Customer Experience Management Market by Offering, Touchpoints, Deployment, Industry

Description

List of Tables

[194 Pages Report] The Customer Experience Management Market size was estimated at USD 11.59 billion in 2023 and expected to reach USD 12.93 billion in 2024, at a CAGR 11.84% to reach USD 25.38 billion by 2030.

Customer experience management is a sophisticated strategy that businesses implement with a primary focus on the needs and perspectives of their customers. It revolves around ensuring a seamless and superior experience for the customers at every single touch-point. Customer experience management allows businesses to analyze, track, and optimize all customer interactions to help foster stronger relationships, boost customer satisfaction, and drive customer loyalty. The growing focus of business organizations on retaining their customers and the ever-increasing need for effective customer accessibility throughout the customer journey is driving market growth. Moreover, enhanced customer experience across multiple channels drives customer engagement and satisfaction, ultimately improving customer loyalty and brand perception and fueling market growth. Choosing the proper mix of technology and consistency for personnel, data privacy concerns, and the need for more skilled personnel present significant hurdles for the proliferation of the market. Integrating advanced technologies in customer experience management offers compelling opportunities for businesses to enhance their customer experience management and, ultimately, achieve higher customer satisfaction and business growth. Increasing trend of creating empathetic and human-centric interactions is expected to be a dominant trend in the pursuit of exceptional customer experiences.

KEY MARKET STATISTICS
Base Year [2023]	USD 11.59 billion
Estimated Year [2024]	USD 12.93 billion
Forecast Year [2030]	USD 25.38 billion
CAGR (%)	11.84%

Offering: Significant demand for omnichannel customer experience management for consistency in providing customer experiences

Services encompass the wide range of assistance provided to customers. It could be support services or after-sale services. Effectiveness can be measured by assessing customer satisfaction and loyalty over time. Services in the customer experience management include managed services and professional services. Managed services refer to third-party services that an organization outsources for business operational efficiency. The effectiveness of managed services can be determined by comparing cost-saving, enhanced functionality, and scalability. Professional services encapsulate specialized services involving a high degree of expertise. They can be evaluated through the quality of work, the experience of professionals, and the improved functionality they provide.

Solution refers to a comprehensive package of multiple products and services designed to fulfill customers' specific needs. The efficiency of solutions can be measured by comparing customer satisfaction levels and the retention rate of the solution. Analytics encompasses the systematic computational analysis of data. Analysis in customer experience management involves understanding customer behavior, preferences, and trends to boost customer engagement and loyalty. Machine learning (ML) implies using artificial intelligence (AI) to allow systems to learn and adapt without being explicitly programmed. ML in customer experience management can be assessed by comparing the accuracy of predictive capabilities and the level of personalized customer experiences. Omnichannel is a seamless, integrated, consistent customer interaction model across multiple channels. The efficiency of an omnichannel strategy can be gauged with customer satisfaction across different touchpoints and the consistency in providing customer experiences. Work Optimization signifies methods and strategies used to improve business processes and performance. This can be analyzed by comparing work efficiency improvements, service delivery quality, and overall consistency. Evaluation of these elements in customer experience management allows an organization to gain an overview of how each function contributes to customer satisfaction and, thus, work towards offering superior customer experiences.

Touchpoints: Growing popularity of social media platform for brand engagement and real-time feedback

Physical store locations remain crucial as they directly represent a brand. Customers anticipate a personalized, hassle-free experience with knowledgeable staff and minimal wait times. Implementing digital elements such as interactive kiosks and ensuring a seamless omnichannel experience can greatly enhance customer satisfaction. Call centers are often the first line of support for customer inquiries and issues. Quick response times, courteous and skilled representatives, and efficient problem resolution are vital. Recording calls for quality guarantee and training purposes helps maintain a high standard of service. A user-friendly, informative, and visually appealing website significantly impacts customer perception. Ease of navigation and accessibility and providing comprehensive product/service information, including FAQs, contribute to a positive experience. Email communication is a direct channel to engage customers with personalized content, and effective emails should be well-crafted with a clear call to action. Mobile apps provide a streamlined, user-friendly interface with added convenience, such as in-app purchases, support, and account management. Push notifications are a powerful tool for real-time updates but should be used judiciously to prevent user fatigue. App performance and security are also critical to maintaining trust. Product reviews on the company website and third-party platforms serve as social proof and impact buying decisions. Monitoring these and actively engaging with customers by thanking them for positive feedback or addressing negative comments shows commitment to customer satisfaction and encourages trust and loyalty. Social media platforms are for marketing and where customers expect to engage with brands. Timely responses and consistent and authentic content that resonates with the audience foster community and a strong brand image. Monitoring conversations and sentiments about the brand is essential for reputation management. Virtual assistants or chatbots on various platforms provide instant assistance and efficiently handle routine inquiries. They should be programmed to manage complex queries by guiding customers to a human representative when necessary, offering convenience without compromising personalized support. Third-party websites, including review sites, forums, and blogs, can influence customer opinions and decision-making processes. These require active monitoring and engagement to manage a brand's reputation. Responding to reviews and discussions can demonstrate a brand's dedication to customer experience.

