Customer Experience Management Global Market – Overview
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. 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?GR 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 – 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.
By region, the global customer experience management market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will command the market over the forecast period. Increasing customer expectations, regional growth of the customer experience management, increased adoption of new technological solutions, continuous digital transformation across different industries like banking, retail, and telecom, rising investments & allocation of budgets for digital channels and marketing by the Canadian and US enterprises, the growing consumer preference to share experiences and post reviews across digital media is encouraging enterprises and brands to embark upon a digital transformation and adopt CEM solutions to pursue a customer-centric business model, a dedicated budget being allocated by enterprises in Canada and the US for digital and marketing channels, the presence of key market players, and the rapid adoption of advanced technologies by industries are adding to the global customer experience management market growth in the region.
In the APAC region, the global customer experience management market is predicted to have healthy growth over the forecast period. Increasing competition among major players, growing consumer needs, availability of new technological solutions, growing adoption of technology by consumers in improving the retail shopping experience, on-demand shopping, personalized experience, and growing focus on health and wellness are adding to the global customer experience management market growth in the region. Besides, the growing adoption of modern technologies, the rising adoption of IoT-based devices and sensors, AI-driven advanced analytics tools to deliver customized services to B2B and B2C consumers, the presence of call centers, the growing trend of social media, emphasis on buyer satisfaction and CEM, and increasing implementation by SMEs are also adding market growth.
June 2021- Emplifi has entered customer experience market and unified customer care, commerce, and marketing to smartly address CX through AI.
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