Customer Experience Management Market Size, Share and COVID-19 Impact Analysis, By Component (Solution, and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (Large Enterprises, and Small & Medium Enterprises), By Touchpoint (Call Center, website, Mobile Applications, Email, Social Media, and Others), By End User (BFSI, Retail and Consumer Goods, IT and Telecom, Healthcare, Automotive, Media and Entertainment, Government, and Others) and Regional Forecast 2022-2029
The global customer experience management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period, to Reach USD 32.53 Billion by 2029, from USD 10.11 Billion in 2021. The heightened importance of enhancing customer experience amid the COVID-19 pandemic will accelerate the growth of this market, shares Fortune Business Insights™ in its report, titled “Customer Experience Software Market Size, Share & COVID-19 Impact Analysis and Forecast, 2020-2027”.
Industry Developments:
- December 2020: Genesys released its next-generation business unit focused on augmented customer engagement, Genesys Digital. The unit will provide solutions to companies to meet customers’ constantly evolving demands and preferences in the digital landscape.
- August 2020:Pointillist announced that it is now available on the Genesys AppFoundry, a platform dedicated to customer experience management solutions. Being on AppFoundry will enable Pointillist to rapidly deploy a wide range of mechanisms to improve interaction with its customers and engage employees.
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Customer Experience Management Market Size Overview:
- USD 32.53 Billion in 2029
- USD 10.11 Billion in 2021
- CAGR: (2022-2029) 16.2%
- Base Year: 2021
Report Coverage
- The Customer Experience Software Market report provides a 360-degree evaluation of the prospected market.
- The report provides information on the various market segments; type, activity, run time, etc.
- The Customer Experience Management Market report incorporates Porters’ Five Forces Analysis and PESTLE Analysis for an accurate market prediction.
- The report analyzes the impact of the COVID-19 pandemic and suggests strategies for future growth.
- The CEM Market report highlights the market’s competitive landscape and presents vital information on new product launches, latest industry developments, key market trends, and others.
Restraining Factor
Constant Threat of Data Breaches to Limit CEM Adoption
The proliferation of smartphones, mobile applications, and other smart devices has triggered a massive digitization trend among businesses. Enhancing CEM through virtual platforms and online portals has become one of the core strategies adopted by companies to foster long-lasting relationships with their customers. However, with private customer information being available online in most cases, the threat of data breaches has escalated in recent years. Hackers are targeting digital platforms to extract critical data and sell them on the black market. For example, in April 2020, over 500,000 accounts on the teleconferencing platform Zoom were breached and then sold on the dark web by cyber-criminals. Similarly, in India in January 2020, Unacademy, the popular online education platform, experienced a massive data breach, exposing more than 20 million accounts containing customer information related to email addresses, payment history, passwords, and usernames. The constant exposure of delicate information to cyber-attacks may inhibit the customer experience management market growth.
Regional Insights
North America to Lead the Charge Supported by Rapid Transformation of Businesses
In 2019, the North America market size stood at USD 2.81 billion, and the region is expected to lead the market during the forecast period due to the speedy digital transformation of businesses in the region. CXM companies across the US and Canada are actively adopting and deploying customer experience management solutions powered by advanced technologies such as artificial intelligence (AI) and machine learning (ML). Thus, the market in North America is foreseen to progress at an incredible pace.
Asia Pacific is strengthening its hold on the customer experience management market share as a result of the broadening presence of AI and the Internet of Things (IoT) among enterprises in India and China. In Europe, on the other hand, the increasing number of call centers is expected to propel the regional market.
With millions of people worldwide confined to their homes, brands are aggressively looking for avenues to maintain visibility among their customers and cater to their changing needs. The unusual circumstances created by the coronavirus have forced companies to engage customers in a more meaningful way. For example, the cable provider Comcast deepened its customer experience management by developing short, topical videos powered by an interactive experience for its Xfinity cable service during the pandemic. In China, a restaurant chain started delivering ingredients for meals usually enjoyed in communal settings at people’s doorsteps, ensuring no physical contact and strengthening its relationship with loyal customers. The variety of novel ideas triggered amid the COVID-19 pandemic enabled the market to register an impressive CAGR of 11.7% in 2020.
According to the report, the value of the Customer Experience Management Market was estimated to be USD 8.29 billion in 2019. Besides this, the report also offers the following:
- Microscopic analysis on the market size & share and the factors influencing them;
- Quantitative & qualitative evaluation of the different market segments;
- Actionable insights into the regional developments in the market; and
- Granular examination of the key players’ profiles and strategies
Companies Profiled Customer Experience Management Market:
- Zendesk Inc. (San Francisco, U.S.)
- SAP SE (Walldorf, Germany)
- Oracle Corporation (Texas, U.S.)
- Adobe Inc. (California, U.S.)
- Medallia Inc. (California, U.S.)
- OpenText Corporation (Waterloo, Canada)
- Microsoft Corporation (Washington, U.S.)
- com, Inc. (California, U.S.)
- Genesys (California, U.S.)
- Freshworks Inc. (California, U.S.)
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