The customer experience management market is set to grow by 14 per cent over the forecast period, up from US$ 6.80 billion in 2018.

The global market for customer experience management is driven by the increasing adoption of big data technologies among companies. There has been a significant increase in the adoption of Big Data technologies across companies over the last five years. Companies are leveraging advanced data analytics technologies to analyze large amounts of data and to derive actionable insights. This tool helps companies to understand customer behavior and requirements and recommends an actionable plan to meet these requirements. This is driving the growth of the market for customer experience management. In addition, companies are adopting a wide range of new technologies to enable active customer engagement. To engage clients, organizations are adopting tools to understand their preferences, aggregate content, tracking activities. This helps companies to provide the customer with personalized experience and to serve the relevant content and product to the customer.

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The retail sector is one of the leading end-users of the market for customer experience management. The emergence of e-commerce is the primary driver of the adoption of customer engagement solutions in the retail sector. As the adoption of Internet service worldwide is increasing, customers are becoming more empowered. Customers can now choose from a wide range of options available to them. In order to gain customer loyalty, retailers are therefore focusing on providing their users with personalized shopping experience. The retail companies are leveraging on customer behavior analytics software to analyze and meet the customer’s requirement. This is driving the growth of the market for customer experience in the retail sector.

Segmentation:
Analytical tools Segment (2017–2027; US$ Bn)
• Web analytics
• Enterprise Feedback Management (EFM) Software
• Text Analytics
• Speech Analytics
• Others
Touch Point Segment (2017–2027; US$ Bn)
• Call Centers
• Email
• Mobile
• Social Media
• Stores/ Branch
• Web services
• Others
Deployment Segment (2017–2027; US$ Bn)
• On-premise
• Cloud
Application Segment (2017–2027; US$ Bn)
• BFSI
• Retail
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Media & entertainment
• Others
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)

Some of the major companies profiled in the report include Adobe Systems Inc., Avaya Inc., Cisco Systems, Inc., Huawei Corporation, IBM Corporation, OpenText Corporation, Oracle Corporation, Qualtrics, SAS Institute Inc., Software AG, TATA Consultancy Service Limited, Tech Mahindra Limited, and Zendesk, Inc.

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Report originally published at Credence Research: https://www.credenceresearch.com/report/customer-experience-management-market

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