Global Customer Experience Management (CEM) Market Size/Share Projected to Reach USD 48.56 Billion By 2032, With 15.6% CAGR: Polaris Market Research

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New York, NY, March 17, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a new research report titled “Customer Experience Management Market Share, Size, Trends, Industry Analysis Report, By Analytical Tools (EFM Software, Speech Analytics, Text Analytics, Web Analytics & Content Management, and Others); By Touch Point; By Deployment; By End Use; By Region; Segment Forecast, 2023-2032” in its research database.

According to the research report, the global customer experience management market size & share was valued at USD 11.43 Billion in 2022 and is expected to reach USD 48.56 Billion By 2032, growing at a CAGR of 15.6% during the forecast period.

What is Customer Experience Management (CEM)? How Big is Customer Experience Management (CEM) Market Size & Share?

Customer experience management is the collection of processes a company uses to track, oversee and organize every interaction between a customer and the organization throughout the customer lifecycle. The rapidly rising demand for the customer experience management market can be attributed to the fact that it is a brand contributing to customer perceptions and sales. It can be both positive when done well and some negatives when some elements are left unattended.

The market growth can be attributed to the mounting importance of understanding customer behavior and their preferences which drives various brands and organizations to implement customer experience strategies such as regularly communicating and engaging with customers, developing a long-term program, and utilizing automation to provide the best service performance to customers in real-time.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Requests.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes Updated List of tables & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Are:

• Adobe
• Avaya Inc.
• Genesys
• International Business Machines Corporation
• Nice
• Verint Systems
• Sprinklr
• Medallia Inc.
• Open Text Corporation
• Oracle
• SAP SE
• SAS Institute Inc.
• Nokia
• IBM
• Tech Mahindra Limited

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Key data covered in the market report

Key factors driving market growth

• The rapid proliferation of smart technologies to push the market

The market is witnessed to experience an increasing share of work delivered through digital engagement models based on collaboration platforms and tools. The customer experience management market size is expanding due to the rapid proliferation of smart technologies such as machine learning, artificial intelligence, and the Internet of Things, which has declined the cost of computing and storage power. For instance, automakers are using AI and analytics to understand what people do in their cars and also help automakers to provide maintenance services within vehicle sensors that can tell when a customer needs any type of service.

The continued digital transformation across various industries is prompting industry incumbents to replace the existing array of a myriad of solutions required to create, manage, and enhance the digital presence with a unified solution that can serve all purposes. Customer experience management market sales are soaring due to the digital transformation initiative of the World Economic Forum expects platform-driven interactions to be accounting for almost 2/3^rd of the USD 100 trillion digitalization economy by 2025. As such, the continued integration of artificial intelligence and machine learning into CEM solutions is expected to drive the growth of the market.

Recent trends influencing the market

• Increasing awareness of social platforms in bringing change in customer behavior to drive the market

Understanding customer behavior is essential for businesses of all sizes, given that the general public frequently spends quality time on various social networking platforms such as Twitter, Facebook, Pinterest, LinkedIn, and Snapchat, among others. Organizations have recognized that social networking platforms can provide a great opportunity to gauge changes in customer behavior and the way customers interpret information about products and services.

As more people turn to the internet for online shopping, the business-to-consumer market is expanding rapidly. Healthcare and information technology, and telecommunications are likely to see growth opportunities. As the demand for medicinal products and medicines has grown exponentially, effective and efficient change management has become increasingly important in the life sciences industry.

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Segmentation assessment

• The web analytics and content management segment is expected to grow at a high CAGR

Based on analytical tools, the web analytics and content management segment is expected to grow at a high CAGR. Large-scale unstructured text is automatically translated into quantitative data using text analytics to find patterns, trends, and insights. Customer experience management market demand is on the rise as the overall segment has been influenced by the rising need for social media analytics and the requirement to categorize consumer interactions or Voice of the Customer across numerous digital touchpoints.

• The call center segment accounted for the highest market share

Based on touchpoint type, the call center segment accounted for the highest market share. Customer experience management market trends include the growing adoption of cutting-edge contact center technologies, the expanding use of cloud-based and virtual contact center solutions, the growing significance of social media in contact center operations, and the streamlining of customer interactions to increase customer satisfaction.

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Customer Experience Management Market: Report Scope

Geographic Overview

• Increasing investments in digital marketing platforms to propel the North American market

North America held the largest customer experience management market share due to increasing investments in R&D initiatives and a thriving start-up ecosystem. The US is also a pioneer in adopting cutting-edge technology such as cloud computing, big data analytics, and artificial intelligence. The expansion of the regional market is further facilitated by the US and Canadian organizations’ increasing investment in digital marketing platforms.

Asia Pacific is expected to be the fastest-growing global market during the forecast period. A large subscriber base for the businesses has been produced by the region’s massive population. Due to rising internet penetration and pre-user online consumption, organizations are improving their customer experience management services through digital touchpoints such as social media, websites, emails, virtual assistants, and contact centers.

Browse the Detail Report “Customer Experience Management Market Share, Size, Trends, Industry Analysis Report, By Analytical Tools (EFM Software, Speech Analytics, Text Analytics, Web Analytics & Content Management, and Others); By Touch Point; By Deployment; By End Use; By Region; Segment Forecast, 2023-2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/customer-experience-management-market           

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Recent Developments

• In January 2023, Alchemer, recently announced the acquisition of the Apptentive, which will allow customers access to survey & workflow features across different communication channels and platforms such as Salesforce, Microsoft Teams, & Slack.
• In January 2023, Eagle Hill Consulting and Medallia teamed up to offer cutting-edge employee and customer experience services to consumers. The alliance combines Medallia’s proprietary AI technology and advanced employee and customer experience technology solutions with Eagle Hill’s human-centered design services and best-in-class employee experience methods.

Polaris Market Research has segmented the customer experience management market report according to analytical tools, touch point type, deployment, end-use, and region:

By Analytical Tools Outlook

• EFM Software
• Speech Analytics
• Text Analytics
• Web Analytics & Content Management
• Others

By Touch Point Type Outlook

• Stores/Branches
• Call Centers
• Social Media Platform
• Email
• Mobile
• Web Services
• Others

By Deployment Outlook

• Cloud
• On-premise

By End Use Outlook

• BFSI
• Retail
• Healthcare
• IT & Telecom
• Manufacturing
• Government, Energy & Utilities
• Construction, Real Estate & Property Management
• Service Business
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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