The Customer experience management is widely adopted by sectors such Communication Services, BFSI and Consumer goods and Retail markets. According to a recent study report published by the Market Research Future, The global market of Customer experience management is projected to grow at a rapid pace during the forecast period (2017 – 2023). The Market is forecasted to demonstrate a spectacular growth by 2023, the global Customer experience management market is projected to garner approximately USD 18 billion by the end of 2023 with 22% CAGR during forecast period 2017-2023.
The factors contributing to the growth of the customer experience management market are the growing need to meet consumer satisfaction, increasing e-commerce, competitive environment and growing focus towards consumer oriented market. However, choosing the right technology and consistency across various verticals are hindering the growth of the customer experience management market. Adversely, advent multilingual text analytics that break the language barrier and augmentation in industry-specific text analytics applications are the factors fuelling the growth of CEM Market.
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Customer experience management is a range of cross and multi-channel business activities that are executed on an enterprise level to manage business activities across the entire customer lifecycle. In other words, CEM can be defined as a process by which a company tracks the interaction between consumers and the organizations. This process takes place throughout a particular consumer lifecycle. The organization has a customer experience management process to meet consumer requirements and loyalty. Customer experience management requires an extensive strategy to manage customer experiences.
Just in a few years, the territory of customer service and support has changed dramatically for many businesses. With the growth of online and mobile communications and use of social media throughout the customer life cycle (journey), customers increasingly want businesses to respond to them whenever, wherever and however they want to initiate contact. This rapidly changing environment is forcing organizations to evolve their customer experience management processes in general—and contact center capabilities specifically. Not only do organizations feel that they need to aggressively adopt new channels, they also recognize the need to adopt solutions that help them anticipate customer needs and situations and respond as accurately and consistently as possible. In such an environment, more than new technology is required. Companies also recognize the benefits of select changes to their customer-facing processes, as well as employee training and performance measurement. Avaya offers an approach that can ease this burden.
Customer Experience Management Global Market – Competitive Analysis
The CEM market appears to be highly competitive owing to the presence of several large and small key players accounting for a substantial market share. More than half of the market occupied by the major vendors such as IBM Corporation, Adobe Systems Incorporated, Oracle Corporation and Avaya Inc. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Vendors in the market are adopting approach of serving end users through personalized, highly automated interactions and management, including Short Message Service (SMS), e-mail, mobile, video and, of course, voice. This approach allows their clients to extend their reach across the entire research, buying and support cycle regardless of how customers want to interact.
Customer Experience Management Global Market – Segments
The Customer Experience Management Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Touch Point : Comprises Call Centers, Email, Social Media, Website, Company Stores, Mobile, Others.
Segmentation By End Users : Comprises BFSI, Healthcare, Manufacturing, Retail, and Government, IT & Telecommunications, Automotive, Media & Entertainment, Energy and Others.
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Customer Experience Management Key Players-
IBM Corporation (U.S.), SAS Institute Inc. (U.S.), Adobe Systems Incorporated (U.S.), Tech Mahindra Limited (India), Oracle Corporation (U.S.), Open Text Corporation (Canada), Nokia Networks (Finland), Avaya Inc. (U.S.), SDL (U.K.) are some of the prominent players at the forefront of competition in the Global Market of Customer Experience Management and are profiled in MRFR Analysis.
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Customer Experience Management Global Market – Synopsis
Burgeoning demand to manage customer experience throughout the customer journey, need of retaining customers, competitive differentiation, and increasing e-commerce and m-commerce are some of the primary factors that are propelling the market growth of Customer Experience Management Market. Furthermore, augmenting need for call centres across industry verticals to manage customer queries and increasing need to optimize on call center touch point to reduce cost and retain customers is anticipated to propel the market growth of CEM market.
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