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LONDON, GREATER LONDON , UNITED KINGDOM, October 17, 2024 /EINPresswire.com/ -- The customer experience management market has experienced robust growth in recent years, expanding from $10.97 billion in 2023 to $12.69 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to competitive advantage through cx, focus on customer lifetime value, demand for seamless customer journeys, rise of social media engagement, voice of customer (voc) insights.
What Is The Estimated Market Size Of The Global Customer Experience Management Market And Its Annual Growth Rate?
The customer experience management global market is projected to continue its strong growth, reaching $22.53 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to increasing emphasis on personalization, advanced data analytics and ai integration, rise of omni-channel experiences, real-time engagement strategies. Major trends in the forecast period include integration of feedback loops, emphasis on customer-centric cultures, customer retention and loyalty, focus on customer journey mapping, real-time engagement.
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Growth Driver Of The Customer Experience Management Market
The rising digital transformations across retail and healthcare are expected to propel the market going forward. Digital transformation refers to integrating digital technology throughout all functional areas of an organization, radically transforming how it runs and giving value to its customers. Digital transformation helps to manage customer experience by integrating digital technology into all business sectors and radically changing how businesses operate and provide value to customers.
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Which Market Players Are Steering The Customer Experience Management Market Growth?
Key players in the market include Medallia Inc., Clarabridge, Zendesk Inc., Open Text Corporation, International Business Machines Corporation, Tech Mahindra, Verint Systems Inc., Avaya Inc., Oracle Corporation, SAP SE, Adobe Inc., Teradata Corporation, Sprinklr Inc., InMoment Inc., SAS Institute, Sitecore, NGDATA N.V., Amperity, Mixpanel Inc., Segment.io, ZephyrTel Inc., MindTouch, Freshworks Inc., Genesys Telecommunications Laboratories Inc., Nokia Corporation, Algonomy Inc., Sogolytics Ltd., Startek, Microsoft Corporation, Skyvera.
What Are The Key Trends That Influence Customer Experience Management Market Size?
Technological advancements are the key trend gaining popularity in the market. Major companies operating in the market are innovating new products with advanced technologies to sustain their position in the market.
How Is The Global Customer Experience Management Market Segmented?
1) By Component: Solutions, Services
2) By Touchpoint: Websites, Stores, Call centers, Mobile apps, Social media, Emails, Virtual assistants, Other Touchpoints
3) By Deployment type: On-Premises, Cloud
4) By Organisation Size: Small and Medium Enterprises (SMEs), Large Enterprises
5) By Vertical: IT and Telecom, BFSI, Retail, Healthcare, Automotive, Travel and hospitality, Media and entertainment, Public sector, Other Verticals
Geographical Insights: North America Leading The Customer Experience Management Market
North America was the largest region in the customer experience management market in 2023. The regions covered in the customer experience management global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Customer Experience Management Market Definition
Customer experience management refers to the study of how to better understand customers and implement strategic plans that support cross-functional initiatives and a customer-centric culture. It is used to offer qualitative insights, integrate relationship data throughout the entire customer lifecycle, and prioritize customer experiences.
Customer Experience Management Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global customer experience management market report covering trends, opportunities, strategies, and more
The Customer Experience Management Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on customer experience management market size, customer experience management market drivers and trends, customer experience management market major players, customer experience management competitors' revenues, customer experience management market positioning, and customer experience management market growth across geographies. The customer experience management global market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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