According to the report by Expert Market Research (EMR), the global customer experience management software market size reached a value of USD 11 billion in 2022. Aided by the surge in digital transformation initiatives and the increasing need for enhanced customer interaction, the market is projected to further grow at a CAGR of 14.40% between 2023 and 2028 to reach a value of USD 24.66 billion by 2028.
Customer experience management (CEM) software is an innovative solution that helps companies track, analyse and organise their customer interactions to foster customer satisfaction, loyalty, and advocacy. It plays a crucial role in delivering personalised experiences, improving customer relationships, and overall brand reputation. Beyond these attributes, CEM software also delivers actionable insights, helping organisations improve their business strategies, thereby directly impacting their bottom line.
The escalating emphasis on delivering superior customer experiences is a significant driver of the global customer experience management software market growth. With the proliferation of digital channels, businesses are seeking innovative solutions that can help them deliver seamless, personalised, and timely customer experiences. This has led to an increased adoption of CEM software, providing comprehensive customer interaction data across various touchpoints, thus driving customer engagement and satisfaction.
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The rapid pace of digital transformation across various industries also substantially contributes to the customer experience management software market expansion. With the COVID-19 pandemic expediting the shift towards digitisation, businesses are increasingly adopting digital tools, including CEM software, to stay competitive. Additionally, the growth of e-commerce and online services has necessitated businesses to offer superior digital experiences, which has further propelled the demand for CEM software.
Furthermore, the emergence of advanced technologies like artificial intelligence (AI), machine learning (ML), and big data analytics has also enriched the capabilities of CEM software, bolstering the customer experience management software market development. These technologies enable real-time customer interaction analysis, predictive analytics, and personalised communication, thereby enhancing the overall customer journey and engagement.
The CEM software market is also being influenced by the rise in mobile and social media usage. With customers increasingly relying on mobile devices for various activities and social media for brand interactions, businesses are leveraging CEM software to track and optimise these channels for a consistent and engaging customer experience. This trend has significantly enhanced the role of CEM software in managing customer relationships, thus propelling the customer experience management software market demand.
The market can be divided based on touchpoint, deployment mode, end use, and region.
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Market Breakup by Touchpoint
• Web
• Social Media
• Email
• Contact Centre
• Others
Market Breakup by Deployment Mode
• Cloud
• On-premises
Market Breakup by End Use
• BFSI
• Retail
• Healthcare
• IT and Telecom
• Manufacturing
• Government and Utilities
• Construction and Real Estate
• Hospitality
• Automotive
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global customer experience management software companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Adobe Inc.
• IBM Corporation
• Oracle Corporation
• Avaya Holdings Corp
• NICE Ltd.
• SAP SE
• Verint Systems Inc.
• Open Text Corporation
• Tech Mahindra Limited
• Teradata Corporation
• Sprinklr, Inc.
• Others
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