MarketsandMarkets forecasts the Customer Experience Management Market to grow from USD 7.8 billion in 2019 to USD 14.5 billion by 2024, at a CAGR of 13.3% during the forecast period. Major factors expected to drive the growth of the customer experience management market include the increasing need for companies to increase customer engagement and reduce the customer churn rates due to growing competition in the market because of the very low level of product differentiation. Industries are expected to opt for advanced technologies such as AI, data analytics, and cloud to provide optimum customer experience management solutions to marketing and sales teams in the forecast period.
Organizations must understand that without a way to maintain a unified customer view, they cannot analyze their customers’ preferences, or deliver personalized experiences to the optimum level.
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Base on component, the services segment is expected to grow at a higher rate than the solutions segment during the forecast period. The services segment has a major influence on the customer experience management market’s growth. The demand for services is increasing with the growing adoption of customer experience management by enterprises across major verticals. These services assist end users in reducing costs, lowering operational costs, increasing overall revenues, and improving business performance. They help organizations track, evaluate, and analyze the requirements of their business to make better-informed decisions.
Under the services segment, the managed services subsegment is expected to hold a larger market size than the professional services subsegment during the forecast period. Managed services help clients manage customer experience management operations on-premises as well as on the cloud. The prime responsibility of the managed service providers is to improve the efficiency of inbound and outbound operations cost-effectively for an enterprise.
North America is estimated to hold the largest share of the customer experience management market in 2019, due to early adoption of advanced technologies such as cloud, AI, and data analytics by businesses across the region to help them develop efficient customer experience solutions for customers. The market has been witnessing tremendous growth in the US and Canada.
Key players in the market offer solutions in analytic and are utilizing the power of AI to provide personalized experiences to customers.
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Key and emerging market players include Adobe Systems (US), Oracle Corporation (US), SAP (Germany), IBM (US), Avaya Inc. (US), NICE Systems (Israel), Nokia (Finland), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US), SDL (UK), MaritzCX (US), Medallia (US), InMoment (US), SAS Institute (US), Clarabridge (US), and Sitecore (US). These players have adopted various strategies to grow in the customer experience management market.
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