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The global Customer experience management Market size to grow from USD 9.5 Billion in 2021 to USD 16.9 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 12.3% during the forecast period. The major driving factors for the market include increasing need to improve customer engagement and reduce customer churn rates, need for better understanding customers, and use of customer-related scores to plan better customer engagement strategy.

The services to record a higher growth rate during the forecast period

In the customer experience management market by component, the services is expected to record a higher growth rate during the forecast period. The overall services segment has a major influence on the customer experience management market’s growth. These services assist end users in reducing overall costs, increasing overall revenues, and improving business performance. With the help of these services, organizations can track, evaluate, and analyze the requirements of their business to make better-informed decisions.

Large Enterprises are expected to hold a larger market share during the forecast period

By Organisation size, large enterprises are expected to hold the largest market size. Large enterprises deploy CEM solutions to enhance their CE and satisfaction. Large enterprises encompass distributed data related to customers scattered across different departments and are, hence, opting for cloud-based CEM solutions to gain valuable insights from this data. The adoption of CEM solutions helps large enterprises enhance customer interaction and loyalty. Large enterprises are keen on investing in new and latest technologies such as artificial intelligence (AI), big data, and machine learning to automate the customer engagement process. 

Cloud Deployment is expected to have a higher growth rate during the forecast period

By Deployment Mode, cloud is expected to have a higher growth rate. Cloud-based CE solutions are preferred over traditional systems as they are effective and compatible in addressing the rising level of customer expectations. Besides reducing costs associated with upgrading and updating CE solutions, cloud deployments also help organizations integrate technologies to provide a better CE to their customers.

APAC to have a higher growth rate during the forecast period

By region, APAC to grow at the highest CAGR during the forecast period. The enormous population in the region has led to an extensive pool of subscriber base for companies. The increasing internet penetration and per-user online consumption have led organizations to enhance their offerings in the customer experience management market through digital touchpoints such as social media, websites, emails, virtual assistants, and call centers.

• By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%

• By Designation: C-level – 38%, Directors – 30% and Others – 32%

• By Region: North America –40%, Europe –15%, APAC – 35%, Middle East and Africa- 5% and Latin America- 5%

The report covers the competitive landscape and profiles major market players, including Adobe (US), IBM (US), Oracle (US), Avaya (US), Nice (Israel), Nokia (Finland), SAP (Germany), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US), Teradata (US), Sprinklr (US), Medallia (US), InMoment (US), SAS (US), Clarabridge (US), Sitecore (US), NGDATA (Belgium), Amperity (US), Mixpanel (US), Segment.io (US), ZephyrTel (US), MindTouch (US), Algonomy (US), and SoGoSurvey (US). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market shares in the global customer experience management market.

Research coverage 

The market study covers the Customer experience management market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on component, touchpoint, deployment type, organization size and verticals with regions covered. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.   

Key benefits of buying the report 

The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall Customer experience management market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.