Customer Experience Management Market Growth & Trends
The global customer experience management market size is expected to reach USD 38.98 billion by 2030 and is expected to register a significant CAGR of 18.1% from 2022 to 2030, according to the new report by Grand View Research, Inc. The growing importance of understanding customer behavior and their preferences is driving various organizations and brands to provide the best service performance for modern customers in real-time.
Moreover, the growing use of Artificial Intelligence (AI) and its applications by organizations to communicate with their consumers is expected to boost the growth of the Customer Experience Management (CEM) market in the forthcoming years. Several brands and organizations are increasingly depending on customer experience management tools to determine customers’ requirements, which are perceived to be significant to sustain in this competitive market.
The continuous demand from customers for a personalized experience across several industries, such as IT, telecom, retail, and BFSI, is a key driving factor for the market growth. Customer experience management allows smooth connectivity between companies and customers for achieving the organizational goal as well as customer expectations. It blends customer satisfaction, loyalty, retention, and customer-centricity.
With the advancements in technology, consumers are using numerous devices to understand, evaluate, and finalize products. The digital transformation has helped consumers to demand a smooth experience while interacting with companies across multiple touchpoints and channels. Several organizations are highly involved in developing and restructuring their customer experience management through artificial intelligence and its applications to retain their customers and successfully position and reposition their brands and products.
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Customer Experience Management Market Report
Customer Experience Management Market Report Highlights
- The popularity of speech analytics tools has grown with the increasing number of voice-enabled searches and call centers. Speech analytics enables enterprises to identify the areas of trends, opportunities, and concerns through calls. This will improve the agent’s performance, monitor compliance, streamline business processes, improve first call resolution, and enhance customer experience
- The mobile touchpoint market is anticipated to register a CAGR of 19.9% over the forecast period. The driving factor for the growth is the increased use of smartphones, which is empowering enterprises to develop mobile marketing strategies. Moreover, mobile CEM solutions enable mobile carriers to take part in building sustainable customer relationships via customer-initiated requests
- The cloud-based segment is expected to attain significant growth in terms of revenue by 2030, registering a CAGR of 20.3% over the forecast period. This technology offers low-cost integration of CEM systems within the existing environment. It is widely used across the end-use segment for its flexibility and scalability and will play a vital role in increasing the growth of this market
- The BFSI segment is expected to register the highest CAGR of 19.5% over the forecast period as these solutions and services provide quality standards and reduce internal inefficiencies in BFSI enterprises. The major factors included for driving the growth are increasing adoption of cloud-based deployment models and investments in advanced technologies to offer digital finance management assistance
- The Asia Pacific regional market is expected to register the highest CAGR of 19.9% over the forecast period. With huge presence of call centers, increasing trend of social media marketing, and growing emphasis on customer satisfaction across industries and sectors are driving factors for the growth
