MarketsandMarkets forecasts 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 presence of various key players in the ecosystem has led to competitive and diverse market. Digital technologies facilitate the transformation of business process models and help increase revenue generation for end-user companies. Omnichannel-based customer experience (CE) solutions enable organizations to gather customer data in order to provide a quick and seamless shopping experience to customers. Customer engagement, employee empowerment, business process optimization, and product enhancement are some of the business areas transformed by customer experience management (CEM) solutions. Digital technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, big data & analytics, mobility, and social media are incorporated in CX solutions to deliver better CX across channels at scale and to create 1:1 CX across audiences, devices, and regions.
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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 during the forecast period, as compared to SMEs. 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.
CEM has changed the way organizations interact with their employees and customers. It provides insights for day-to-day decision-making, thereby resulting in enhanced operational efficiency, optimized business outcomes, and increased customer satisfaction. The transformation enables innovation and creativity in a particular domain, rather than simply improving and supporting traditional methods. CEM is rapidly gaining traction as enterprises seek solutions, technologies, and platforms to transform operating processes and business models. For example, online services are now firmly established in the banking and financial sectors, resulting in the proliferation of online activities and websites.
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The report covers the competitive landscape and profiles of major market players, such as 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.
Oracle is one of the leading players in the market. It provides customer experience management offerings such as Oracle Eloqua Marketing Automation, Oracle Infinity Behavioural Intelligence, Digital Customer Service. Oracle Sales CX guides sellers with intelligent recommendations to help to focus on the most valued scenarios. Oracle Commerce CX provides a unified Business to Business (B2B) and Business to Consumer (B2C) commerce platform. Oracle CX for marketing offers all the enlisted solutions. It provides the most comprehensive and integrated marketing solutions. The company focuses on Y-o-Y growth with organic and inorganic growth strategies. For instance, in May 2021, Oracle announced subscription management updates to Oracle Advertising and Customer Experience (CX). The recent updates within Oracle Subscription Management help companies retain a clear picture of account health, insights from finance, supply chain, and customer experience applications, increasing customer satisfaction and enhancing retention and renewals.
Adobe is another prominent player in the customer experience management market. The company intends to provide Adobe experience cloud, consulting, personalized learning, customer experience strategy. Adobe offers a wide range of support services for customer experience management. Adobe Experience Cloud provides various platforms and solutions for customer experience management, which is efficient for the transformation of businesses. Adobe has grown its inorganic growth strategies impeccably. The company has partnered with various companies such as FedEx and state agencies in the US in 2021; it has also acquired Workfront and Frame.io to innovate and build better customer experiences during 2020-2021. The acquisition of companies has increased the product portfolio for Adobe. Adobe also has vital development operations in the US, Canada, Germany, India, Romania, and China.
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