Deployment: Large enterprise are lean towards on-premises deployment owing to ata security concerns, and special software requirements

On-Cloud deployment is the hosting of an application on a cloud-based web server. Its scalability, cost-effectiveness, and flexibility have gained widespread popularity. It enables instant updates, ensuring your customer experience management strategies align with up-to-the-minute advancements. On-premises deployment is the installation and running of software on in-house servers. This strategy offers a higher degree of control, especially concerning data security. Businesses can oversee and directly manage their security measures, reducing the risk of data breaches. Moreover, on-premises deployment allows for extensive customization. While opting for either on-cloud or on-premises deployment, it's imperative to consider factors such as your organization's size, budget, data security needs, and customization demands. On-cloud deployment might be convenient for small and medium enterprises with limited IT resources and budgets. Conversely, large companies with substantial IT infrastructure, data security concerns, and special software requirements might lean towards on-premises deployment.

Industry: Rising Utilization of customer experience management in the BFSI sector to effectively meet customer expectation

The aerospace & defense industry is navigating through a phase of digital transformation, integrating advanced technologies such as artificial intelligence and machine learning to enhance customer experience. The focus is improving safety, reducing operational costs, and providing personalized services. Customer experience management in automotive and transportation is now centered around digital services, in-vehicle connectivity, and seamless transportation solutions. Providing exceptional post-purchase support and creating interactive platforms for user feedback is crucial to success. Banking, financial services, and insurance firms leverage data analytics to comprehend customer behavior and preferences to offer tailored services. Innovative technologies such as blockchain and fintech solutions also reshape customer interactions and trust. Building, construction, and real Estate industry customers expect transparent transactions, high-quality projects, and sustainable building practices. Providers focus on using virtual reality to enhance property viewing experiences and implementing smart home technology to attract modern consumers. Effective customer relationship management is pivotal for referrals and repeat business. Consumers demand a seamless omnichannel shopping experience, personalization, and responsive customer service. Retailers are utilizing customer data to curate personalized shopping experiences and loyalty programs. Integrating e-commerce, brick-and-mortar, and social media platforms is essential for a holistic customer journey. Education is transforming with digital learning platforms and customized educational content. Institutions and edtech companies are now required to ensure user-friendly interfaces, tailored learning experiences, and robust support systems for students and educators to manage the learning process effectively. In energy and utilities, there is a shift towards sustainable practices and renewable energy sources. Companies invest in smart grids, IoT devices, and customer portals to facilitate real-time service updates, energy management, and responsive customer service.

Customer experience in the government and public sector is pivotal for citizen engagement and satisfaction. Governments are adopting digital platforms to provide transparent, accessible services and information. The healthcare and life sciences industry focuses on patient-centric care and leveraging telemedicine, wearable devices, and electronic health records to enhance patient experiences. Providers seek to improve patient outcomes and engagement through integrated care models and personalized healthcare services. Customer experience in IT and telecommunication is driven by high speed, reliability, and innovative services. Adopting 5G, IoT, and cloud services demands proactive customer support and service assurances. Telecom companies increasingly use AI chatbots and data analytics to predict consumer needs and offer proactive solutions. The manufacturing industry is adopting smart factory concepts and Industry 4.0 technologies to enhance production efficiency and product quality. Experience management involves creating transparent supply chains, responsive customer service, and leveraging data to anticipate market trends and customer requirements. The media and entertainment sector thrives on content personalization and platform optimization. Streaming services are harnessing big data to recommend customized content, while venues are improving attendee experiences through app-based interactions and enhanced facilities. Societal impact and digital presence are crucial in this industry. Travel and hospitality centers on creating memorable experiences for guests. Personalization, exceptional service, and responsive feedback systems are critical. Businesses leverage mobile apps for check-ins, information dissemination, and tailor-made travel itineraries to ensure customer delight and loyalty.

