DUBLIN, Aug. 14, 2020 /PRNewswire/ — The “Customer Experience Management Market by Component (Solutions, Services) Touchpoint, Deployment Type, Organization Size, Vertical (IT and Telecom, BFSI, Retail, Healthcare, Media and Entertainment), and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global customer experience management market is projected to grow from USD 8,556 million in 2020 to USD 14,954 million by 2025, at a CAGR of 11.8%, from 2020 to 2025.
Increasing necessity to improve customer engagement and reduce customer churn rate due to growing competition to drive the market for customer experience management
The increasing need for improving customer engagement and reducing customer churn rates due to growing competition has led organizations to deploy advanced customer experience solutions. However, Difficulty in getting consistent CX feedback through all channels, and data security and privacy concerns are considered to pose challenges to the growth of the customer experience management market.
By component, the solutions segment to account for a larger market share during the forecast period
Based on component, the solutions segment is expected to hold a larger market share than the services segment during the forecast period. Organizations are deploying customer experience management solutions to empower customers with highly connected personalized experiences across a wide range of websites, stores, call centers, mobile apps, social media, emails, virtual assistants, and other touchpoints. Customer queries are also expected to be resolved through automatic response processes, through solutions wherein the customers receive real-time feedback of the queries.
By services, the managed services segment to account for a larger market share during the forecast period
Based on services, the managed services segment is expected to hold a larger market size than the professional services segment during the forecast period due to the growing demand for the management of customer experience management operations on-premises as well as on the cloud. The prime responsibility of the managed service providers is to improve the efficiency of inbound and outbound operations cost-effectively for enterprises.
Among regions, APAC to grow at the highest CAGR during the forecast period
The market in APAC is projected to grow at the highest CAGR during the forecast period, due to the widespread adoption of emerging technologies, such as cloud computing, AI, and analytics. The presence of growing economies such as China and India which are rapidly implementing the latest technologies has also contributed to the growth of the customer experience management market in the region.
Key Topics Covered
1 Introduction
1.1 Introduction to COVID-19
1.2 COVID-19 Health Assessment
1.3 COVID-19 Economic Assessment
1.4 Objectives of the Study
1.5 Market Definition
1.6 Market Scope
1.7 Currency
1.8 Stakeholders
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Customer Experience Management Market
4.2 Asia-Pacific Market, by Component and Country
4.3 Market: Major Countries
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Need for Better Understanding Customers Increasing the Demand for CEM Solutions
5.2.1.2 Customer-Related Scores Helping Organizations to Plan Better Customer Engagement Strategy
5.2.1.3 CEM Solutions Help in Reducing Customer Churn Rates
5.2.1.4 CEM Solutions Help in Keeping Customer Engagement Through Omnichannel
5.2.2 Restraints
5.2.2.1 Data Synchronization Complexities
5.2.3 Opportunities
5.2.3.1 Need for Insights to Predict Customer Intents
5.2.3.2 Information Extracted from CEM Solutions Can Be Used to Make Optimal CX Strategy
5.2.4 Challenges
5.2.4.1 Difficulty in Getting Consistent CX Feedback Through All Channels
5.2.4.2 Difficulty in Synchronizing CX Data Collected from Different Touchpoints Within Different Domains
5.2.4.3 Data Security and Privacy Issues
5.3 COVID-19 Pandemic-Driven Market Dynamics and Factor Analysis
5.3.1 Drivers and Opportunities
5.3.2 Restraints and Challenges
5.4 Industry Trends
5.4.1 Use Cases
5.4.1.1 Use Case 1: Icici Bank Transforms Its CX With Genesys
5.4.1.2 Use Case 2: Safaricom Uses Nokia Customer Experience Management on Demand
5.4.1.3 Use Case 3: Schwan’s Company Uses Oracle Cross-Channel Marketing
5.4.1.4 Use Case 4: Opentext and Livesite’s Solutions Help in Delivering Information According to Its Members’ Need
6 Customer Experience Management Market, by Component
6.1 Introduction
6.2 Solutions
6.3 Services
7 Customer Experience Management Market, by Touchpoint
7.1 Introduction
7.2 Website
7.3 Store
7.4 Call Center
7.5 Mobile App
7.6 Social Media
7.7 Email
7.8 Virtual Assistant
7.9 Others
8 Customer Experience Management Market, by Deployment Type
8.1 Introduction
8.2 On-Premises
8.3 Cloud
9 Customer Experience Management Market, by Organization Size
9.1 Introduction
9.2 Large Enterprises
9.3 Small and Medium-Sized Enterprises
10 Customer Experience Management Market, by Vertical
10.1 Introduction
10.2 IT and Telecom
10.3 BFSI
10.4 Retail
10.5 Healthcare
10.6 Automotive
10.7 Travel & Hospitality
10.8 Media & Entertainment
10.9 Public Sector
10.10 Others
11 Customer Experience Management Market, by Region
11.1 Introduction
11.2 North America
11.3 Europe
11.4 Asia-Pacific
11.5 Middle East & Africa
11.6 Latin America
12 Competitive Landscape
12.1 Competitive Leadership Mapping
12.1.1 Visionary Leaders
12.1.2 Innovators
12.1.3 Dynamic Differentiators
12.1.4 Emerging Companies
12.2 Strength of Product Portfolio
12.3 Business Strategy Excellence
12.4 Competitive Leadership Mapping (Start-Up/SMEs)
12.4.1 Progressive Companies
12.4.2 Starting Blocks
12.4.3 Responsive Companies
12.4.4 Dynamic Companies
12.5 Market Ranking for the Market, 2020
13 Company Profiles
13.1 Adobe
13.2 IBM
13.3 Oracle
13.4 Avaya
13.5 Nice
13.6 Nokia
13.7 SAP
13.8 Opentext
13.9 Tech Mahindra
13.10 Verint Systems
13.11 Zendesk
13.12 SDL
13.13 Teradata
13.14 Sprinklr
13.15 Medallia
13.16 Inmoment
13.17 SAS Institute
13.18 Clarabridge
13.19 Sitecore
13.20 NGdata
13.21 Amperity
13.22 Manthan
13.23 Mixpanel
13.24 Segment.io
13.25 Zephyrtel
13.26 Mindtouch
For more information about this report visit https://www.researchandmarkets.com/r/4t13cy
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