06 March 2019
The global customer experience management (CEM or CXM) market is anticipated to witness significant growth in the coming years attributed to increasing importance of consumer experience as a part of business strategies. Customer experience management is a practice followed in organizations to respond to consumer interactions in order to provide appropriate solution. Such practices can help organizations in maintaining customer loyalty. In addition, these strategies can recover lost customers and reduce at-risk revenue. Most companies are expected to implement customer experience management to enhance their productivity. It can analyze consumer behavior, insights, purchasing patterns, complaints, and their overall experience. Such analysis can allow organizations to know their scope of improvement and make required changes in their operations or services.
Growing adoption of CEM in organizations to survive competition and retain their existing consumers is anticipated to propel market growth in coming years. Increasing use of digital channel for personal activities and office work can augment the demand for CXM in coming years. Changing consumer behavior and demands can prompt organizations to implement CXM in order to know consumer insights and make necessary changes. Regular updates, and developments in products and services to meet consumer demand can help organizations to maintain consumer loyalty and experience. Increasing use of CXM software in the telecom sector to address customer complaints and provide seamless experience across various integration channels can drive the market in the coming years.
Lack of resources within organizations to implement processes and formulate strategies for ideal use of CEM can hamper market growth. Most companies are expected to hire external service providers, such as consultants, system integrator, and digital agencies, for proper implementation of CXM. It can be expensive for the organizations with low budget, thereby restraining them from adopting the technology.
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The market can be segmented on the basis of analytical tool type, deployment type, and application. Based on analytical type, the market can be categorized into enterprise feedback management software, text analytics, speech analytics, web analytics, and other analytics. In terms of deployment type, the market can be classified into on premise and cloud. On the basis of application, the market can be divided into retail, manufacturing, BFSI, healthcare, IT and Telecom, government, and energy and utilities.
Asia Pacific is expected to witness significant growth in coming years attributed to increasing number of call centers. Growing adoption of social media to review products and express consumer experience can fuel the demand for CEM in coming years. Organizations are likely to use text analytical tools to interpret unstructured data, such as complaints, consumer feedback, and data collected by customer service representatives while conversing with consumers. It can help organizations make required changes in their products or services. Growing need for real-time cloud based analytical tools in contact centers can positively influence regional market growth.
North America is predicted to be a dominant region in coming years. Rising adoption of CEM software in the telecom, banking, and retail sectors to deliver improved consumer experience through various channels can drive the market in the region. Increasing use of cloud technology among organizations to integrate CEM system owing to its flexibility and scalability can spur market growth. Launch of innovative products by local companies can also stimulate regional market growth. For instance, Intouch Insight launched its new CEM software named LiaCX. The software helps companies get positive results from their consumer experience programs using Action Campaign technology.
Europe anticipated to emerge highly lucrative in the coming years owing to rising adoption of CEM among organizations. Top executives of organizations are involved in end-to-end implementation of CEM within their companies but none of them is likely to reach the optimized level. Hence, customer experience management is estimated to be in full flight in the region. In addition, rising adoption of business strategies by the companies to expand their services can boost regional market growth in coming years. For instance, Medallia, Inc announced the opening of its new office in Munich, Germany. The aim of the company is to expand its footprint in the region in order to serve its local customers.
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