According to report “Customer Experience Management Market by Touch Point (Company Website, Branch/Store, Web, Call Center), Vertical (IT Communication Service Provider, BFSI, Healthcare, Manufacturing, Travel & hospitality), and Region – Global Forecast to 2021″, the global customer experience management (CEM) market is estimated to grow from USD 5.06 Billion in 2016 to USD 13.18 Billion by 2021, at a CAGR of 21.1%.
The major factors driving the CEM market include increasing need to manage customer experience throughout the customer journey, need of retaining customers, competitive differentiation, and increasing e-commerce and m-commerce.
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“Among touchpoints, the call center segment is expected to dominate the market during the forecast period”
On the basis of touchpoints, the CEM market is segmented into company websites, branches/stores, web, call centers, mobile, social media, email, and others. The call center segment is expected to hold the largest market share during the forecast period of 2016 to 2021. Presence of call centers across industry verticals to manage customer queries and increasing need to optimize on call center touchpoint to reduce cost and retain customers is expected to drive the market for call center segment.
“Among verticals, the manufacturing segment is projected to grow at the highest CAGR between 2016 and 2021”
Among verticals, the manufacturing sector is expected witness the highest growth during the forecast period. This growth is primarily attributed to the focus of manufacturing companies on retaining existing and acquiring new customers. This sector also faces the challenge of increasing operational costs, economic fluctuations, and price wars.
“North America is expected to hold the largest share of the global customer experience management market during the forecast period”
On the basis of region, the global customer experience management market has been segmented into North America, Asia-Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America. North America is estimated to lead the global customer experience management market in 2016, having accounted for the largest market share. Presence of key companies, such as Adobe Systems Incorporated, Oracle Corporation, IBM, Avaya Inc., and OpenText Corporation in this region is one of the key factors for the growth of the regional customer experience management market during the forecast period.
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The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and new product launches adopted by various key players to increase their share in the global customer experience management market. Some of the major vendors of customer experience management solutions are Adobe Systems Incorporated (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Nokia Networks (Finland), Tech Mahindra Limited (India), Avaya Inc. (U.S.), SDL (U.K.), SAS Institute Inc. (U.S.), and OpenText Corporation (Canada).
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