What is the Historic and Current Scenario of the Customer Experience Management Market?
The customer experience management market has seen considerable growth due to a variety of factors.
• In recent years, the market size of customer experience management has expanded swiftly. It is projected to escalate from $12.42 billion in 2024 to $14.23 billion in 2025, boasting a compound annual growth rate (CAGR) of 14.5%. The growth during the historic period can primarily be credited to gaining competitive advantage via customer experience (CX), concentration on customer lifetime value, demand for uninterrupted customer journeys, the increasing relevance of social media engagement, and customer voice insights.
What Can Be Expected from the Customer Experience Management Market By 2029?
The Customer Experience Management market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for customer experience management is forecasted to experience a swift escalation in the coming years, expanding to $26.44 billion by 2029 with a compound annual growth rate (CAGR) of 16.8%.
The surge during the projected period is due to the growing focus on personalization, sophisticated data analytics, and AI integration, along with the emergence of omni-channel experiences and strategies for real-time engagement. The forecast period will also witness key trends such as the implementation of feedback loops, an emphasis on customer-oriented cultures, efforts for customer retention and loyalty, focus on the mapping of customer journeys, and strategies for real-time engagement.
What Are the Critical Driver Fuelling The Customer Experience Management Market's Growth?
The customer experience management market is poised for growth, driven by the surge in digital transformations within the retail and healthcare sectors. The term digital transformation refers to the integration of digital technology across all organizational operations, leading to a profound overhaul of its functioning, enhancing the value it offers to its customers. It aids in managing the customer experience through the incorporation of digital technology in all business areas, thereby altering business operations and the value they provide to consumers. For instance, Salesforce, a software company in the U.S., published an article stating that 99% of organizations in the healthcare and life science sectors find digital transformation to be of immense value, with 12% being completely digital. This identifies a considerable potential for innovation within the industry, particularly as organizations grapple with changing business models and shrinking budget limits. Thus, the escalating digital transformations in retail and healthcare are fueling the expansion of the customer experience management market.
How Is The Customer Experience Management Market segmented?
The customer experience management market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Touchpoint: Websites, Stores, Call centers, Mobile Apps, Social media, Emails, Virtual assistants, Other Touchpoints
3) By Deployment Type: On-Premises, Cloud
4) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
5) By Vertical: IT And Telecom, BFSI, Retail, Healthcare, Automotive, Travel And hospitality, Media And entertainment, Public Sector, Other Verticals
Subsegments:
1) By Solutions: Customer Feedback Management, Journey Mapping, Customer Analytics, Omni-Channel Experience Management, Personalization Solutions
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
Pre-Book The Customer Experience Management Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What New Trends Are Influencing The Customer Experience Management Market?
Leading firms in the customer experience management market are fashioning superior products such as the Avaya Experience Platform (AXP) Public Cloud to amplify customer interactions, rationalize communication mediums, and augment overall client gratification. The Avaya Experience Platform (AXP) Public Cloud is an internet-based solution for managing customer experience, facilitating businesses to offer uninterrupted, multi-channel communication and assistance to their clientele. For example, in September 2024, Avaya LLC, a tech company based in the US, introduced the Avaya Experience Platform (AXP) Public Cloud in India. This platform accommodates AI-powered self-service, giving businesses the advantage of a novel virtual agent-ready structure, permitting the integration of smart digital assistants for engaging customers.
Who Are the Key Players In The Customer Experience Management Market?
Major companies operating in the customer experience management market include:
• Medallia Inc.
• Clarabridge
• Zendesk Inc.
• Open Text Corporation
• International Business Machines Corporation
• Tech Mahindra
• Verint Systems Inc.
• Avaya Inc.
• Oracle Corporation
• SAP SE
• Adobe Inc.
• Teradata Corporation
• Sprinklr Inc.
• InMoment Inc.
• SAS Institute
• Sitecore
• NGDATA N.V.
• Amperity
• Mixpanel Inc.
• Segment.io
• ZephyrTel Inc.
• MindTouch
• Freshworks Inc.
• Genesys Telecommunications Laboratories Inc.
• Nokia Corporation
• Algonomy Inc.
• Sogolytics Ltd.
• Startek
• Microsoft Corporation
• Skyvera
What Is The Most Dominant Region In The Customer Experience Management Market?
North America was the largest region in the customer experience management market in 2024. The regions covered in the customer experience management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
