Customer Experience Management Software Market Report
RA08536
Customer Experience Management Software Market by Component (Solutions and Services), Deployment (On-premises and Cloud), Platform (Websites, Call Center, Mobile Application, Email, Social Media, and Others), End-use (Healthcare, Retail & Consumer Goods, BFSI, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028
Global Customer Experience Management Software Market Trend
The global customer experience management software market size is predicted to garner a revenue of $26,466.6 million in the 2021–2028 timeframe, growing from $7,538.4 million in 2020, at a healthy CAGR of 17.7%.
Market Synopsis
The growing demand to improve customer experience and have a deeper knowledge of customers could increase the growth of global customer experience management software market.
On the contrary, privacy concerns and information security might limit growth of customer experience management software market.
According to the regional analysis of the market, the Asia-Pacific customer experience management software market share is anticipated to grow at a CAGR of 18.7%, by generating a revenue of $6,132.8 million during the review period.
Customer Experience Management Software Market Overview
Customer experience (CX) is the outcome of a company's engagement with a customer during their business relationship. The three parts of this interaction are the customer journey, the brand touchpoints the consumer interacts with, and the environments the customers encounter (including the digital environment) during their engagement. At all points of interaction, an exceptional customer experience means that the individual's experience fits their expectations.
Covid-19 Impact on Customer Experience Management Software Market
The COVID-19 outbreak has had a moderate influence on worldwide customer experience management software market growth. Manufacturing, tourism, logistics & transportation, and retail have all suffered major losses as a result. However, social distancing efforts have prompted the companies to embrace an online channel in order to increase sales and profit margins. Companies have adopted analytics and experience management tools to better understand the ever-changing consumer wants and requirements as a result of this online consumer behavior. Users, regardless of their age, linguistic preference, or physical problems, have embraced digital media and technologies in response to this pressing issue.
Growing Importance for Customer Experience Management is Anticipated to Drive the Market Growth
Understanding customer behavior and preferences is becoming highly significant, prompting many companies and organizations to implement customer experience management to provide the best service performance and capabilities. Additionally, customers' growing access to digital channels to communicate with businesses and organizations is likely to drive market growth in the future years. CEM solutions are becoming more prevalent in modern businesses and enterprises in order to achieve customer-centricity across processes and, as a result, better differentiate themselves in the present competitive market.
To know more about global customer experience management software market trends, get in touch with our analysts here.
Privacy Concerns are Expected to Restrain the Customer Experience Management Software Market Growth
To provide a great client experience in current competitive industry, businesses require safe and real-time data. Customers' experience data is being collected and measured virtually through numerous touchpoints. Various data kinds, such as big data, small data obtained from consumers, and public information, may be used in communications and support. Individual permissions and preferences, as well as updated contact information on communication plat forms, solutions, and services, are examples of this data. As a result, end-users are very concerned about the privacy and security of their sensitive data. According to a Cognizant White Paper, 91% of consumers are increasingly concerned about the privacy of their internet data. To sustain consumers' trust, customer experience solution providers must offer high-level information privacy and security.
Technological Advancements are Expected to Increase the Opportunities of Customer Experience Management Software Market Growth
Customer experience management software is proving to be one of the most useful tools for recognizing customer needs and predicting their intents. Marketers can leverage the analytics capabilities of the solution to predict which customers are about to abandon or divert from a product. The marketer could design customer retention strategies and incentives, such as discount coupons or product improvements. Moreover, using of advanced technologies like artificial intelligence and machine learning are expected to provide number of opportunities in this market worldwide.
To know more about global customer experience management software market opportunities, get in touch with our analysts here.
Based on component, the customer experience management software market has been sub-segmented into Solutions and services of which the Solutions sub-segment is projected to generate the maximum revenue during the forecast period. Download PDF Sample ReportCustomer Experience Management Software Market
By Component
Source: Research Dive Analysis
The solutions sub-segment is predicted to have a dominating market share in the global market and register a revenue of $13,923.7 million during the forecast period. An expanding number of call centers and a growing demand for real-time customer engagement solutions to improve customer experience are driving the segment's rise. Client experience management software enables businesses to manage customer interactions. Because it provides conversational analytics to detect and organize key phrases and words spoken during interactions, CXM software solution is gaining ground in the call center sector.
