The Customer Experience Management Market is predicted to rise to USD 38,193 million by 2028, witnessing 17.9% CAGR during 2021-2028

Introduction of the Customer Experience Management Market Report

Customer experience management (CEM or CXM) refers to the process of tracking and organizing every interaction between a customer and the organization throughout the customer lifecycle. CEM helps in promoting interactions through each physical and digital touchpoint including telephone, email, web, and social media to deliver personalized experiences to drive brand loyalty.

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Market Dynamic

Key Drivers and Emerging Trends

Growing industrial digitalization and the rising efforts by the organization towards creating a customer-centric culture to improve satisfaction and loyalty, and deliver personalized experiences are expected to drive the growth of the customer experience management market. In addition, CXM help in enabling a real-time flow of data to offer deeper insights into customer preferences and behavior, which is further expected to contribute to the growth of the market. Moreover, the rising internet penetration and the growing use of social media and digital channels to communicate with brands and organizations are expected to augment the growth of the customer experience management market size.

Restraint in the Customer Experience Management Market

However, increasing concerns related to the security and privacy of confidential digital data are expected to restraint the industry growth. Moreover, the high initial investment involved in the implementation of the customer experience management system may further hamper the market growth.

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Deployment – Segment Analysis

Based on the deployment, the cloud deployment is expected to grow at a prominent rate over the forecast period owing to the benefit of reduced costs of infrastructure, and easy implementation of CEM software. For instance, Oracle Cloud CX utilizes AI and ML-based customer engagements and helps in delivering exceptional sales experience to customers.

Organization Size – Segment Analysis

Based on the organization size, small and medium enterprises are expected to grow significantly over the forecast period primarily due to the rising number of SMEs throughout the world, the rising demand for creating loyal customers, and accelerating business growth with the use of digital technologies. Moreover, according to the World Bank Group, small and medium enterprises represent about 90% of businesses in the world and they are estimated to provide 600 million jobs by 2030.

Touchpoint – Segment Analysis

Based on touchpoint, social media is expected to account for a large market share over the forecast period. This can be attributed to the rapid growth in social media users coupled with the rising focus on customer engagement through platforms including Facebook, Twitter, Snapchat, YouTube, and others.

Application – Segment Analysis

Based on application, healthcare is expected to grow at a high CAGR over the forecast period. This is primarily due to the growing healthcare industry, growing demand to build personalized patient engagement strategies, and increase brand awareness. Additionally, the national health spending is expected to grow at a rate of 5.4% annually for 2019-28 and to reach $6.2 trillion by 2028 in the U.S. according to the U.S. CMS.

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Regional – Segment Analysis:

North America is expected to account for a high market share over the forecast period. This can be attributed to the high internet penetration, increasing investments in digital transformation and adoption of CEM solutions, and the growing industries including healthcare, e-retail, IT, and banking. Additionally, the presence of some of the leading companies including Oracle Corporation, Adobe Inc., Microsoft Corporation, and International Business Machines Corporation is further escalating the market growth.

Top Market Players

Several leading Customer Experience Management companies operating in the market, include, Oracle Corporation, Adobe Inc., Wipro Limited, Sitel Group, Anodot Limited, Microsoft Corporation, SAS Institute Inc., SAP SE, Salesforce.com, Inc., and International Business Machines Corporation, among others.

Key Developments:

• • In 2021, Adobe Inc., partnered with government agencies in all 50 states in the U.S. for the digital modernization of their online presence with the help of Adobe Experience Cloud and Adobe Document Cloud. With the use of the Adobe Experience Cloud, governments are trying to make their websites and apps easier to navigate, and creating intuitive forms that work on any device.

Segments covered in the Report:

The global Customer Experience Management market has been segmented on the basis of deployment, organization size, touchpoint, appliction, and key regions. Based on deployment, the market is segmented into cloud and on premise. Based on the organization size, the market is segmented into small and medium enterprises (SMEs) and large enterprises. Based on the touchpoint, the market is segmented into telephone, email, web, social media, and others. Based on the application, the market is segmented into BFSI, retail, IT and telecommunication, healthcare, manufacturing, government, travel and transportation, and others.

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Key questions answered in this research report:

• • At what pace is global Customer Experience Management market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Customer Experience Management Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Customer Experience Management Market?
  • Which touchpoint generated maximum revenues in 2020 and identify the most promising touchpoint during the forecast period?
  • What are the various applications of global Customer Experience Management Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Customer Experience Management Market by Deployment

• • Cloud
  • On-Premise

Global Customer Experience Management Market by Organization Size

• • Small and Medium Enterprises (SMEs)
  • Large Enterprises

Global Customer Experience Management Market by Touchpoint

• • Telephone
  • Email
  • Web
  • Social Media
  • Others

Global Customer Experience Management Market by Application

• • BFSI
  • Retail
  • IT and Telecommunication
  • Healthcare
  • Manufacturing
  • Government
  • Travel and Transportation
  • Others

Global Customer Experience Management Market by Region

• • North America Customer Experience Management Market (Option 1: As a part of the free 25% customization)
    • By Deployment
    • By Organization Size
    • By Touchpoint
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Customer Experience Management Market (Option 2: As a part of the free 25% customization)
    • By Deployment
    • By Organization Size
    • By Touchpoint
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Customer Experience Management Market (Option 3: As a part of the free 25% customization)
    • By Deployment
    • By Organization Size
    • By Touchpoint
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Customer Experience Management Market (Option 4: As a part of the free 25% customization)
    • By Deployment
    • By Organization Size
    • By Touchpoint
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Customer Experience Management Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• Oracle Corporation
• Adobe Inc.
• Wipro Limited
• Sitel Group
• Anodot Limited
• Microsoft Corporation
• SAS Institute Inc.
• SAP SE
• Salesforce.com, Inc.
• International Business Machines Corporation