According to a report by Grand View Research, Inc., global customer experience management (CEM) market is anticipated to value USD 32.49 billion by 2025. Growing requirement for personalized experience by consumers in various sectors is anticipated to propel demand for customer experience management. It is expected to evolve set of technologies and practices to make continuous transformation within organizations to meet consumer expectations.
Growing awareness regarding importance of consumer experience among business organizations is anticipated to propel growth of market. It can strengthen consumer loyalty, brand presence, and increase business revenue. This, in turn can fuel market growth. Continual technological advancements in big data and cloud analytics to manage, design, and improve end-to-end consumer experience process can drive growth of market during the forecast period (2014 to 2025).
Lack of availability of in-house resources within organization necessary to implement technologies and processes to formulate strategies for optimum CEM implementation can restrict growth of market. Most organizations are expected to turn to external service provider such as consultants, system integrator, and digital agencies at initial stages for implementation of CEM within their enterprise.
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The customer experience management market can be segregated on the basis of analytical tool, touch point, deployment, end-user, and region. Based on analytical tool, the market can be categorized into speech analytics, text analytics, web analytics, enterprise feedback management software, and other analytics. Text analytics is expected to grow well over the forecast period attributed to rising demand among organizations. It can be used to analyze unstructured data, complaints, and information collected by customer service representatives while communicating with customers. Thus, it can support to deliver consumer service experience.
Similarly, speech analytics segment is predicted to grow well over the forecast period owing to growing adoption among contact center sector. Increasing number of contact centers coupled with rising demand for cloud based analytical solutions to improve consumer experience can augment growth. The segment is expected to witness CAGR of 24% over the forecast period.
Based on touch point, the market can be classified into call centers, social media, email, mobile, web services, stores, and others. Mobile touch point is predicted to grow at CAGR of 24.8% over the forecast period. Increasing use of mobile devices among consumers to instantly access their favorite brands can augment market growth.
Based on deployment, the market can be divided into on premise and cloud. Cloud segment is expected to witness significant growth at CAGR of 25.4% over the forecast period. Cloud technology is likely to offer advantage of low cost integration of CEM system within current business environment. In addition, CEM is expected to be acknowledged for its scalability and flexibility.
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Various software vendors are likely to come up with cloud-based consumer engagement solutions to support business organizations manage and deliver seamless consumer services.
On the contrary, premise segment is likely to dominate the market during the forecast period.
Based on end-user, the market can be separated into healthcare, retail, IT & telecom, manufacturing, government, energy & utilities, BFSI, and others. IT & telecom sector is expected to witness highest CAGR during the forecast period. Rising complexity in telecom sector is likely to bring new challenges for telecom operators in terms of increasing their sales. Hence, focusing on consumer expectation can become critical for these telecom service providers.
As telecommunication companies continue to strive for consumer loyalty, major differentiation factor that companies can use to distinguish themselves in terms of capability to provide subscriber with seamless consumer experience. This, in turn can fuel growth of market.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2016, North America account for market share equivalent to USD 2.40 billion. It is expected to dominate the market during the forecast period. Rising demand for CEM software in end-use sectors such as telecom, retail, and banking to provide consistent and improved customer experience can augment growth of market in the region.
Similarly, Asia Pacific is expected to be the most promising destination for CEM vendors over the forecast period. Improvement in economic conditions, burgeoning trend of social media, rising emphasis on customer experience and satisfaction are likely to contribute well to market growth over the forecast period.
Some of the leading companies offering IBM Corporation; Oracle Corporation; Avaya, Inc.; Adobe Systems Incorporated; and Nokia Networks.
Grand View Research has segmented the global customer experience management market on the basis of analytical tool, touch point type, deployment, end-user, and region:
Customer Experience Management (CEM) Analytical Tool Outlook (Revenue, USD Million, 2014 – 2025)
Enterprise Feedback Management (EFM) software
Customer Experience Management (CEM) Touch Point Type Outlook (Revenue, USD Million, 2014 – 2025)
Customer Experience Management (CEM) Deployment Outlook (Revenue, USD Million, 2014 – 2025)
Customer Experience Management (CEM) End-User Outlook (Revenue, USD Million, 2014 – 2025)
IT & Telecom
Government, Energy & utilities
Customer Experience Management (CEM) Regional Outlook (Revenue, USD Million, 2014 – 2025)
Middle East & Africa
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