Customer Experience Management (CEM/CXM) Market Size Worth USD 34.47 Billion in 2032 | Emergen Research

Vancouver, Feb. 01, 2024 (GLOBE NEWSWIRE) — The global Customer Experience Management (CEM/CXM) market size was USD 10.76 Billion in 2022 and is expected to register a rapid revenue CAGR of 12.3% during the forecast period. Rising deployment of omnichannel CEM solutions to improve customer experience and rapid adoption of Artificial Intelligence (AI) and Augmented Reality (AR) in industries, such as retail, Information Technology (IT) & telecom, Banking, Financial Services, and Insurance, among others, are major factors driving market revenue growth.

Customer Experience Management is centered around ensuring that customers have a favorable encounter at each stage of their interaction with a company. This encompasses delivering exceptional customer service, comprehending customer requirements and preferences, and facilitating effortless customer-business interactions. The Customer Experience Management approach helps organizations to enhance customer understanding, which increases the chances of improving loyal customer base.

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In other words, Customer Experience Management also helps an organization to listen to the opinions, suggestions, and experiences of their customers.  In addition, customers spend more money when they have a positive experience, due to which demand for Customer Experience Management solutions is rising, in turn, driving revenue growth of the market.  Consumers are willing to pay a premium of approximately 13% (and in some cases even up to 18%) for luxury and indulgence services solely based on the quality of their customer experience. A significant 86% of consumers are willing to pay an additional amount for an exceptional customer experience.

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However, lack of innovation and ever-changing customer needs are major factors, which could restrain market revenue growth. Businesses that are entirely focused on serving their consumers’ needs and wants can find it difficult to be creative. Companies can have difficulty coming up with ideas to enhance existing products or develop new ones when they are customer-focused, which results in a lack of innovation. Customers may already know what they want, but businesses should conduct Research & Development (R&D) to come up with concepts that customers would not have thought of on their own. In addition, customer-focused companies must have the resources, such as funding, personnel, and time, to continually meet customer demands as their requirements are constantly changing. Although, this can be difficult for small organizations since it can be expensive and lead to staff fatigue.

Segment Insights

Technologies Insights:

Based on technologies, the global Customer Experience Management market is segmented into customer feedback management, customer journey mapping, customer analytics, personalization, and omnichannel integration. The customer feedback segment is expected to account for largest revenue share in the global CEM/CXM market over the forecast period. This is because customer feedback plays a crucial role in providing businesses with valuable insights into customer satisfaction levels, enabling them to effectively address customer issues, minimize customer churn, and foster a loyal customer base. Occasionally, customers may provide feedback that highlights negative experiences they have encountered, which will give businesses an opportunity to improve their products and operational practices. By utilizing this feedback to make necessary adjustments, businesses can enhance their overall offerings.

In addition, customer feedback serves to identify dissatisfied customers, allowing businesses to engage in constructive dialogue and implement corrective actions. Furthermore, this not only helps resolve specific issues but also provides an opportunity to positively transform the customer relationship, thus driving revenue growth of this segment.  

Deployment Mode Insights:

Based on deployment, the global Customer Experience Management market is segmented into cloud-based and on-premises. The cloud-based is expected to register steadily fast revenue growth rate in the global CEM market over the forecast period. This is attributed to increasing use of cloud to enhance client interactions and overall customer experience. For companies aiming to enhance their customer experience, the cloud offers various benefits, including the capacity to customize interactions, enhance collaboration, enhance customer service, and go through digital transformation. CEM/CXM systems built on the cloud make it simple to gather and examine client data.

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Regional Insights:

Asia Pacific is expected to register fastest market growth rate in the global CEM market over forecast period attributed to evolving regulatory framework in this region. For instance, on 9 November 2021, Swrve enters China to provide global game developers and publishers with its top customer experience platform. Swrve’s customer experience engine is now available to international app studios and publishers through a relationship with China’s MyGamez, a provider of mobile game publishing services.

