The factors such as the growing need to meet consumer satisfaction, increasing e-commerce, competitive environment and growing focus towards consumer oriented market. However, selecting the correct technology and consistency across various verticals are hindering the growth of the customer experience management market.
Customer experience management is 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. According to a recent study report published by the Market Research Future, The global market of Customer Experience Management Market is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
Other aspects aiding the growth of Customer Experience Management Market is the growing popularity of application of tools that are employed for analysing customer feedback, increase in usage of communication media, rise in usage of mobile and social media, high demand for customer experience management solutions & services are expected to boost demand for customer experience management across the globe.
Major Key Players:
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.) are some of the prominent players at the forefront of competition in the Global Customer Experience Management Market and are profiled in MRFR Analysis.
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03 May 2017 – Despite the growth of connected devices and the ability to leverage massive amounts of data to better understand consumers, a study from IBM found retailers and brands are falling short on their customer experience (CX) and there is a significant opportunity to improve CX with cognitive and cloud technologies.
IBM Watson Customer Engagement leverages the power of Watson to put the customer at the centre of all marketing, commerce, and supply chain activities, blending customer data with external factors such as weather patterns, pricing trends, buying behaviours and supplier availability. By infusing these cognitive capabilities across all points of the customer engagement journey, businesses can better understand their customers, deliver the right experiences in the right moment, and make data-informed decisions in real-time.
Sep 18, 2017- SAS helps marketers improve the customer experience with real-time marketing analytics. With more than 165 million mobile customers worldwide, Deutsche Telekom knows the value of exceeding customer expectations. For the brand’s largest market, the company has chosen SAS Real-Time Decision Manager and other SAS Customer Intelligence solutions to help serve nearly 42 million mobile and 13 million broadband customers in Germany.
Customer Experience Management Market Competitive Analysis:
The market of customer experience management market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape.
Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Customer Experience Management Market Segmentation:
The Customer Experience Management Market can be classified into 3 key segments for the convenience of the report and enhanced understanding;
Segmentation by Touch Point: Comprises call centres, website, email, social media, company stores, mobile and others.
Segmentation by End-Users: Comprises BFSI, government, retail, healthcare, manufacturing, IT & telecommunications, automotive, media & entertainment, energy and others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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Customer Experience Management Market Regional Analysis:
The global customer experience management market is divided into four regions, namely North America, Asia Pacific Europe and the Middle East and Africa (MEA). North-America accounted for the largest market share, increased adoption of new technological solutions, regional growth of the customer experience management and increasing customer expectations.
The customer experience management market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing use of mobile devices in this region. The rise in digitalization and smartphone users is expected to enable industries adopt customer experience management solutions in the region. Countries such as India, China, Russia, Australia, and Japan in the Asia Pacific are expected to witness high growth rates in the customer experience management market.
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