rate | 12.2% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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) |
Companies covered | |
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Customer Experience Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Customer Experience Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Customer Experience Management Market size was valued at USD 11.4 Billion in 2023 and is poised to grow from USD 12.79 Billion in 2024 to USD 32.09 Billion by 2032, growing at a CAGR of 12.2% during the forecast period (2025-2032).
Key vendors in Customer Experience Management Market are: 'Adobe (US)', 'IBM (US)', 'Oracle (US)', 'Avaya (US)', 'Nice (Israel)', 'SAP (Germany)', 'OpenText (Canada)', 'Tech Mahindra (India)', 'Verint Systems (US)', 'Zendesk (US)', 'Teradata (US)', 'Sprinklr (US)', 'Medallia (US)', 'InMoment (US)', 'SAS (US)', 'Clarabridge (US)', 'Sitecore (US)', 'NGDATA (Belgium)', 'Amperity (US)', 'Mixpanel (US)'
Customer experience management tools allow businesses to understand customer preferences, behaviors, and needs, enabling personalized communication. All of these factors are essential in improving customer experience and brand loyalty.
Use of Predictive and Prescriptive Analytics: Customer experience management solution providers can incorporate predictive and prescriptive analytics in their offerings to maximize their business scope. Use of these technologies can help companies predict consumer behavior and recommend actionable strategies to enhance the overall customer experience proactively to stay ahead of the competition.
North America is estimated to account for a major share of the global customer experience management industry. Surging use of digital channels by businesses, high emphasis on improving customer experience and engagement, and presence of leading customer experience management companies helps this region maintain its dominant stance. The United States and Canada are projected to be key revenue generating markets for customer experience management companies in this region. Rising use of social media in enhancing customer experience by businesses in this region is also slated to create new business scope for customer experience management providers across the study period and beyond.
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Report ID: SQMIG20Q2006
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