Customer Experience Management Software Market
By DeploymentBased on deployment, the market has been divided into on-premises and Cloud of which the on-premises sub-segment is projected to grow at a faster CAGR during the forecast period.
Source: Research Dive Analysis
The on-premises sub-segment is anticipated to have the fastest market growth during the forecast period and generate a revenue of $11,399.5 million by 2028, growing from $3,112.4 million in 2020, with a CAGR of 18.4%. The CEM applications are hosted on the organization's server in an on-premises implementation. Organizations who wish to store their business-critical data on their own servers for increased data security choose this deployment approach. Large-scale businesses have dedicated servers and computer infrastructures that allow them to operate the platform with just a software license or copy. As a result, they are able to lower their total ownership, implementation, and other related expenditures. Furthermore, on-premises solutions provide businesses with greater data management and security.
Customer Experience Management Software Market
By PlatformBased on platform, customer experience management software market is classified into websites, Call center, mobile application, email, social media, and others. Among these, mobile application sub-segment is expected to grow at a faster CAGR during the forecast period.
Source: Research Dive Analysis
The mobile application sub-segment is anticipated to have the fastest market growth during the forecast period and generate a revenue of $4,014.3 million by 2028, growing from $1,533.1 million in 2020, with a CAGR of 18.5%. The expansion of the segment may be attributed to the increasing adoption of smart linked devices such as smartphones, iPads, laptops, and other similar devices, which is driving businesses to create and implement smartphones marketing and communication strategies. Furthermore, through service portals and consumer-initiated requests, mobile CXM services allow mobile carriers to create long-term client connections. Organizations can use email-based marketing, targeted marketing, and mass marketing to retain existing customers and raise brand exposure.
Customer Experience Management Software Market
By End-UseBased on end-use, customer experience management software market is classified into healthcare, retail & consumer goods, BFSI, and others. Among these, healthcare sub-segment is expected to grow at a faster CAGR during the forecast period.
Source: Research Dive Analysis
The healthcare sub-segment is anticipated to have the fastest market growth during the forecast period and generate a revenue of $6,906.0 million by 2028, growing from $1,895.4 million in 2020, with a CAGR of 18.3%. Pharmaceutical businesses and health insurers, for example, are not thought to be the most customer-centric companies. There is a significant opportunity to increase the use of CEM for business process improvement across the sector and related sectors. In the face of the Covid-19 pandemic, this vertical is addressing the challenges of an ageing and increasing population in a customer-centric manner. Furthermore, advances in digital technology have enabled patients to select from a wide selection of healthcare providers and plans, as well as share their opinion via various digital channels such as the web and social media, resulting in an increase in demand for CEM.
Customer Experience Management Software Market
By RegionThe customer experience management software market was inspected across North America, Europe, Asia-Pacific, and LAMEA.
Source: Research Dive Analysis
The Market for Customer Experience Management Software in Asia-Pacific to be the Fastest Growing
Asia-Pacific customer experience management software market is anticipated to be the fastest growing market during the forecast time period and reach $6,132.8 million by 2028, with a CAGR of 18.7%. One of the major factors driving market expansion in Asia-Pacific is the increased usage of IoT-based sensor devices, as well as AI-driven advanced automation and analytical tools, to provide tailored services to business-to-consumer and business-to-business. The existence of call centers, the rising popularity of social networking sites, and a focus on customer experience and satisfaction are all driving to the regional market's expansion. The number of SMEs in countries like India is quickly increasing, and these SMEs are increasingly focusing on deploying CEM solutions as part of their efforts to grow their regional and worldwide enterprises.
Competitive Scenario in the Global Customer Experience Management Software Market
Product launches and mergers & acquisitions are common strategies followed by major market players.
