According to a recent market report published by FMI titled “Customer Experience Platforms Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028” the global customer experience platforms market was valued at US$ 5,262.6 Mn in 2017, and is expected to register a CAGR of 12.7% from 2018 to 2028.
Customer experience platforms facilitate interactions with customers to get feedback about the products or services that they are using. Customer experience platforms are used for viewing a customer’s experience and then improving the services of an enterprise according to the feedback received. Customer experience platforms are used for tracking customer interactions throughout the customer purchase process as well as the post-purchase process. The adoption of customer experience platforms across different organisations is increasing as it allows them to capture insights from customer interactions as well as optimise the response from each interaction point. The data collected from customer experience platforms is used by enterprises to improve customer loyalty and improve customer lifetime value.
A global increase in competition is posing significant challenges for enterprises when it comes to customer retention as every other enterprise is offering something extra to customers to attract them. To sustain in such competition, the need for existing customer retention and new customer attraction is increasing, and these some of the key factors fuelling the customer experience platforms market.
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The rising need for customer satisfaction for improving brand loyalty is one of the prime factors that is significantly driving the customer experience platforms market. Enterprises are leveraging customer experience platforms for creating brand attachment among their customers by delivering real-time feedback and contact centre facilities. Constant advancements in technology are resulting in the increasing adoption of smartphones, which has eased the process of customer experience platforms and increased the accessibility of customers to customer experience platforms. The vendors of customer experience platforms are introducing new innovations and integrations to enhance the usability of customer experience platforms. This factor is expanding the application areas of customer experience platforms. For example, OpenText offers a customer experience platform for enterprises across different industry verticals. Some of the features of this customer experience platform include Customer Communication Management (CCM), forms automation, digital asset management and marketing & workforce optimisations, among others. Due to the availability of these features, customer experience platforms are becoming more popular as enterprises are also able to perform other operations with the help of customer experience platforms to improve the quality of service delivery.
The global customer experience platforms market is categorised on the basis of interaction point, platforms, enterprise size, industry, deployment and region. On the basis of deployment, the customer experience platforms market is segmented into on-premise and cloud deployment. Among the customer experience platforms deployment segments, the cloud deployment segment has a major market share due to an increase in the preference for cloud deployed software by enterprises. Cloud deployment for customer experience platforms is preferred for implementing a secure, fast and efficient feedback process.
On the basis of platform, the customer experience platforms market is segmented into Windows, iOS and Android. Among the platform segments of the customer experience platforms market, Android has a major market share due to the rapid penetration of Android smartphones.
On the basis of vertical, the global customer experience platforms market is segmented into IT & Telecommunication, BFSI, healthcare, consumer goods & retail, hospitality, transportation & logistics, media & entertainment and government. The revenue contribution from the consumer goods & retail segment of the customer experience platforms market is expected to expand at a CAGR of 15.1% during the forecast period due to the rapid adoption of this software by enterprises in the consumer goods & retail industry vertical for maintaining the quality of products and services offered by them. The adoption of customer experience platforms is also fuelled by the increasing competition in the consumer goods & retail industry.
On the basis of enterprise size, the global customer experience platforms market is segmented into small enterprises, medium enterprises and large enterprises. The revenue contribution from the large enterprises segment of the customer experience platforms market is expected to expand at a CAGR of 13.3% during the forecast period. This can be attributed to the fact that established brands and emerging brands primarily include large enterprises, and these enterprises are increasingly investing in solutions to retain existing customers as well as attract new ones. This trend is one of the key factors fuelling the demand for customer experience platforms among large enterprises.
On the basis of interaction point, the customer experience platforms market is segmented into stores, websites, email, call centre, mobile apps and social media. These interaction points are used by enterprises while taking feedback from customer experience platforms. The revenue contribution from the mobile apps segment of the customer experience platforms market is expected to expand at a CAGR of 15.2% during the forecast period due to the increasing preference for mobile apps by customers for shopping as well as surfing. Moreover, the constant availability of mobile phone users for giving & receiving feedback as well as the ease of usage of these devices are among factors fuelling the growth of this segment of the customer experience platforms market.
The customer experience platforms report also covers the trends that drive each segment, as well as offers analysis & insights regarding the potential of the customer experience platforms market in regions such as North America (U.S. and Canada), Latin America (Brazil, Mexico and the rest of Latin America), Western Europe (Germany, Italy, France, Spain, U.K., BENELUX and the rest of Western Europe), Eastern Europe (Russia, Poland and the rest of Eastern Europe), China, Japan, SEA and other APAC (India, ASEAN, Australia, New Zealand and the rest of SEA), and MEA (GCC Countries, Turkey, North Africa, South Africa and the rest of MEA). Revenue contribution from the North America segment of the customer experience platforms market is expected to expand at a CAGR of 13.1% during the forecast period due to the high adoption of customer experience platforms.
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Some key vendors of customer experience platforms include:
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IBM Corporation
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Zendesk
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SAS Institute
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Huawei Corporation
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Oracle Corporation
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Qualtrics
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Cisco Systems, Inc.
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OpenText Corporation
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Tech Mahindra
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TCS
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Adobe Systems Incorporated
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Software AG
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Avaya
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