The global customer experience management market size is estimated to reach ~USD 64.14 Billion by the end of 2035 by growing at a CAGR of ~15.30% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of customer experience management market was ~USD 11.62 Billion. The growth of the market can be attributed to growing demand for online business channel. Online purchases have increased significantly from a few years ago to over 3 billion consumers now worldwide. Therefore, the need for customer experience management is necessary. Customer experience management in e-commerce focuses on the online journey that anyone visiting and navigating one’s website or product page has, from the very beginning of the checkout process through the receipt of the post-purchase confirmation email in the inbox.
Moreover, the availability of discount on products is another major factors boosting online purchase and also plays a small role in customer experience management. Discounted prices, however, could only secure a transaction once; superior customer service encourages repeat business. Additionally, in terms of customer experience, artificial intelligence is starting to make a major splash. Most marketers are investing into AI to create high-quality consumer experiences, from chatbots that are powered by AI to predictive analytics and data-driven personalization. For instance, Microsoft Corp. is in negotiations to invest up to USD 9 billion in OpenAI, the company behind the popular ChatGPT AI bot.
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~15.30% |
|
Base Year Market Size (2022) |
~ USD 11.62 Billion |
|
Forecast Year Market Size (2035) |
~ USD 64.14 Billion |
|
Regional Scope |
|
Growth Drivers
By 2023, there are projected to be about 5 billion smartphone users worldwide, or approximately 85% of the world's population. With the rise in adoption of smartphones the demand for online shopping is also estimated to boost. As a result, businesses are expected to make sure that all aspects of the customer relationship – from browsing to making purchases to interacting with the brand – are mobile-friendly. Hence this factor is estimated to boost the growth of the market over the forecast period.
Utilization of social media ranks among the most popular online activities. Globally, there were over 3 billion social media users in 2021, and that figure is expected to reach around 5 billion by 2027. Social media offers an opportunity for consumers to gain knowledge regarding the brand, express their views, offer feedback and express concern. Hence social media plays an important role in customer experience management as it allows business to make changes according to customer expectations in order to satisfy.
Globally, two-thirds of adults currently send or receive digital payments, with developing economies accounting for an increasing share from 35% in 2014 to 57% in 2021.
The success of a business is greatly impacted by the packaging used for eCommerce. Since packaging is sometimes the first physical touch a customer has with a brand, about 50% of consumers worldwide stated they are more inclined to make another purchase from the same business if the packaging meets their expectations.
About 98% of customers read reviews before making a purchase online in 2021 worldwide. Online reviews offer a chance to find out what buyers actually think about the company and the entire purchasing process. Many businesses send surveys to their consumers in order to get feedback, however online reviews typically gather more diverse data from a wider spectrum of customers.
Challenges
Global Customer Experience Management Market Segmentation
The global customer experience management market is segmented and analyzed for demand and supply by deployment into cloud and on-premises. Out of which, the cloud segment is anticipated to garner the highest revenue by the end of 2035. The growth of the segment can be attributed to growing adoption of cloud by large number of organization. Around the world, about 79% of businesses use multiple public or private clouds. The goal of every organization is to satisfy customer by analyzing their experience. Hence the demand for cloud is growing. The cloud is the ideal management tool for customer experience. It offers a safe, centralized area for managing client data and conducting customer interactions. This makes it simple to monitor consumer behavior over time, spot trends, and come to wiser conclusions regarding the goods and services to provide them. Businesses could also use it to understand how they are doing in comparison to their rivals. Also, the cloud has capabilities that enhance client interactions further enhancing the overall customer experience.
The global customer experience management market is also segmented and analyzed for demand and supply by touchpoint into call center, website, mobile application, email, and social media. Amongst which, the call center segment is anticipated to have a significant growth over the forecast period. Consumers have high standards for the services they receive. People want their problems resolved swiftly and effectively. Hence, call - center customer relationship management (CRM) is a kind of software that call center representatives use to improve customer satisfaction and boost productivity. Customer records, such as account details and contact histories, are stored in call center CRM systems. They could be seen as a case management tool since they store history. Agents use the data in CRM systems to analyses a customer's relationship with the company in order to personalize customer conversations. Moreover, integration between call center CRM applications and call center software has become simpler than it formerly was as a result of the widespread use of cloud technologies. Businesses are providing call center technology with cloud-based CRM solutions that integrate quickly and painlessly. Hence, this factor is estimated to boost the growth of the segment.
