IndustryARC, in one of its latest reports, predicted that the customer experience management market size is forecast to reach $17.2 billion by 2026, growing at CAGR 11.4% during 2021-2026 owing to the increasing emphasis on customer retention due to lack of proper communication and customer relationship. Advanced techniques such as machine learning and analytics get a better understanding of their customer’s buying pattern and behavior to pitch better deals along with targeting the proper customer pool which can actually convert marketing qualified leads to sales qualified leads. This is set to bolster the adoption of CEM technology during the forecast period 2021-2026 thereby driving the market. The customer experience management market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
The top 5 players in the customer experience management industry are:
1. IBM Corp
2. Oracle Corp
3. Verint Systems
4. Adobe Systems
5. Avaya Inc.
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1. By offering type, the global customer experience management market has been segmented by solutions and services. The customer experience management services market is estimated to witness the highest growth rate during 2021-2026 at 13.6% owing to the shift to these services from solutions to cut down operational expenses and growing preference among the SMEs.
2. Customer Experience Management in BFSI market is projected to grow at a CAGR of 14.2% through 2026. The outbreak of COVID-19 has significantly impacted some of the core sectors, such as manufacturing, logistics and transportation, and retail; and has moderately impacted the non-core sectors, such as IT and telecom and eCommerce.
3. North America held the major share of the global customer experience management market acquiring around 37.1% in 2020. The is mainly due to large scale adoption of customer experience management solutions and services by the large enterprises as well as the SMEs operating in the B2C and B2B space to foster their customer relationships. The APAC customer experience market for consumer goods and retail sector is estimated to witness a growth of CAGR 13% during 2021-2026.
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Market Drivers and Challenges:
1. Adoption of Advanced Data Analytics: The coalescence of data analytics customer experience workspace avails new grounds for understanding customer’s behavior, buying pattern, brand preference, buying cycle, geographic preferences and various others to understand the various customer pools which can be immediately targeted.
2. Customer Experience Management solutions help in reducing customer churn rates: Churn rate means the annual percentage rate at which customers stop buying a product or subscribing to a service. Poor customer service is one of the major reasons for the increasing churn rate of customers.
3. Lack of Skilled Workforce: The availability of skill workforce for handling analytics based customer experience management has been analyzed to be low and pay scale of the same is also high owing to which only large enterprises houses dedicated teams and procure solutions for effectively focusing onto customer relationship.
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Customer Experience Platforms Market
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