Source: Research Dive Analysis
Some of the leading customer experience management software market players are Adobe Inc., Avaya., IBM Corporation, Nice Limited, Oracle Corporation, Sap SE, Verint Systems, Zendesk Inc., SAS, and Salesforce.
Porter’s Five Forces Analysis for the Global Customer Experience Management Software Market:
- Bargaining Power of Suppliers: Customer experience management software market contains moderate concentration of distributors & suppliers and therefore, the distributors & suppliers’ control is predicted to be reasonable, resulting in moderate bargaining power of dealers.
Thus, the bargaining power of the suppliers is considered to be moderate. - Bargaining Power of Buyers: Buyers might have great bargaining power, because of moderate players functioning in the customer experience management software market.
Therefore, the bargaining power of the buyer is high. - Threat of New Entrants: Companies entering the customer experience management software market are adopting technological innovations such as artificial intelligence to attract clients. But since the investment cost is high,
the threat of the new entrants is moderate. - Threat of Substitutes: There are fewer alternate products for customer experience management software.
Thus, the threat of substitutes is moderate. - Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including IBM, SAP, and Oracle. These companies are strengthening their footprints worldwide.
Therefore, competitive rivalry in the market is high.
| Aspect | Particulars |
| Historical Market Estimations | 2019-2020 |
| Base Year for Market Estimation | 2020 |
| Forecast Timeline for Market Projection | 2021-2028 |
| Geographical Scope | North America, Europe, Asia-Pacific, LAMEA |
| Segmentation by Components |
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| Segmentation by Deployment |
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| Segmentation by Platform |
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| Segmentation by End-Use |
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| Key Companies Profiled |
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Q1. What is the market size and growth rate of the global customer experience management software market?
A. The size of the global customer experience management software market is $26,466.6 million in the 2021–2028 timeframe, growing from $7,538.4 million in 2020, at a healthy CAGR of 17.7%.
Q2. Who are the leading players in the customer experience management software market?
A. Salesforce, IBM, and SAP are some of the leading players in the global customer experience management software market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the Asia-Pacific customer experience management software market?
A. Asia-Pacific customer experience management software market is anticipated to grow at 18.7% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Technological development and strategic partnerships are the key strategies opted by the operating companies in this market.
Q6. What is a customer experience software?
A. Customer experience software serves as a foundation for the entire organization. To maximize customer interactions across the customer lifecycle, most customer-focused businesses utilize marketing cloud, service cloud, sales cloud, and commerce cloud technologies.
Q7. What is experience management platform?
A. Organizations can uncover any experience gaps with experience management tools that evaluate various layers of data and analytics. They link operational datasets with human feedback, assessing respondents' emotions, attitudes, and sentiments to provide a holistic picture of the services they offer.
Q8. Why is customer experience management important?
A. Through differentiated encounters, good customer experience management can improve brand preference. Client loyalty (and advocacy) can be improved by providing valuable and memorable customer experiences. Reduce client churn to save money.
Q9. What are the Common Features of Experience Management Software?
A. Some common features of experience management software are ticket management, customer self-service, collaboration & teamwork and others.
Q10. Which county captures the largest share of Customer Experience Management Software Market?
A. USA holds 80.8% share of the customer experience management software market.
Q11. What are the trends impacting the Customer Experience Management Software Market?
A. Emerging technologies such as 5G, artificial intelligence developments, and enhanced voice search are some of the technological disruptions that will provide industry opportunities.
Q12. What is the impact of COVID-19 on the Customer Experience Management Software Market?
