Customer Experience Management Market Highlights:
The Customer experience management is widely adopted by sectors such Communication Services, BFSI and Consumer goods and Retail markets. According to a recent study report published by the Market Research Future, The global market of Customer experience management is projected to grow at a rapid pace during the forecast period (2017 – 2023). The Market is forecasted to demonstrate a spectacular growth by 2023, the global Customer experience management market is projected to garner approximately USD 18 billion by the end of 2023 with 22% CAGR during forecast period 2017-2023.
The factors contributing to the growth of the Customer Experience Management Market are the growing need to meet consumer satisfaction, increasing e-commerce, competitive environment and growing focus towards consumer oriented market. However, choosing the right technology and consistency across various verticals are hindering the growth of the customer experience management market. Adversely, advent multilingual text analytics that break the language barrier and augmentation in industry-specific text analytics applications are the factors fuelling the growth of CEM Market.
Customer experience management is a range of cross and multi-channel business activities that are executed on an enterprise level to manage business activities across the entire customer lifecycle. In other words, CEM can be defined as a process by which a company tracks the interaction between consumers and the organizations. This process takes place throughout a particular consumer lifecycle. The organization has a customer experience management process to meet consumer requirements and loyalty. Customer experience management requires an extensive strategy to manage customer experiences.
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Major Key Players:
Noteworthy players in the customer experience management market include IBM Corporation (U.S.), SAS Institute Inc. (U.S.), Adobe Systems Incorporated (U.S.), Tech Mahindra Limited (India), Oracle Corporation (U.S.), Open Text Corporation (Canada), Nokia Networks (Finland), Avaya Inc. (U.S.), SDL (U.K.), among others.

The CEM market emerges to be extremely competitive due to the presence of numerous small- and large-scale key players in the market rendering up for a significant market share. More than half of the market share is captured by strong players such as IBM Corporation, Adobe Systems Incorporated, Oracle Corporation and Avaya Inc. demanding other players in the market to step up their game.

A significant rise in the approach of personalizing the interaction through highly automated solutions is noted in the CEM market. This includes adoption of the same using SMS, email, voice as well as video; allowing businesses using these CEM solutions to extend their reach through various channels, and conducting a more accurate and real time research, regardless of how their customers want to interact.

Segmental Analysis:
The MRFR report on customer experience management market conducts specific research based on touch-point, end users and region. The touch-point section is further segmented into call centers, website, email, social media, company stores, and mobile. Further, end users’ section has been segmented into BFSI, retail, healthcare, manufacturing, government, IT and telecommunications, automotive, media and entertainment, and energy.

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Detailed Regional Analysis:
The report published by Market Research Future (MRFR) has segmented the market into four major regions, namely, North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). The North American region holds the largest market share during the forecast period of 2017-2023. The factors contributing to such influence on the market include an exponential rise in the use of new technological solutions, regional growth of the customer experience management and increasing customer expectations from the organizations.

The region of Asia Pacific (APAC) is going to witness the highest growth rate during the forecast period. Reasons attributing to such growth in the customer experience management market include increasing competition among major players, increasing consumer needs and new technological advancements. Furthermore, other factors driving the growth of the global CEM market include a rise in the need to meet customer satisfaction, increase in e-commerce activities, and a growing focus towards a consumer-oriented market.

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