Customer Experience Management Market Size Forecast 2020 - 2028
According to our latest market study on “Customer Experience Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment Mode, Organization Size, Touchpoint, and Industry Vertical,” the customer experience management market size is projected to grow from US$ 11,555.18 million in 2022 to US$ 29,780.95 million by 2028; the customer experience management market share is expected to grow at a CAGR of 17.1% from 2022 to 2028
The customer experience management market report provides detailed market insights to help key players strategize market growth in the coming years. It also forecasts the upcoming trends and developments in the market.
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The customer experience management market is segmented into component, deployment mode, organization size, touchpoint, industry vertical, and geography. The customer experience management market analysis by component, the customer experience management market is bifurcated into solution and service. The customer experience management market analysis by deployment mode, the market is bifurcated into cloud-based and on-premise. Based on organization size, the market is divided into large enterprises and small and medium enterprises (SMEs). Based on touchpoint, the market is segmented into call center, website, mobile applications, email, social media, and others. Based on industry vertical, the market is segmented into IT & telecom, BFSI, energy & utilities, government, retail, manufacturing, and others.
The omnichannel shopping structure is primarily aimed at providing the cross-platform sales approach adopted by businesses to provide customers with an enhanced shopping experience in online and physical stores. According to statistics, this buying model offers a customer retention rate of ~89% compared to 33% for companies with weak omnichannel strategies. Hence, various well-known retail brands such as Bed Bath & Beyond, Kohl’s, and DSW are planning to invest ~US$ 250 million in omnichannel strategies such as click and collect, omnichannel inventory management, digital marketing, and personalization over the coming years. Therefore, the rapid adoption of this strategy has led companies to scrutinize their operating models by presenting data about products, purchasing processes, and aftermarket services. It will likely create immense opportunities for customer experience management software globally.
In the MEA, the COVID-19 pandemic significantly impacted countries such as Turkey, Iran, Iraq, Israel, Saudi Arabia, and the UAE. The region comprises many growing economies, including the UAE and Saudi Arabia, which are prospective markets for CEM solution providers due to the huge presence of a diverse customer base. The Gulf countries are currently on the verge of adopting transformative technologies such as artificial intelligence (AI), machine learning, and cloud-based platforms in various industry verticals to enhance business growth. Thus, countries in the MEA significantly invested in developing advanced technologies before the COVID-19 pandemic. The emergence of the pandemic in 2020 increased the demand for CEM solutions owing to growing awareness of improving customer experience in different industry verticals. The rising investment in integrating cloud-based platforms with CEM solutions from leading players in the Middle East is expected to aid the customer experience management market growth over the forecast period.
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