A. Covid-19 had a moderate influence on the customer experience management software market.
1.Research Methodology
1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters
1.4.1.Assumptions
1.4.2.Forecast parameters
1.5.Data sources
1.5.1.Primary
1.5.2.Secondary
2.Executive Summary
2.1.360° summary
2.2.By Component trends
2.3.By Deployment trends
2.4.By Platform
2.5.By End-use trends
3.Market overview
3.1.Market segmentation & definitions
3.2.Key takeaways
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis
3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market
3.4.Market dynamics
3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities
3.5.Technological landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview
3.8.1.by Component
3.8.2.by Deployment
3.8.3.by platform
3.8.4.By End-Use
3.9.Market value chain analysis
3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.End-use analysis
3.9.5.Operating vendors
3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors
3.10.Strategic overview
4.Customer Experience Management Software Market, by Component
4.1.Solutions
4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028
4.2.Services
4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028
5.Customer Experience Management Software Market, by Deployment
5.1.On-premise
5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028
5.2.Cloud
5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028
6.Customer Experience Management Software Market, by Platform
6.1.Websites
6.1.1.Market size and forecast, by region, 2020-2028
6.1.2.Comparative market share analysis, 2020 & 2028
6.2.Call centers
6.2.1.Market size and forecast, by region, 2020-2028
6.2.2.Comparative market share analysis, 2020 & 2028
6.3.Mobile Application
6.3.1.Market size and forecast, by region, 2020-2028
6.3.2.Comparative market share analysis, 2020 & 2028
6.4.Email
6.4.1.Market size and forecast, by region, 2020-2028
6.4.2.Comparative market share analysis, 2020 & 2028
6.5.Social Media
6.5.1.Market size and forecast, by region, 2020-2028
6.5.2.Comparative market share analysis, 2020 & 2028
6.6.Others
6.6.1.Market size and forecast, by region, 2020-2028
6.6.2.Comparative market share analysis, 2020 & 2028
7.Customer Experience Management Software Market, by End-use
7.1.Healthcare
7.1.1.Market size and forecast, by region, 2020-2028
7.1.2.Comparative market share analysis, 2020 & 2028
7.2.BFSI
7.2.1.Market size and forecast, by region, 2020-2028
7.2.2.Comparative market share analysis, 2020 & 2028
7.3.Retail & Consumer Goods
7.3.1.Market size and forecast, by region, 2020-2028
7.3.2.Comparative market share analysis, 2020 & 2028
7.4.Others
7.4.1.Market size and forecast, by region, 2020-2028
7.4.2.Comparative market share analysis, 2020 & 2028
8.Customer Experience Management Software Market, by Region
8.1.North America
8.1.1.Market size and forecast, by Component, 2020-2028
8.1.2.Market size and forecast, by Deployment, 2020-2028
8.1.3.Market size and forecast, by Platform, 2020-2028
8.1.4.Market size and forecast, by End-use, 2020-2028
8.1.5.Market size and forecast, by country, 2020-2028
8.1.6.Comparative market share analysis, 2020 & 2028
8.1.7.U.S.
8.1.7.1.Market size and forecast, by Component, 2020-2028
8.1.7.2.Market size and forecast, by Deployment, 2020-2028
8.1.7.3.Market size and forecast, by Platform, 2020-2028
8.1.7.4.Market size and forecast, by End-use, 2020-2028
8.1.7.5.Comparative market share analysis, 2020 & 2028
8.1.8.Canada
8.1.8.1.Market size and forecast, by Component, 2020-2028
8.1.8.2.Market size and forecast, by Deployment, 2020-2028
8.1.8.3.Market size and forecast, by Platform, 2020-2028
8.1.8.4.Market size and forecast, by End-use, 2020-2028
8.1.8.5.Comparative market share analysis, 2020 & 2028
8.1.9.Mexico
8.1.9.1.Market size and forecast, by Component, 2020-2028
8.1.9.2.Market size and forecast, by Deployment, 2020-2028
8.1.9.3.Market size and forecast, by Platform, 2020-2028
8.1.9.4.Market size and forecast, by End-use, 2020-2028
8.1.9.5.Comparative market share analysis, 2020 & 2028
8.2.Europe
8.2.1.Market size and forecast, by Component, 2020-2028
8.2.2.Market size and forecast, by Deployment, 2020-2028
8.2.3.Market size and forecast, by Platform, 2020-2028
8.2.4.Market size and forecast, by End-use, 2020-2028
8.2.5.Market size and forecast, by country, 2020-2028
8.2.6.Comparative market share analysis, 2020 & 2028
8.2.7.Germany
8.2.7.1.Market size and forecast, by Component, 2020-2028
8.2.7.2.Market size and forecast, by Deployment, 2020-2028
8.2.7.3.Market size and forecast, by Platform, 2020-2028
8.2.7.4.Market size and forecast, by End-use, 2020-2028
8.2.7.5.Comparative market share analysis, 2020 & 2028
8.2.8.UK
8.2.8.1.Market size and forecast, by Component, 2020-2028
8.2.8.2.Market size and forecast, by Deployment, 2020-2028
8.2.8.3.Market size and forecast, by Platform, 2020-2028
8.2.8.4.Market size and forecast, by End-use, 2020-2028
8.2.8.5.Comparative market share analysis, 2020 & 2028
8.2.9.France
8.2.9.1.Market size and forecast, by Component, 2020-2028
8.2.9.2.Market size and forecast, by Deployment, 2020-2028
8.2.9.3.Market size and forecast, by Platform, 2020-2028
8.2.9.4.Market size and forecast, by End-use, 2020-2028
8.2.9.5.Comparative market share analysis, 2020 & 2028
8.2.10.Italy
8.2.10.1.Market size and forecast, by Component, 2020-2028
8.2.10.2.Market size and forecast, by Deployment, 2020-2028
8.2.10.3.Market size and forecast, by Platform, 2020-2028
8.2.10.4.Market size and forecast, by End-use, 2020-2028
8.2.10.5.Comparative market share analysis, 2020 & 2028
8.2.11.Spain
8.2.11.1.Market size and forecast, by Component, 2020-2028
8.2.11.2.Market size and forecast, by Deployment, 2020-2028
8.2.11.3.Market size and forecast, by Platform, 2020-2028
8.2.11.4.Market size and forecast, by End-use, 2020-2028
8.2.11.5.Comparative market share analysis, 2020 & 2028
8.2.12.Rest of Europe
8.2.12.1.Market size and forecast, by Component, 2020-2028
8.2.12.2.Market size and forecast, by Deployment, 2020-2028
8.2.12.3.Market size and forecast, by Platform, 2020-2028
8.2.12.4.Market size and forecast, by End-use, 2020-2028
8.2.12.5.Comparative market share analysis, 2020 & 2028
8.3.Asia-Pacific
8.3.1.Market size and forecast, by Component, 2020-2028
8.3.2.Market size and forecast, by Deployment, 2020-2028
8.3.3.Market size and forecast, by Platform, 2020-2028
8.3.4.Market size and forecast, by End-use, 2020-2028
8.3.5.Market size and forecast, by country, 2020-2028
8.3.6.Comparative market share analysis, 2020 & 2028
8.3.7.China
8.3.7.1.Market size and forecast, by Component, 2020-2028
8.3.7.2.Market size and forecast, by Deployment, 2020-2028
8.3.7.3.Market size and forecast, by Platform, 2020-2028
8.3.7.4.Market size and forecast, by End-use, 2020-2028
8.3.7.5.Comparative market share analysis, 2020 & 2028
8.3.8.Japan
8.3.8.1.Market size and forecast, by Component, 2020-2028
8.3.8.2.Market size and forecast, by Deployment, 2020-2028
8.3.8.3.Market size and forecast, by Platform, 2020-2028
8.3.8.4.Market size and forecast, by End-use, 2020-2028
8.3.8.5.Comparative market share analysis, 2020 & 2028
8.3.9.India
8.3.9.1.Market size and forecast, by Component, 2020-2028
8.3.9.2.Market size and forecast, by Deployment, 2020-2028
8.3.9.3.Market size and forecast, by Platform, 2020-2028
8.3.9.4.Market size and forecast, by End-use, 2020-2028
8.3.9.5.Comparative market share analysis, 2020 & 2028
8.3.10.South Korea
8.3.10.1.Market size and forecast, by Component, 2020-2028
8.3.10.2.Market size and forecast, by Deployment, 2020-2028
8.3.10.3.Market size and forecast, by Platform, 2020-2028
8.3.10.4.Market size and forecast, by End-use, 2020-2028
8.3.10.5.Comparative market share analysis, 2020 & 2028
8.3.11.Australia
8.3.11.1.Market size and forecast, by Component, 2020-2028
8.3.11.2.Market size and forecast, by Deployment, 2020-2028
8.3.11.3.Market size and forecast, by Platform, 2020-2028
8.3.11.4.Market size and forecast, by End-use, 2020-2028
8.3.11.5.Comparative market share analysis, 2020 & 2028
8.3.12.Rest of Asia Pacific
8.3.12.1.Market size and forecast, by Component, 2020-2028
8.3.12.2.Market size and forecast, by Deployment, 2020-2028
8.3.12.3.Market size and forecast, by Platform, 2020-2028
8.3.12.4.Market size and forecast, by End-use, 2020-2028
8.3.12.5.Comparative market share analysis, 2020 & 2028
8.4.LAMEA
8.4.1.Market size and forecast, by Component, 2020-2028
8.4.2.Market size and forecast, by Deployment, 2020-2028
8.4.3.Market size and forecast, by Platform, 2020-2028
8.4.4.Market size and forecast, by End-use, 2020-2028
8.4.5.Market size and forecast, by country, 2020-2028
8.4.6.Comparative market share analysis, 2020 & 2028
8.4.7.Latin America
8.4.7.1.Market size and forecast, by Component, 2020-2028
8.4.7.2.Market size and forecast, by Deployment, 2020-2028
8.4.7.3.Market size and forecast, by Platform, 2020-2028
8.4.7.4.Market size and forecast, by End-use, 2020-2028
8.4.7.5.Comparative market share analysis, 2020 & 2028
8.4.8.Middle East
8.4.8.1.Market size and forecast, by Component, 2020-2028
8.4.8.2.Market size and forecast, by Deployment, 2020-2028
8.4.8.3.Market size and forecast, by Platform, 2020-2028
8.4.8.4.Market size and forecast, by End-use, 2020-2028
8.4.8.5.Comparative market share analysis, 2020 & 2028
8.4.9.Africa
8.4.9.1.Market size and forecast, by Component, 2020-2028
8.4.9.2.Market size and forecast, by Deployment, 2020-2028
8.4.9.3.Market size and forecast, by Platform, 2020-2028
8.4.9.4.Market size and forecast, by End-use, 2020-2028
8.4.9.5.Comparative market share analysis, 2020 & 2028
9.Company profiles
9.1.ADOBE INC.
9.1.1.Business overview
9.1.2.Financial performance
9.1.3.Product portfolio
9.1.4.Recent strategic moves & developments
9.1.5.SWOT analysis
9.2.AVAYA.
9.2.1.Business overview
9.2.2.Financial performance
9.2.3.Product portfolio
9.2.4.Recent strategic moves & developments
9.2.5.SWOT analysis
9.3.ORACLE CORPORATION
9.3.1.Business overview
9.3.2.Financial performance
9.3.3.Product portfolio
9.3.4.Recent strategic moves & developments
9.3.5.SWOT analysis
9.4.IBM CORPORATION
9.4.1.Business overview
9.4.2.Financial performance
9.4.3.Product portfolio
9.4.4.Recent strategic moves & developments
9.4.5.SWOT analysis
9.5.NICE LIMITED
9.5.1.Business overview
9.5.2.Financial performance
9.5.3.Product portfolio
9.5.4.Recent strategic moves & developments
9.5.5.SWOT analysis
9.6.SAP SE
9.6.1.Business overview
9.6.2.Financial performance
9.6.3.Product portfolio
9.6.4.Recent strategic moves & developments
9.6.5.SWOT analysis
9.7.SAS
9.7.1.Business overview
9.7.2.Financial performance
9.7.3.Product portfolio
9.7.4.Recent strategic moves & developments
9.7.5.SWOT analysis
9.8.VERINT SYSTEMS
9.8.1.Business overview
9.8.2.Financial performance
9.8.3.Product portfolio
9.8.4.Recent strategic moves & developments
9.8.5.SWOT analysis
9.9.ZENDESK INC.
9.9.1.Business overview
9.9.2.Financial performance
9.9.3.Product portfolio
9.9.4.Recent strategic moves & developments
9.9.5.SWOT analysis
9.10.SALESFORCE
9.10.1.Business overview
9.10.2.Financial performance
9.10.3.Product portfolio
9.10.4.Recent strategic moves & developments
9.10.5.SWOT analysis
The customer experience management (CEM) software is composed of several solutions that help organizations to enhance the company’s engagement with customers throughout their business relationship. This software is basically composed of various solutions that enable companies to collect feedback from customers, correlating these feedbacks with admissible external sources, analyzing them to extract meaningful insights, and improve customer experiences. Altogether, the customer experience management software delivers an exceptional customer experience to drive the business growth of the organizations.
Forecast Analysis of Customer Experience Management Software Market
With the growing importance of customer experience management across organizations to understand customer behavior, their preferences, and to deliver the best service performance and capabilities, the global customer experience management software market is expected to see striking growth over the forecast period. Besides, the increasing access of customers to digital channels to have better communication with organizations or businesses is further predicted to foster the growth of the market during the analysis period. Moreover, the growing technological advancements such as the use of advanced technologies such as artificial intelligence and machine learning across businesses are expected to create major growth opportunities for the market. However, the privacy concerns and security of sensitive data of customers may hamper the growth of the market during the estimated timeframe.
According to the report published by Research Dive, the global customer experience management software market is expected to generate a revenue of $26,466.6 million and grow at a CAGR of 17.7% over the analysis timeframe from 2021-2028. Regionally, the Asia-Pacific region is predicted to hold the largest share of the market owing to the increased usage of IoT-based sensor devices and AI-driven advanced automation and analytical tools in this region.
The major players of the customer experience management software market include Oracle Corporation, IBM Corporation, Verint Systems, Nice Limited, Sap Se, Avaya, Zendesk Inc., Adobe Inc, Salesforce, SAS, and many more. These players are working on the development of new business strategies and tactics to attain leading positions in the global industry.
Key Developments
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the customer experience management software market to grow exponentially.
For instance, in November 2020, HPE Pointnext Services, a leading IT service provider with a customer-focused base, has launched all customer-centric support experience analytics tools that will solve the problems faced by customers at a faster pace by accessing and analyzing various customer information. These software tools are incorporated with modern technologies such as artificial intelligence, machine learning to enhance the capability to anticipate customer’s needs and help organizations to move their business forward.
In July 2021, Thomabravo, a leading American private equity and growth capital firm, has announced to acquire Medallia for 6.4 Billion USD, a well-established American customer, and employee experience management company. With this acquisition, the companies are aiming to use trademarked artificial intelligence and machine learning technology to disclose predictive measures that help in driving business outcomes.
In October 2021, Zendesk, a leading American-based software-as-a-service products related customer support company, has announced to enter into a collaboration with Momentive Inc., a leading American chemical company that delivers products including silicone and quartz. With this collaboration, the companies are aiming to develop platforms to provide opportunities to cross-sell current and future products.
Covid-19 Impact on the Market
With the rise of the Covid-19 pandemic, several industries have had a negative impact on their business growth, however, it has impacted the customer experience management software market quite positively. Due to checking the spontaneous spread of the virus and maintaining social distancing, many companies have switched to embracing online channels to increase their sales and revenues. This led to the increased dependency of people of all age groups to adopt digital media and technologies to fulfill their wants and requirements. All these factors have resulted in driving the growth of the customer experience management software market during the pandemic period.
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