The global customer experience management (CEM) market is projected to expand at a CAGR of 22% and attain USD 18 Billion over the forecast period of 2017-2023, claims Market Research Future (MRFR) in a minutely analyzed research report. The market has been continually mushrooming in size on account of growing emphasis on customer satisfaction. Increasing competition, rapid changes, complex supply chains with short product lifecycles have raised the criticality of providing a superior customer experience. To provide a seamless customer experience enterprises are mapping customer journeys and embedding CEM in their business culture. CEM is widely adopted across various industry verticals such as BFSI, consumer goods, retail, etc. Growing adoption coupled with growth in end user industries contribute to the growth of the CEM market.
The advent of e-commerce platform has increased the need for digital customer experience and has encouraged the adoption of Customer Experience Management Market solutions which boosts the growth of the market. Increasing competition is forcing enterprises to evolve their CEM process and adopt new channels. Deployment of cloud technology in the implementation of CEM is expected to gain traction over the forecast period and propel the growth of the market. Growing usage of social media has facilitated the growth of the market.
Social media is the preferred platform for sharing positive reviews as well as negative feedback. Organizations are largely focusing on implementing robust social media customer services which help in cost reduction and quicker response times. A restraining factor to the growth of the market is inabilities or difficulties in delivering consistent customer experience across all channels and threat from alternative technologies for analyzing customer insights. The new opportunities brought in by blockchain has the potential to alter the growth of the market. Impact of blockchain is perceived as major as it can help drive innovation and competitiveness and manage privacy.
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The notable players in the global customer experience management market include IBM Corporation (U.S.), Adobe Systems Incorporated (U.S.), Oracle Corporation (U.S.), Nokia Networks (Finland), SDL (U.K.), SAS Institute Inc. (U.S.), Tech Mahindra Limited (India), Open Text Corporation (Canada), Avaya Inc. (U.S.), and others.
The global customer experience management market has been segmented based on touch point, and end-users. By touch point, the market has been segmented into call centers, websites, email, social media, company stores, mobile, and others. By end-users, the market has been segmented into BFSI, Government, retail, healthcare, manufacturing, IT & telecommunications, automotive, media & entertainment, energy, and others.
The key regions covered in the global customer experience management market include North America, Europe, Asia Pacific and the Rest of the World (RoW). North America is the largest market for customer experience management owing to the high adoption of new technologies, the regional growth of the customer experience management market and high demand for CEM software in end user industries such as retail, telecom, banking, etc.
Asia Pacific is projected to be the fastest growing market for CEM over the forecast period. Improving economic conditions, broad base of call centers, rising use of social media and growing emphasis on customer experience are supporting the growth of the market in Asia Pacific.
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- In July 2018, KPMG Australia announced the acquisition of a customer experience consultancy UDKU (U Don’t Know Us). The acquisition is a move towards ramping up KPMG’s marketing services and to bolster the expertise within its Customer, Brand, and Marketing Advisory business.
- In June 2018, the US Office of Management and Budget introduced a new section on customer experience frameworks. Section A-11 provides guidance to federal agencies in establishing and managing customer experience improvement efforts which applies to more than a dozen high-impact agencies such as departments of Veterans Affairs, Agriculture, Commerce, Treasury and State.
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