Customer Experience Management Market size to grow by USD 12.55 billion from 2022 to 2027, Increasing focus on customer-centricity among organizations to boost the market, Technavio

NEW YORK, March 6, 2024 /PRNewswire/ -- The customer experience management market is estimated to grow by USD 12,555.32 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 15.23%. The growth momentum will progress during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 42%. The growth in the region is due to the presence of prominent vendors such as  Microsoft Corp. (Microsoft), and Oracle Corp. Furthermore, these companies provide cutting-edge services to local businesses, making the cloud more relevant in developing markets. A variety of regional industries are increasingly adopting customer experience management solutions which are also driving market growth in the region. 

For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) 

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Segment Overview
Technavio has segmented the market based on component (solution and service), deployment (On-premises and cloud), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the solution segment will be significant during the forecast period. These are known as software and technology services that help businesses manage and improve the customer experience. It is widely used in organizations to address various aspects of CEM, allowing organizations to collect customer feedback, analyze data, and execute strategies. In addition, several vendors in the market offer solutions that allow businesses to manage and improve the customer experience. For example, Adobe Experience Cloud offers a full range of CEM solutions. Hence, these factors are expected to drive segment growth during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) 

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The increasing focus on customer-centricity among organizations

Many companies invest in CEM solutions to obtain a deeper understanding of customer needs, preferences, and behaviors. Businesses can uncover insights, collect customer feedback, and analyze data, using CEM tools that help them deliver a personalized and meaningful experience. Additionally, helping companies align their strategies, processes, and resources to meet customer expectations is a key benefit. Hence, the increasing focus on customer-centricity among organizations is expected to drive market growth during the forecast period.

• The growing recent developments are a major trend in the CEM market. 
• Privacy and security concerns associated with CEM solutions are one of the significant challenges restricting market growth. 

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)

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Analyst Review

In the Customer Experience Management (CEM) market, businesses are increasingly turning to AI and analytics to understand customer needs and preferences. Integrated platforms offer comprehensive solutions tailored to smaller businesses' requirements, ensuring data security and robust technology infrastructure. Talent acquisition and ongoing training initiatives drive proficiency in advanced technologies like machine learning and predictive analytics, essential for delivering seamless integration and data-driven insights.

CEM solutions address customer experiences across omnichannel strategies, aligning with evolving consumer expectations and technological advancements. However, challenges arise from dynamic consumer preferences and complex data realities, necessitating adaptable strategies, tools, and platforms to optimize customer touchpoints in digital landscapes.

Data privacy and security compliance are paramount, especially amid rising concerns about breaches jeopardizing customer trust and brand reputation. Yet, such challenges also present opportunities for innovation, fostering market growth through deeper understandings of customer behavior and preferences across diverse brands and organizations.

Effective customer experience strategies rely on clear communication and engaging automation, enhancing service performance through digital technology tools and ongoing digital transformation initiatives. Cloud technology and collaborative work collaboration tools facilitate industry growth by enabling digital engagement models and collaboration platforms powered by smart technologies.

The convergence of AI, machine learning, and the Internet of Things reshapes various sectors, including automakers, where vehicle sensors optimize customer service and bolster market presence. Meanwhile, initiatives like the Digital Transformation Initiative and the World Economic Forum emphasize platform-driven interactions and the burgeoning digitalization economy.

In the realm of social networking platforms like Twitter, Facebook, and LinkedIn, virtual assistants cater to market demand by leveraging artificial intelligence and augmented reality to enhance retail, IT & Telecom, and BFSI sectors' customer experience. Moreover, in industries like retail and healthcare, digital transformation is pivotal for addressing market growth while navigating regulatory compliance and data privacy concerns.

As the CEM market expands, addressing cybercrimes such as data theft necessitates adherence to government regulations like the General Data Protection Regulation and the California Consumer Privacy Act. By overcoming customer experience management industry challenges like market concentration, businesses can capitalize on shifting consumer behavior and sentiments to deliver personalized recommendations and drive market growth. 

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Related Reports:

Customer Relationship Management (CRM) in Healthcare Market is estimated to grow at a CAGR of 8.85% between 2022 and 2027. The market size is forecasted to increase by USD 8.01 billion. Furthermore, this report extensively covers market segmentation by component (software and services), deployment (on-premise model and cloud-based model), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The growing demand for personalized healthcare services and patient engagement solutions is notably driving market growth.

The SaaS customer relationship management (CRM) market is estimated to grow at a CAGR of 13.43% between 2022 and 2027. The size of the market is forecast to increase by USD 59,426.56 million. Furthermore, this report extensively covers market segmentation by end-user (retail, BFSI manufacturing, telecom and it, and others), application (service and support, sales, marketing, and e-commerce), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The focus on customer engagement is notably driving the SaaS customer relationship management market growth. 

Table of Contents

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Website: www.technavio.com

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SOURCE Technavio