Rising Need to Reduce the Customer Churn Rate to Fuel Customer Experience Management Market
The customer experience management market was estimated at USD 8.96 billion in 2021. It is anticipated to grow at a CAGR of 16.9% to reach USD 38.03 billion during the forecast period (2022 – 2028).
Westford, USA, Jan. 11, 2023 (GLOBE NEWSWIRE) — The increasing significance of comprehending consumer behavior and preferences is encouraging a variety of businesses and brands to offer the best real-time customer experience. As a result, the customer experience management market will likely expand substantially in the coming years. According to SkyQuest’s research, 75% of consumers feels that returning product and services to the company needs to be made more accessible. In addition, an extensive analysis of 1,400 Americans’ purchasing behaviors revealed that customers appreciate returns experiences even more than payment and delivery experiences.
Technological Innovations to Help Enterprises Improve End-to-End Customer Experiences
As per market study, 59% of U.S. customers anticipate using online platforms to contact firms for post-purchase customer assistance. In comparison, 68% of consumers use it to interact with brands to ask questions before purchasing. As a result, various industries, including banking, retail, and telecommunications, are increasingly implementing CEM solutions and services to strengthen customer interactions. Additionally, U.S. and Canadian businesses are boosting their investments in digital marketing and platforms.
The research report on customer experience management by SkyQuest tracks all the significant advancements and innovations in the industry that are likely to influence the market dynamics in the coming years. Such insights help market participants to gain a clear picture of the market pattern and devise strategies to make them more effective.
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I.T. & Telecom Sector to Drive Major Sales for Customer Experience Management
I.T. and telecom sectors generated the largest revenue share accounting for over 24% in recent years. SkyQuest’s research indicates that 25% of clients worldwide permanently stop engagement with a company after just one negative experience. Thus, businesses require flexible, user-friendly, precise, and quick vendor solutions. Customer churn has been a big problem for telecom companies because it makes them spend more money trying to keep their most lucrative clients. The growth engine for the I.T. and telecom sectors is customer retention. The transformation of telecom network providers from network/resource-centric to customer-centric is made possible by customer experience management (CEM).
The market report’s forecast of market sectorial analysis will help readers learn more about the industry sector that dominates the global customer experience management market. In addition, the report discusses key influencing elements that significantly impact the industry growth in the targeted area.
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E-commerce’s Swift Expansion to Open up Lucrative Opportunities in Asia Region
As per SkqQuest’s research insights, 88% of online buyers, including 96% of Gen Z and 97% of Millennials, are more likely to keep shopping on an eCommerce website that provides a personalized experience. E-commerce’s swiftly expanding use has opened up previously unheard-of market opportunities for consumers and companies. China will probably be the country driving customer experience management expansion in the region. E-commerce businesses have adopted a single data platform to target and reach consumers due to seamless Internet connectivity, the proliferation of mobile devices, and rising demand for digital payments.
Players are offering new customer management experience to broaden, consolidate, and enhance their current touch-point portfolios while attracting new clients. Businesses are also forming partnerships, mergers, and acquisitions, among other business activities, to gain a competitive advantage over their rivals. In addition, investments in CX solutions that are future-proof are sought after by businesses. In response to the growing need for CX solutions, reusability shortens development cycles, delivers CX for the future, and improves customer experience.
On-premise Segment to Drive the High Growth for Customer Experience Management Market
The on-premise emerged as the most promising segment and accounted for largest revenue share of over 60% in 2021-2022 and is expected to dominate the market from 2022 to 2028. On-premise deployment hosts the customer experience management suite or applications on the organization’s server. It is opted for by large organizations that prefer their business-critical information to be stored on their servers for enhanced data protection. Large enterprises have dedicated servers and computing infrastructures that allow them to purchase only a software license or copy to operate the platform. Moreover, on-premise solutions offer enterprises better management and secure control over their data, boosting customer satisfaction and brand loyalty.
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Key Advancements in Customer Experience Management Market
- The retail industry is investing heavily in CEM solutions to increase client retention. For instance, Walmart Canada intends to spend USD 3.5 billion over the next five years to streamline in-store and online purchasing. With this investment, it will be easy to improve the omnichannel experience and create cutting-edge digital tools to help employees provide better customer service.
- Alchemer, a prominent leader in experience management feedback technology, has acquired Apptentive, the market leader in mobile feedback technology. This acquisition gives Apptentive clients access to survey and workflow capability across communication channels and enables Alchemer customers a more thorough way of gathering feedback from mobile customers.
- Zomato selects Konnect Insights to strengthen its strategy for improving the consumer experience. Konnect Insights is an omnichannel customer experience management platform that enables brands to listen to conversations across all channels, learn from them, engage with their customers meaningfully, and ultimately make them happier. In addition, this platform helps brands to leverage the 4 Pillars of CXM.
Key Participants in the Customer Experience Management Market
- Adobe (U.S.)
- Freshworks Inc. (U.S.)
- Avaya Inc. (U.S.)
- Genesys (U.S.)
- Clarabridge (U.S.)
- Medallia Inc. (U.S.)
- Oracle (U.S.)
- Open Text Corporation (Canada)
- SAP SE (Germany)
- Qualtrics (U.S.)
- Service Management Group (SMG) (U.S.)
- SAS Institute Inc. (U.S.)
- Tech Mahindra Limited (Pune)
- Zendesk (U.S.)
- Verint (U.S.)
- Miraway (U.K.)
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