The Customer experience management Market is forecast to reach $17.9 billion by 2025, growing at a CAGR of 15.4% in the period 2020-2025. The Customer experience management market is driven primarily by factors such as the rising use of machine learning, artificial intelligence, cloud computing for having proper communication and establishing a relationship with customers. Additionally, these advanced techniques helps in analyzing the customer needs through monitoring the Customer inclinations, expenditure conduct, purchasing patterns thereby boosting the market growth during the forecast period 2020-2025.
Key Takeaways
- Customer experience management services vertical is witnessing the highest market growth rate in arrears to the adoption of the services including professional, training, support and maintenance, managed services by small and medium scale enterprises during the forecast period 2020-2025.
- Customer experience management market is predominantly deployed in mobile touch point segment owing to increased usage of mobile phones and its rising applications tends to penetrate the market growth during the forecast periods.
- North America region dominated the customer experience management in 2019 due to growth of advanced technologies including artificial intelligence, machine learning, natural language processing, cloud computing and others technologies. Additionally, implementation of these technologies in various fields such as banking, automotive, retail and others thereby boosting the market growth.
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Component - Segment Analysis
The Customer experience management market is segmented into solution and service based on components. Among these, the market for service component is witnessing significant growth during the forecast period 2020-2025 of 18.8% owing to its rising preference among small and medium enterprises. Moreover, in outsourcing the customer experience management solutions customers are assisted via managed services for management of the business efficiently. With managed services, IT service becomes proactive. Customers are provided with regular routine maintenance to prevent downtime. An alert pop up if a system threatens to malfunction, so that the issue can be addressed before downtime occurs. Consequently, managed services aids the end user in reducing their operational costs, increasing their revenue and thus improving their business performance.
Touch point - Segment Analysis
Among the touch point mobile segment is one of the predominant segment on the global Customer experience managements market that accelerates over the forecast period with a CAGR of 19.3%. This is attributable to the growing usage of mobile devices among customers. Moreover effective communication on mobile leads to formation of productive relationship which in turn provides better customer service and thus enhance the market growth.
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Geography - Segment Analysis
North America is the leading region across the world for Customer experience managements. As of 2018, North America region accounted for a major market share of 46.4% in the global Customer experience management market The market in this region is driven primarily by factors such as large scale adoption of artificial intelligence, cloud computing technologies, customer service management solution and services. In September 2019 McDonald’s purchased conversational AI startup apparent. This technology is helpful for complex, multilingual, multi-accent, and multi-item conversational ordering. Consequently, customer experience is improved thus retaining the current customer and bringing the former customer. The APAC region is analyzed to grow at the highest rate of CAGR during the forecast period 2020-2025. This growth is attributed to the increasing rate of digitization. High penetration of advanced technologies in various fields such as banking, automotive, media and entertainment and others propelling the market growth in this region. In 2019 launch of digital banks was announced by Hong Kong Monetary Authority to renew the retail banking experience.
Drivers – Customer experience management Market
- Rise of machine learning and natural language processing(NLP)
Radical communication channel is delivered to the customers via natural language processing (NLP). In addition, responses have become quicker, accurate and condition-based. Consequently, communications have become easier and problem with their solutions can be identified formerly before the customer might actually face it.
- Adoption of cloud based technology
Cloud based technologies boost the market growth owing to accessibility of the cloud-based data anywhere. Moreover, customer behavior with the company is analyzed through the data stored on cloud. Additionally, same data on the cloud is accessible by multiple employees or customer on same time thereby enhancing the market growth.
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Challenges – Customer experience management Market
- Technical skill-related issues
Customer inclinations, expenditure conduct, purchasing patterns needs to be monitored properly for providing better assistance to customers that set a demand for skilled workforce. The availability of technical skills including verbal communication, problem solving skills, monitoring customer needs efficiently through using latest software and technologies is low. Moreover, pay scale of the skilled personnel is high consequently hindering the market growth of small and medium scale enterprise.
Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the market players in the Customer experience management Market. As of 2018, the market for customer experience management is consolidated with the top 10 players accounting for approximately xx% of the market share. The major players in the Customer experience management Market include IBM corporation, SAP, Oracle corporation, Avaya, Medallia, Adobe system incorporation, Nokia networks, Tech Mahindra, Nice systems, 1.9 MaritzCX Research LLC among others.
Partnerships/Product Launches/Acquisition
- In May 2019 a partnership was made between OZ and Mediallia to enrich the customer experience through digital wizardry thereby boosting the market growth. A connection between digital innovation and its effect on the customer experience is shaped through this partnership.
- In January 2020 a covenant was formed to procure Maihiro via Accenture. The acquisition is beneficial for Accenture to generate solutions for customers which consecutively drive the market and customer experiences.
- In October 2019 an acquisition was formed to procure Cloud Cherry via Cisco. The acquisition was beneficial for companies to enhance their business by transforming their contact centers and moving from individual encounters with clients to coherent, engaging experiences thereby boosting the market growth.
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