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Description
The customer experience management market was valued at USD 8.6 billion in 2020 and is anticipated to grow at USD 15.2 billion by 2027, at a Compount Annual Growth Rate (CAGR) of 11.9% from 2021 to 2027. During the projected period, the global customer experience management market is expected to rise at a rapid pace. The increased demand to improve customer experience and satisfaction levels is driving the worldwide customer experience management 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 minimise 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 attractive potential for market growth. However, a lack of understanding about the technologies’ availability could stifle industry expansion. Furthermore, high costs combined with consumer hesitancy in selecting the suitable technology may stymie market expansion during the forecast period. Component, deployment style, touch point, organisation size, end user industry, company, and location are all used to segment the worldwide customer experience management 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 customer experience management 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 Retail’s 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.
