Customer Experience Management Market by Offering (Solutions, Services), Touchpoint, Deployment Type, Organization Size, Vertical (Travel & Hospitality, BFSI, Retail, Healthcare, IT & Telecom) and Region - Global Forecast to 2028

Customer Experience Management Market by Offering (Solutions, Services), Touchpoint, Deployment Type, Organization Size, Vertical (Travel & Hospitality, BFSI, Retail, Healthcare, IT & Telecom) and Region - Global Forecast to 2028

The global customer experience management market is estimated to be worth USD 11.4 billion in 2023 and is projected to reach USD 20.4 billion by 2028, at a CAGR of 12.2% during the forecast period. The customer experience management market is experiencing significant expansion propelled by technological innovations and a focus on exceptional customer interactions. Businesses are harnessing the potential of customer experience management solutions to tailor engagements, gather actionable insights, and deliver consistent experiences across multiple touchpoints. This paradigm shift is revolutionizing the way companies engage with customers, enhancing loyalty, and cultivating brand advocacy. From data analytics to personalized strategies, customer experience management solutions are reshaping industries, fostering satisfaction, and driving sustainable growth in a rapidly evolving market.

The services segment to record a higher growth rate during the forecast period

As businesses increasingly recognize the significance of holistic customer experience management strategies, the demand for specialized services is expected to surge. These services encompass a range of offerings, from consulting and implementation to training and support. With a focus on tailoring solutions to meet specific business needs and enhance customer engagement, the services segment plays a pivotal role in guiding companies towards achieving their customer satisfaction and loyalty goals. This emphasis on comprehensive services is set to contribute significantly to the growth trajectory of the customer experience management market, underscoring its importance in enabling successful CEM implementation.

Large Enterprises are expected to hold a larger market share during the forecast period

Large Enterprises are poised to maintain a significant market share in the customer experience management landscape throughout the forecast period. Their extensive resources, technological capabilities, and established market presence enable them to adopt sophisticated customer-centric strategies. By focusing on tailored interactions, data-driven insights, and seamless multichannel engagement, Large Enterprises are leading the way in implementing advanced customer experience management solutions. This proactive approach allows them to leverage analytics, artificial intelligence, and cutting-edge platforms, thus enhancing customer satisfaction and solidifying their competitive edge. As the market continues to evolve, the enduring influence of Large Enterprises is set to shape the course of the industry, sustaining their substantial market share.

Asia Pacific to have higher growth rate during the forecast period

With a dynamic blend of technological advancements and a burgeoning consumer landscape, this region offers fertile ground for nurturing customer-centric strategies. As businesses increasingly recognize the value of personalized engagements, data-informed insights, and streamlined interactions, the Asia Pacific market emerges as a hub for innovation in customer experience management. Empowered by a commitment to digital transformation and a cultural emphasis on customer satisfaction, businesses within this region are well-positioned to drive the evolution of customer experience practices. The Asia Pacific's growing economic significance and technological prowess position it as a key catalyst for growth, promising to redefine global standards in customer interactions and experiences.

Breakdown of primaries

The study contains insights from various industry experts, from solution vendors to Tier 1 companies. The breakdown of the primaries is as follows:

By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%

By Designation: C-level – 38%, Directors – 30% and Others – 32%

By Region: North America –40%, Europe –15%, APAC – 35%, Middle East and Africa- 5% and Latin America- 5%

The major players in the customer experience management market are Adobe (US), IBM (US), Oracle (US), Avaya (US), Nice (Israel), Nokia (Finland), SAP (Germany), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US), Teradata (US), Sprinklr (US), Medallia (US), InMoment (US), SAS (US), Clarabridge (US), Sitecore (US), NGDATA (Belgium), Amperity (US), Mixpanel (US), Segment.io (US), Skyvera (US), MindTouch (US), Algonomy (US), and Sogolytics (US).

The study includes an in-depth competitive analysis of these key players in the customer experience management market, with their company profiles, recent developments, and key market strategies.

Research Coverage

The market study covers the customer experience management market market across different segments. It aims at estimating the market size and the growth potential across different segments based on offering, touchpoint, deployment type, organization size, verticals , and regions. The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Reasons to buy this report

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall customer experience management market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

As businesses recognize the pivotal role of customer satisfaction and loyalty, there is a mounting demand for comprehensive customer experience management solutions. These encompass a range of tools, from advanced analytics and AI-driven insights to integrated communication platforms, enabling organizations to gain a deeper understanding of customer preferences, fine-tune strategies, and deliver consistent experiences. While challenges like the need for alignment and technology integration are acknowledged, the report underscores the dynamic landscape of customer-centric strategies and evolving market trends, the report also offers valuable insights into the future trajectory of the customer experience management market.

Product Development/Innovation: Detailed insights on coming technologies, R&D activities, and product & solution launches in the customer experience management market

Market Development: Comprehensive information about lucrative markets – the report analyses the customer experience management market across varied regions

Market Diversification: Exhaustive information about new products & solutions being developed, untapped geographies, recent developments, and investments in the customer experience management market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Adobe (US), IBM (US), Oracle (US), Avaya (US), Nice (Israel), Nokia (Finland), SAP (Germany), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US), Teradata (US), Sprinklr (US), Medallia (US), InMoment (US), SAS (US), Clarabridge (US), Sitecore (US), NGDATA (Belgium), Amperity (US), Mixpanel (US), Segment.io (US), Skyvera (US), MindTouch (US), Algonomy (US), and Sogolytics (US)