Regional Insights

In the Americas, the demand for customer experience management solutions is growing rapidly with increasing customer expectations, digital transformations, and the need for effective customer relationship management strategies. North America, in particular, heavily dominates the customer experience management market due to the extensive presence of established IT & telecom giants fostered by a technologically advanced environment. The embracement of customer-centric approaches and prioritization of customer loyalty drives a steady demand for customer experience management tools in this region. The EMEA region shows significant promise with a growing demand. Europe spearheads this surge, backed by stringent EU regulations around customer data protection. The GDPR mandate has made CEM tools necessary, facilitating personalized customer experience while ensuring data privacy. Though presently at a nascent stage, the Middle East and Africa are witnessing increased digital transformation, leading to an expanding market potential for customer experience management solutions. The Asia-Pacific region has immense demand for customer experience management solutions owing to rapid urbanization, growing digital literacy, and massive e-commerce growth, which significantly contribute to this demand. Countries such as India and China with their enormous consumer bases and growing urban middle class, present unprecedented opportunities for Customer Experience Management expansion.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Customer Experience Management Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Customer Experience Management Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Customer Experience Management Market, highlighting leading vendors and their innovative profiles. These include Adobe Inc., Avaya LLC, Cisco Systems, Inc., Concentrix Corporation, Conduent, Inc., HCL Technologies Limited, Infosys Limited, InMoment, Inc., International Business Machines Corporation, Medallia, Inc., Microsoft Corporation, NICE Ltd., Open Text Corporation, Oracle Corporation, Qualtrics, LLC, Salesforce, Inc., SAP SE, SAS Institute Inc., Tata Consultancy Services Limited, Tech Mahindra Limited, Tredence Analytics Solutions Pvt. Ltd, Verint Systems Inc., Wipro Limited, Zendesk Inc., and Zoho Corporation Pvt. Ltd..

Market Segmentation & Coverage

This research report categorizes the Customer Experience Management Market to forecast the revenues and analyze trends in each of the following sub-markets:

Offering
- Services
  - Managed Services
  - Professional Services

Solution
- Analytics
- Machine Learning
- Omnichannel
- Work Optimization

Touchpoints
- Branch/Store
- Call Center
- Company Website
- Email
- Mobile Apps
- Product Review
- Social Media
- Virtual Assistant
- Websites

Deployment
- On-Cloud
- On-Premises

Industry
- Aerospace & Defense
- Automotive & Transportation
- Banking, Financial Services & Insurance
- Building, Construction & Real Estate
- Consumer Goods & Retail
- Education
- Energy & Utilities
- Government & Public Sector
- Healthcare & Life Sciences
- IT & Telecommunication
- Manufacturing
- Media & Entertainment
- Travel & Hospitality

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Customer Experience Management Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Customer Experience Management Market?

3. What are the technology trends and regulatory frameworks in the Customer Experience Management Market?

4. What is the market share of the leading vendors in the Customer Experience Management Market?

5. Which modes and strategic moves are suitable for entering the Customer Experience Management Market?

Product Code: MRR-437896AA3A4A

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing focus of business organizations on retaining their customers
  - 5.1.1.2. Enhanced customers experience across multiple channels
  - 5.1.1.3. Increasing need for effective customer accessibility throughout the customer journey
- 5.1.2. Restraints
  - 5.1.2.1. Choosing the proper mix of technology and consistency for personnel
- 5.1.3. Opportunities
  - 5.1.3.1. Integration of advanced technologies in the customer experience management
  - 5.1.3.2. Increasing trend of creating empathetic and human-centric interactions
- 5.1.4. Challenges
  - 5.1.4.1. Data privacy concern and lack of skilled personnel
5.2. Market Segmentation Analysis
- 5.2.1. Offering: Significant demand for omnichannel customer experience management for consistency in providing customer experiences
- 5.2.2. Touchpoints: Growing popularity of social media platform for brand engagement and real-time feedback
- 5.2.3. Deployment: Large enterprise are lean towards on-premises deployment owing to ata security concerns, and special software requirements
- 5.2.4. Industry: Rising Utilization of customer experience management in the BFSI sector to effectively meet customer expectation
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Customer Experience Management Market, by Offering

6.1. Introduction
6.2. Services
6.3. Solution

7. Customer Experience Management Market, by Touchpoints

7.1. Introduction
7.2. Branch/Store
7.3. Call Center
7.4. Company Website
7.5. Email
7.6. Mobile Apps
7.7. Product Review
7.8. Social Media
7.9. Virtual Assistant
7.10. Websites

8. Customer Experience Management Market, by Deployment

8.1. Introduction
8.2. On-Cloud
8.3. On-Premises

9. Customer Experience Management Market, by Industry

9.1. Introduction
9.2. Aerospace & Defense
9.3. Automotive & Transportation
9.4. Banking, Financial Services & Insurance
9.5. Building, Construction & Real Estate
9.6. Consumer Goods & Retail
9.7. Education
9.8. Energy & Utilities
9.9. Government & Public Sector
9.10. Healthcare & Life Sciences
9.11. IT & Telecommunication
9.12. Manufacturing
9.13. Media & Entertainment
9.14. Travel & Hospitality

10. Americas Customer Experience Management Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Customer Experience Management Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Customer Experience Management Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Genesys and Salesforce Launch AI-Powered Customer Experience and Relationship Management Solution
- 13.3.2. ResultsCX Expands European Operations with the Acquisition of Zevas, an Irish Customer Experience Management (CXM) Company
- 13.3.3. SpiceJet partners with CleverTap to enhance customer experience
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio