Customer Experience Management Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Solutions and Services), By Touchpoint (Call Center, Email, Mobile App, Social Media, Store, Virtual Assistant, Website and Others), By Deployment Type (Cloud and On-Premises), By End User (BFSI, Automotive, Healthcare, IT and Telecom, Media and Entertainment, Public Sector, Retail, Travel and Hospitality and Others) and Region Forecast 2019-2030

Customer Experience Management Market size was valued at US$ 9.2 billion in 2023 and is poised to grow at a CAGR of 11.9% from 2024-2030. During the projected period, the market is expected to rise at a rapid pace. The increased demand to improve customer experience and satisfaction levels are driving the worldwide customer market. Furthermore, increased deployment of sophisticated technologies such as AI, big data analytics, IoT, Cloud Computing, and Machine Learning, among others, to provide better, more dependable, and efficient customer services that can minimize customer churn rates is likely to boost the market through 2026.

Furthermore, the key vendors operating in the market are likely to increase their investments, R&D, and new product launches in the coming years, creating an attractive potential for market growth. However, a lack of understanding of the technologies' availability could stifle industry expansion. Furthermore, high costs combined with consumer hesitancy in selecting a suitable technology may stymie market expansion during the forecast period. Component, deployment style, touch point, organization size, end-user industry, company, and location are all used to segment the worldwide market.

The market can be divided into two categories based on deployment mode: on-premises and cloud. Because of the flexibility, scalability, 24/7 availability, vast storage space, and other benefits associated with cloud, the cloud sector is likely to dominate the market. The market can be divided into social media, branches/stores, the online, call centres, company websites, email, mobile, and others based on touch points. Global market is surging owing to frequent acquisitions and launchings by the market players. For Instance,

In March 2019, Oracle partnered with TWINSET, an Italian Clothing Brand, for providing the company with Oracle Retails modern point-of-service (POS) technology. This technology would enhance customer experience at TWINSET stores by providing all transactional details to the in-store staff thus helping them suggest to customers necessary styling and information related to the latest merchandise and more. Some of the key factors fostering the market growth include need for better understanding customers, growing numbers of consumers, increase in the spending capacity of the companies, growing focus towards consumer oriented market and increasing e-commerce. However, high costs and lack of awareness regarding customer experience managements are hindering the market growth.