Customer experience management is basically a practice of building as well as reacting to consumer interactions to serve their expectation. In addition, to increase loyalty and advocacy, it involves a strategy that demands process change and an array of technologies to succeed. The emergence of customer experience management services has helped in lowering at-risk revenues and winning over lost customers. Also, the solution further enables business owners to engage their consumer as a sustainable element for progress. Apart from that, it further minimizes the cost of new customer acquisition.
Global Customer Experience Management Market: Key Players
The research study includes profiles of leading companies operating in the global customer experience management market. Key players profiled in the report include: Adobe Systems Inc., Amdocs Inc., Cisco Systems Inc, Ericsson, Hewlett-Packard Development Company, CA Technologies, Inc., IBM Corporation, Nokia Corporation (Nokia Networks), Oracle Corporation, SAP SE, Huawei Technologies Co., Ltd, and SAS Institute, Inc.
Drivers for the Global Customer Experience Management Market:
According to current market condition, increasing numbers of consumers and constant pressure faced by companies to sustain competition is responsible for driving this market. Also, growing trend in the investment towards customer retention strategies than that of customer acquisition strategies is further enhancing the growth of the market for customer experience management. Additionally, advancements in big data analytics to help enterprise design, manage, as well as improve their end-to-end consumer experience management are expected to drive the market over the forecast period.
Opportunities for the Global Customer Experience Management Market:
User relying on new digital channels at work or for personal activities is expected to create greater opportunities for the CEM market in the future. Moreover, rising investments towards implementation of advanced marketing technologies to help consumers undertake cognitive decisions with an effort to develop increase customer experience management, is also contributing to market growth.
Restrains for the Global Customer Experience Management Market:
The major hindrances in the customer experience management market include delivering a consistent customer experience across all channels along with reluctance in choosing the right technology to create better experience. Another major restraint for customer experience management market is the unsystematic customer feedback process. This challenge is mainly faced by organizations that don’t have a customer feedback system in place. Furthermore, other factors obstructing the growth of the customer experience market are the increasing number of substitute technologies to analyze customer insights and emerging competitive landscape.
Region Wise, Global Customer Experience Management Market Analysis:
On the basis of region, global customer experience management market includes North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Geographically, the North America region is likely to dominate the market throughout the forecast period. The growth of the regional market can be attributed to the continued digital transformation across various industry verticals, including retail, telecom, and banking. Furthermore, increasing investments and allocating budgets for marketing and digital channels among the enterprises in U.S. and Canada is other factor contributing to market growth. North America region is followed by Asia pacific and Europe.
Global Customer Experience Management Market: Product analysis
Global Customer Experience Management Market: Application analysis
- IT & Telecom
- Banking, Financial Services & Insurance
- Travel & Hospitality
- Media & Entertainment
- Public Sector
Global Customer Experience Management Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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