Our in-depth analysis of the global customer experience management market includes the following segments:
|
By Component |
|
|
By Deployment |
|
|
By Enterprise Size |
|
|
By Touchpoint |
|
|
By End User |
|
Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.
Customize this Report
The market share of customer experience management in North America, amongst the market in all the other regions, is projected to have the highest growth by the end of 2035, backed by growing adoption of AI, along with need to solve problem of customers in real time. In 2021, about 34% of businesses claimed to be utilizing AI, and another approximately 41% claimed to be investigating it worldwide. A number of significant IT businesses with their headquarters in the United States are driving AI development. With tech behemoths including Google, Facebook, and Microsoft leading the way in AI-driven research, the United States has unquestionably emerged as the key hub for the development of artificial intelligence. Additionally, the rapid adoption of automated CEM systems in North America is being driven by the pace of digitalization of infrastructure or business processes. Companies may utilize digital experiences to gain a deeper understanding of end users' fundamental demands as the use of digital channels for engagement rises. A growing number of interactive services are now required on demand by today's demanding and knowledgeable customers. As a result, businesses in this region ought to employ CEM solutions that ensure dependable services.
The Asia Pacific customer experience management market is estimated to be the second largest, to have the highest growth over the forecast period. The growth of the market in this region can be attributed to growing adoption of e-commerce. Moreover, Indonesia, the Philippines, Malaysia, and Thailand are a few of the prominent nations in this region with high e-commerce adoption. Also, online transactions are still rising in these and other bordering nations. The key driver of this expansion is the rise in APAC consumers' use of internet platforms. Integrated retail experiences, often referred to as hybrid shopping experiences, are becoming more and more popular in this region. However, consumers still value the in-store experience as much as they do the ease of online shopping. Hence, in order to keep them well satisfied the demand for customer experience management is increasing in this region.
Additionally, the market in Europe region is also estimated to have a significant growth over the forecast period. The consumer experience is being enhanced by the increasing use of artificial intelligence (AI) in industries such as retail, IT & telecom, automotive, and healthcare in this region. By incorporating AI and machine learning into customer experience solutions, the European businesses are studying potential customer behavior. These AI- and predictive analytics-powered tools assist businesses in deriving valuable insights from customer data. As a result, businesses in Europe region are placing more and more emphasis on incorporating cutting-edge technologies.
When money mules steal money from financial institutions, traditional payments monitoring systems frequently fail to notice their activities. In order to solve this issue, NICE Actimize, a NICE Ltd. company, unveiled its first cloud-based Money Mule Defense Solution, which is intended to identify, look into, and stop mule account activity throughout the entire customer lifecycle for both current and new accounts. The goal of this approach is to locate money mules who may be directly or indirectly participating in erroneous financial transactions or who may be unaware of fraudulent activity.
KDDI, K.K. began rolling out "Cloud Calling for Genesys Cloud CX" on October 31, according to Genesys Cloud Services, Inc., a pioneer in customer experience orchestration on the worldwide cloud. An integration with the all-in-one cloud contact centre platform Genesys Cloud CX powers this cloud-based phone system service.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving the growth of the market are growing adoption of smartphones, rise in social media user, surge in online payment, and others.
Ans: The market size of customer experience management is anticipated to attain a CAGR of ~15.30% over the forecast period, i.e., 2023 – 2035.
Ans: Lack of innovation, data privacy concern, and costly & time-consuming implementation are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The market size of customer experience management is anticipated to attain a CAGR of ~15.30% over the forecast period, i.e., 2023 – 2035.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by component, deployment, enterprise size, touchpoint, end user and by region.
Ans: The call center segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?