“Increasing need to manage customer experience throughout the customer journey is a primary driving factor for the customer experience management market”
The global customer experience management market is projected to grow from USD 5.06 billion in 2016 to USD 13.18 billion by 2021, at a CAGR of 21.1% between 2016 and 2021. The major factors driving the CEM market include increasing need to manage customer experience throughout the customer journey, need of retaining customers, competitive differentiation, and increasing e-commerce and m-commerce. Some of the factors restraining the market growth are complexity in data synchronization and subjective expectations of customers.
“The mobile touch point segment of the CEM market is projected to grow at the highest CAGR during the forecast period”
Among touch points, the mobile segment of the customer experience management market is estimated to grow at the highest CAGR during the forecast period. Mobile phones are being increasingly adopted across all industry verticals as it helps to analyze customer behavior by tracking their activities and collecting feedback. Also, increase in mobile shopping and internet penetration is expected to drive the CEM market for mobile touch point.
“The Asia-Pacific customer experience management market is projected to grow at the highest CAGR during the forecast period”
The Asia-Pacific customer experience management market is expected to witness exponential growth and is projected to grow at the highest CAGR during the forecast period. This growth is mainly attributed to the rapid growth in smartphone adoption and increasing e-commerce and m-commerce. This region has experienced a huge increase in smartphone users and this adoption rate is expected to grow during the forecast period. It has also fueled online mobile shopping and social media usage. Hence, organizations in this region are primarily focusing on increasing customer experience for mobile and social media touch points.
Breakdown of profiles of primaries is represented below:
- By Company Type: Tier 1- 30%, Tier 2 -40%, and Tier 3-30%
- By Designation: C-level - 72%, Director-level -14%, and Others -14%
- By Region: North America- 57%, Europe-14%, Asia-Pacific-29%
Various key vendors profiled in the report are as follows:
- Adobe Systems Incorporated (U.S.)
- Oracle Corporation (U.S.)
- IBM Corporation (U.S.)
- Nokia Networks (Finland)
- Tech Mahindra Limited (India)
- Avaya Inc. (U.S.)
- SDL PLC (U.K.)
- SAS Institute Inc. (U.S.)
- Open Text Corporation (Canada)
- MedalliaInc. (U.S.)
- Clarabridge Inc. (U.S.)
- MaritzCX (U.S.)
This study provides detailed segmentation of the customer experience management market on the basis of touch point (company website, branch/store, web, call center, mobile, social media, email, and others), vertical (IT communication service providers; telecommunication service providers; public sector and energy & utilities; banking, financial services & insurance; healthcare; automotive & transportation; consumer goods & retail; media & entertainment; travel & hospitality; manufacturing and others), and region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America).
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in the following ways:
- This report comprehensively segments the global customer experience management market and provides the closest approximations of the revenue numbers for the overall market and subsegments across different verticals and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities in the global customer experience management market.
- This report helps stakeholders to obtain better understanding of their competitors and gain more insights to enhance their position and business in the global customer experience management market. The competitive landscape section includes new product launches, partnerships, agreements & collaborations, mergers & acquisitions, and expansions undertaken by the key market players.