Europe is expected to account for considerably large share in the global CEM market over the forecast period attributed to rising initiatives by various organizations. For instance, on 8 February 2023, Tata Consultancy Services has announced an expansion of its long-standing collaboration with Phoenix Group, the leading long-term savings and retirements provider in the UK, to use the TCS BaNCS platform to digitally transform the latter’s ReAssure business. Through self-service across channels and analytics, TCS’ solution will assist Phoenix in transforming end-to-end customer care to increase customer happiness and retention.

Scope of Research

Report Details Outcome
Market Size in 2022 USD 10.76 Billion
CAGR (2023–2032) 12.3%
Revenue Forecast To 2032 USD 34.47 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Million and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Component, touchpoint, technologies, deployment mode, organization size, and vertical
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa
Key Companies Profiled Adobe, IBM, Oracle, Avaya LLC, NICE, Nokia, SAP, Open Text Corporation, Tech Mahindra Limited, and Verint systems Inc.
Customization Scope 10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global Customer Experience Management market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective database security. Some major players included in the global Customer Experience Management (CEM/CXM) market report are:

  • Adobe
  • IBM
  • Oracle
  • Avaya LLC
  • NICE
  • Nokia
  • SAP
  • Open Text Corporation
  • Tech Mahindra Limited
  • Verint Systems Inc.

Strategic Development

On 6 June 2023, Q-nomy, a global provider of customer journey management solutions introduced Cubu, its most recent product. Cubu is the most straightforward and user-friendly all-in-one solution available right now, and it was created to improve the customer experience by streamlining the customer journey. From Small and Medium-sized Enterprises (SMEs) to huge enterprise organizations, it is appropriate for all kinds of organizations. Whether a client connection takes place in person, online through video, or through another digital channel, Cubu offers a centralized platform for managing all of those interactions.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global Customer Experience Management market on the basis of component, touchpoint, technologies, deployment mode, organization size, and vertical, and region:

  • Component Outlook (Revenue, USD Billion; 2019–2032)
      • Solutions
        • Omnichannel
        • Machine Learning (ML)
        • Analytics
        • Workforce Optimization
      • Services
        • Professional Services
          • Development and Integration
          • Support and Maintenance
          • Consulting and Training
        • Managed Services
  • Touchpoint Outlook (Revenue, USD Billion; 2019–2032)
    • Online Channels
      • Websites
      • Mobile Apps
      • Social Media
    • Physical Locations
      • Stores
      • Branches
      • Service Centers
    • Contact Centers
      • Phone Calls
      • Email
      • Live Chat
      • SMS/Messaging
    • Self-Service
      • Interactive Voice Response (IVR)
      • Knowledge Bases
      • Chabot
  • Technology Outlook (Revenue, USD Billion; 2019–2032)
    • Customer Feedback Management
      • Surveys
      • Net Promoter Score (NPS)
      • Voice of the Customer (VoC) Analytics
    • Customer Journey Mapping
      • Touchpoint Analysis
      • Customer Behavior Tracking
      • Customer Segmentation
    • Customer Analytics
      • Predictive Analytics
      • Sentiment Analysis
      • Customer Lifetime Value (CLV)
    • Personalization
      • Recommendation Engines
      • Dynamic Content
      • Behavioral Targeting
    • Omnichannel Integration
      • Data Integration
      • Channel Orchestration
      • Unified Customer Profiles
  • Deployment Mode Outlook (Revenue, USD Billion; 2019–2032)
    • On-Premises
    • Cloud-based
  • Organization Size Outlook (Revenue, USD Billion; 2019–2032)
    • SMEs
    • Large Enterprises
  • Vertical Outlook (Revenue, USD Billion; 2019–2032)
    • Banking, Financial Services and Insurance (BFSI)
    • Retail & e-commerce
    • Healthcare & Life Sciences
    • Information Technology (IT) & Information Technology-Enabled Services (ITES)
    • Media & Entertainment
    • Telecom
    • Energy and Utilities
    • Government and Defense
    • Other Verticals
  • Regional Outlook (Revenue, USD Billion, 2019–2032)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • UK
      • France
      • Spain
      • BENELUX
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
    • Latin America
      • Brazil
      • Rest of LATAM
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Rest of Middle East & Africa

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