The global customer experience management market is expected to reach US$ 32.1 Bn by 2032 from US$ 10.7 Bn in 2022, rising at a CAGR of 11.6% throughout the forecast period.
The growing need to enhance customer experience engagement and lower customer churn rates, and the usage of customer-related scores to create better customer engagement strategies are all driving factors for the customer experience management industry.
Customer experience is critical in keeping customers engaged with the company and converting them into brand advocates. Customer satisfaction is defined as not just returning to the website or store several times but also sharing favorable remarks about the brand. This would encourage other customers to interact with the brand and retain and attract new customers.
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As per the customer experience management market study, customer experience solutions are in high demand due to rising digital transformation in retail and healthcare. Customers have been more receptive to digital channels like e-commerce, and digital banking has evolved. Retailers have switched their focus away from physical storefronts and toward online outlets.
The customer experience management market adoption trends portray that retailers have implemented AI-enabled virtual trial rooms, chatbots, and monitoring to capture and analyze client behavior. To boost their visibility, brands use a variety of media such as social media, smartphone apps, websites, and others.
Brand recognition, marketing, and direct shopping have all increased due to the growing popularity of social media outlets such as Facebook, Instagram, YouTube, Twitter, and Pinterest.
Various firms use social media shops to make the purchasing process easier for their customers.
Shops on Facebook and Instagram, for example, assist retailers in acquiring new clients and allowing them to purchase directly from social media platforms.
Retailers may use consumer experience solutions to reduce customer churn, increase customer lifetime value, and retain consumers. Customer experience management market share growth is aided by changing consumer purchasing habits.
The application of e technologies, telemedicine, smart health equipment, and wearable gadgets has accelerated as a result of the digitalization of healthcare. Customer expectations in healthcare are evolving as a result of digitalization, such as 24×7 service and rapid responses. As a result, businesses are implementing various techniques to boost consumer satisfaction.
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Key Takeaways
- The US customer experience management market is expected to reach US$ 11.1 Bn by 2032.
- During the forecast period, the services segment of the customer experience management market is likely to increase at a faster rate. The growth of the customer experience management market is mostly influenced by the services segment. End customers can use these services to cut expenses, boost revenues, and improve business performance.
- During the projection period, on-premises consumer experience solutions are predicted to increase at the quickest rate. On-premises solutions offer superior data security and administration. Due to expanding regulatory compliances such as GDPR, CCPA, and updated requirements, on-premises-based solutions are becoming more popular, which is expected to cater to the rising demand for customer experience management. The APAC customer experience management region is expected to develop at the fastest CAGR during the forecast period. The region’s vast population has resulted in a large subscriber base for businesses. Organizations are enhancing their customer experience management services through digital touchpoints such as social networks, webpages, emails, virtual assistants, and contact centers as internet penetration and per-user electronic consumption rise.
Competitive Landscape
Adobe, Clarabridge, Freshworks Inc., Genesys, and International Business Machines Corporation are prominent companies. To grow and reinforce their existing touchpoint-type portfolios and win new clients, these companies are investing in new customer experience management services. Mergers and acquisitions, as well as collaborations, are being used by companies to build technologically advanced touchpoint types and obtain a competitive advantage over their competitors.
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