Customer Experience Management Global Market Report 2024

The global customer experience management market has grown rapidly in recent years. It will grow from $10.97 billion in 2023 to $12.69 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth observed in the historical period can be attributed to gaining a competitive advantage through customer experience (CX), a strategic focus on customer lifetime value, the increasing demand for seamless customer journeys, the growing engagement on social media platforms, and the utilization of voice of customer (VoC) insights.

The global customer experience management market is expected to see rapid growth in the next few years. It will grow to $22.53 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The projected growth in the forecast period can be attributed to the increasing emphasis on personalization, the integration of advanced data analytics and AI, the rise of omni-channel experiences, and the implementation of real-time engagement strategies. Major trends expected in this period include the integration of feedback loops for continuous improvement, a heightened emphasis on customer-centric cultures within organizations, strategies for customer retention and loyalty, a focused approach to customer journey mapping, and the widespread adoption of real-time engagement strategies to enhance customer interactions.

The customer experience management market is poised for growth, driven by the escalating wave of digital transformations in retail and healthcare. Digital transformation, encompassing the integration of digital technology across organizational functions, is revolutionizing business operations and enhancing value delivery to customers. This transformative approach is significantly impacting customer experience management by reshaping how businesses operate and provide value. Notably, a survey conducted by the United States Department of Health and Human Services in February 2021 revealed that 23.1% of respondents had utilized telehealth services in the previous four weeks. Additionally, a report by Binder Dijker Otte indicated that 61% of retailers plan to increase digital investment spending in the next year. This surge in digital transformations across retail and healthcare sectors is a driving force behind the growth of the customer experience management market.

The customer experience management market is set to benefit from the increasing adoption of social media. Social media, comprising various digital platforms and applications facilitating content creation, sharing, and community building, plays a pivotal role in customer experience management. Solutions within this market integrate with social media platforms to enable real-time monitoring of brand mentions, customer interactions, and feedback. Moreover, social media serves as a valuable resource for crisis management, obtaining product development feedback, and fostering proactive customer engagement. Notably, Meta Platforms, Inc. reported 1.98 billion average daily active users on Facebook as of September 2022, witnessing a 3% year-over-year increase. Furthermore, global social media users accounted for 61.4%, totaling 4.95 billion users in October 2023, according to Kepios. The increasing adoption of social media is a significant driver fueling the growth of the customer experience management market.

A notable trend in the customer experience management market is the emphasis on technological advancements. Key players within the market are actively engaged in innovating new products infused with advanced technologies to maintain their market positions. TPG, a US-based private equity company, introduced Anna in December 2021, a platform for measuring customer experience based on AI technology. Anna's innovative chatbot capabilities enable the assessment of every customer interaction, providing a sample-based evaluation of voice and chat interactions. This platform, powered by AI, can analyze a remarkable 15,000% more interaction than a human analyst, maintaining comparable accuracy levels. Technological advancements are a crucial trend contributing to the sustained growth of the customer experience management market.

Leading companies in the customer experience management market are strategically deploying innovative technologies, with a particular focus on AI-based solutions, to elevate the overall customer experience. AI-based solutions are software applications leveraging machine learning algorithms to address complex problems. A prime example is Microsoft Corporation's initiative in November 2021, where they unveiled the Customer Experience Platform. This solution is designed to tackle the challenges associated with disjointed and fragmented customer experiences. Emphasizing control over customer data, the platform prioritizes privacy-aware and consent-enabled personalization. It provides AI-driven insights, real-time visualization, and monitoring capabilities to predict customer intent, expedite time to market, and deliver personalized content across diverse channels. The platform's goal is to assist businesses in constructing comprehensive customer profiles, ensuring compliance with privacy regulations, and fostering enhanced customer engagement within a privacy-conscious framework.

In a strategic move in December 2021, Genesys, a prominent US-based software company specializing in customer experience orchestration, acquired Pointillist and Exceed.ai, the details of which remain undisclosed. Through this acquisition, Genesys aims to reinforce its market leadership, amplifying the quality of customer and employee experiences throughout the workplace. This is achieved by integrating journey analytics and conversational AI into marketing and sales operations. Pointillist, a US-based company acquired in this venture, specializes in assisting customer-centric enterprises in optimizing the overall customer experience. Additionally, Exceed.ai, another US-based firm acquired in the same transaction, is recognized for its expertise in conversational marketing and sales platforms. This strategic acquisition underscores Genesys' commitment to advancing customer experience management through cutting-edge technologies and expanded capabilities.

Major companies operating in the customer experience management market report are Medallia Inc., Clarabridge, Zendesk Inc., Open Text Corporation, International Business Machines Corporation, Tech Mahindra, Verint Systems Inc., Avaya Inc., Oracle Corporation, SAP SE, Adobe Inc., Teradata Corporation, Sprinklr Inc., InMoment Inc., SAS Institute, Sitecore, NGDATA N.V., Amperity, Mixpanel Inc., Segment.io, ZephyrTel Inc., MindTouch, Freshworks Inc., Genesys Telecommunications Laboratories Inc., Nokia Corporation, Algonomy Inc., Sogolytics Ltd., Startek, Microsoft Corporation, Skyvera

North America was the largest region in the customer experience management market in 2023. The regions covered in the customer experience management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the customer experience management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components of customer experience management include solutions and services. Solutions provide a platform for transformational change to address specific present and upcoming business issues. Various touchpoints, such as websites, stores, call centers, mobile apps, social media, emails, virtual assistants, and others, are involved. Deployment types can be on-premises or cloud-based. The organization sizes targeted are small and medium enterprises (SMEs) and large enterprises. Customer experience management is applied across various industries, including IT and telecom, BFSI, retail, healthcare, automotive, travel and hospitality, media and entertainment, public sector, and others.

This report provides customer experience management market statistics, including customer experience management industry global market size, regional shares, competitors with a customer experience management market share, detailed customer experience management market segments, market trends and opportunities, and any further data you may need to thrive in the customer experience management industry. This customer experience management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The customer experience management market includes revenues earned by entities by providing customer contact services, multichannel communication, enrolment and engagement, care management, and medical and clinical services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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