Customer Experience as a Service (CXaaS) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Customer Experience as a Service (CXaaS) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Customer Experience as a Service Market

The customer experience as a service market size was valued at USD 1.45 billion in 2020, and the market is now projected to grow from USD 1.64 billion in 2021 to USD 4.17 billion by 2028, exhibiting a CAGR of 14.2% during the forecast period of 2021-2028.

Pandemic has impacted the customer experience as a service market growth, with core industries like production, logistics, and transportation experiencing major impacts. However, end-users like retail, e-commerce, healthcare, and the public sector have unexpectedly applied Customer Experience Management (CEM) solutions to handle patron data and meet client expectations. Key players are focusing on offering give up-to-stop customized enjoy offerings, which is expected to boost demand at some stage in the pandemic. TTEC Holdings acquired Avtex in April 2021 to increase its international footprint inside the CX services and technology industry.

Brands are leveraging customer experience services (CX) to identify purchaser wishes and align with company services. They are integrating cloud-based technology, analytics, and automation to provide tailor-made reports, reduce churn, and promote logo loyalty. Major players like Tata Consultancy Services and Zendesk Inc. are partnering to offer custom designed offerings based totally on customer outcomes and data interpretation, reworking digital portfolios and fostering innovation.

Al is revolutionizing purchaser enjoy (CX) strategy, with leading corporations investing in superior technology to support their projects. Artificial intelligence can offer smart, convenient, and informed patron experiences at every step of the customer adventure, main to reimagined reports and personalized stop-to-cease journeys. Microsoft predicts that 95% of all consumer interactions might be via Al-based totally verbal exchange channels via 2025. Al-more advantageous patron enjoy is being utilized in areas consisting of customer support, service interactions, returns, trouble identity, and internet site revel in. This trend will result in an extra personalized stop-to-end purchaser adventure.

Comprehensive Analysis of Customer Experience as a Service Market

The global customer experience services market is divided into campaign development, cross-channel marketing, and omnichannel engagement. Cross-channel marketing is the largest market share in 2020, offering a consistent, uniform experience across brands. The campaign development segment is expected to grow significantly CAGR over the forecast period. The market is also categorized into small and medium enterprises (SMEs) and large enterprises. Large businesses are more likely to use customer experience as a service platform, as they can leverage major-scale economics and resources. Understanding customer behavior and preferences is increasingly important for SMEs, prompting them to use CXaaS for real-time service performance. The BFSI industry segment is expected to see high adoption of CXaaS due to mobile and online banking expansion and the need for customizing client experiences. The retail and consumer goods segment is expected to witness the highest CAGR due to intense competition and firms' growing attention on digital preparedness and front desk experience.

The North America region lead the customer experience as a service market share by benefitting a market size of USD 561.6 billion in 2020 due to elevated technological spending and high-tech infrastructure. The growth of the regional marketplace is attributed to continuous virtual transformation throughout industries like healthcare, retail, IT, and telecommunications. Increased expenditures and finances allocations for virtual platforms and advertising also make contributions to this growth.

The marketplace is dominated by using primary agencies like TTEC Holdings, Oracle Corporation, Virtusa Corporation, and Capgemini SE, specializing in efficient CX carrier suites. High opposition is forcing carrier vendors to recognition on acquisition strategies. Cisco Systems acquired IMImobile PLC in February 2021 to combine IMImobile answer functionality into Webex Contact Center. Key businesses include NTT DATA, Bain and Company, Zendesk, IBM, Hexaware Technologies Limited, Oracle, and MASTECH INFOTRELLIS.

Hexaware Technologies Limited. Has obtained Mobiquity Inc. In June 2019, with the goal of enhancing purchaser experience and improving digital transformation in businesses.

Segmentation Table

ATTRIBUTE

DETAILS

Study Period

2017 – 2028

Base Year

2020

Estimated Year

2021

Forecast Period

2021 – 2028

Historical Period

2017 – 2019

Unit

Value (USD Billion)

Segmentation

By Service Type

Campaign Development

Cross Channel Marketing

Omni Channel Engagement

Others (Process Optimization, and others.)

By Enterprise Size

Small and Medium Enterprise

Large Enterprise

By Industry

BFSI

IT and Telecom

Government

Retail and Consumer Packaged Goods

Manufacturing

Healthcare and Life Sciences

Media and Entertainment

Others (Automotive, and others.)

By Region

North America (By Service Type, Enterprise Size, Industry)

• U.S.
• Canada
• Mexico

Europe (By Service Type, Enterprise Size, Industry)

• U.K.
• Germany
• France
• Italy
• Spain
• Russia
• Benelux
• Nordics
• Rest of Europe

Asia Pacific (By Service Type, Enterprise Size, Industry, Country)

• China
• India
• Japan
• South Korea
• ASEAN
• Oceania
• Rest of Asia Pacific

The Middle East & Africa (By Service Type, Enterprise Size, Industry, Country)

• Turkey
• GCC
• Israel
• North Africa
• South Africa
• Rest of Middle East & Africa

South America (By Service Type, Enterprise Size, Industry, Country)

• Brazil
• Argentina
• Rest of South America

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