Research Nester’s recent market research analysis on “Customer Experience Management Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global customer experience management market in terms of market segmentation by component, deployment, enterprise size, touchpoint, end user, and by region.
Rising Trend of Online Shopping to Promote Global Market Share of Customer Experience Management
The global customer experience management market is estimated to grow majorly on account of the rise in the number of people choosing digital mediums for purchasing goods and services, and the rising use of online mediums for making payments. Over the years, online shopping has grown significantly, there are nearly 3 billion consumers of online shopping platforms, all across the world. Owing to growing e-commerce, the need for customer experience management is also rising. Since it emphasizes on everyone viewing and browsing one's website or product page, from the start of the checkout process through the delivery of the following purchase acknowledgment message in the inbox. Furthermore, even though the option of cash on delivery is available in both and online and offline purchases, many customers prefer to pay through digital money.

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Besides this, the rising use of smartphones and higher engagement on social media is also expected to drive the market growth. Companies must ensure that all areas of the consumer connection are mobile-friendly, from browsing to making purchases to interacting with the brand. It is expected that by 2023, globally around 5 billion people will be using smartphones, it represents around 85% of the total population. Furthermore, in 2021, there were over 3 billion social media users worldwide, with that amount predicted to rise to nearly 5 billion by 2027.
Some of the major growth factors and challenges that are associated with the growth of the global customer experience management market are:
Growth Drivers:
• Rising Use of Online Mediums for Payment
• Increasing Social Media Users
Challenges:
Since the introduction of customer experience, there have not been many new innovations, and there is a risk to data privacy while using it are some of the major factors anticipated to hamper the global market size of customer experience management. For providing great customer care, valuable data mining is required which necessitates access to personal and confidential customer information. This data collected by organizations is at risk of breach or unauthorized access, and it can be misused. Since customers are very concerned about their privacy and security, it can put an organization in a position of losing customers and legal charges. On the other hand, the implementation of customer experience management is quite expensive and can consume lots of time.

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By touchpoint, the global customer experience management market is segmented into call centers, website, mobile application, email, and social media. The call centers segment is expected to create the most revenue by the end of the forecast period, rising at a considerable CAGR. The growth of the segment is on account of owing to higher use of cloud technology, it has become really easy to synchronize call center CRM apps and call center software. Moreover, companies are offering cloud-based CRM solutions for call center technologies. On the other hand, based on deployment the market is further fragmented into cloud and on-premises. Amongst the two, the cloud segment will grow significantly over the forecast period. The increased adoption of cloud computing by a vast number of organizations can be credited to the segment's rise.
By region, the North American customer experience management market is to generate the highest revenue by the end of 2035. This growth of the market in the region is expected on account of increased usage of AI. In 2021, roughly 34% of organizations claimed to be using AI, while another 41% claimed to be researching it globally. As the use of digital channels for engagement grows, companies may employ digital experiences to obtain a greater knowledge of end customers' fundamental desires. The rate of digitalization of infrastructure or business operations is driving the fast adoption of automated CEM systems in North America. Nowadays demanding and well-informed clients expect a growing range of interactive on-demand services.
This report also provides the existing competitive scenario of some of the key players of the global customer experience management market which includes company profiling of Oracle Corporation, Avaya Inc., Nice Ltd., Medallia Inc., Adobe Inc., Open Text Corporation, IBM Corporation, and others.

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