MarketsandMarkets expects the Customer Experience Management Market to grow from USD 8.5 billion in 2020 to USD 14.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period. Customer Experience Management (CEM) is a set of processes that are used to track customer feedback, understand customer expectations, and improve the overall customer experience, in order to help businesses to reach new markets through different touchpoints. The need to improve customer engagement and reduce customer churn rate is driving companies to adopt customer experience management solutions.
Based on component, services segment to record a higher growth rate than solutions segment during the forecast period
Base on component, the services segment is expected to grow at a higher rate than the solutions segment during the forecast period. The services segment has a major influence on the customer experience management market’s growth. The demand for services is increasing with the growing adoption of customer experience management by enterprises across major verticals. These services assist end users in reducing costs, lowering operational costs, increasing overall revenues, and improving business performance. With the help of these services, organizations can track, evaluate, and analyze the requirements of their business to make better-informed decisions.
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Among services, managed services segment to register a higher growth rate than professional services segment during the forecast period
Among services, the managed services segment is expected to witness a higher growth rate than the professional services segment during the forecast period. Managed services help clients manage their customer experience management operations on-premises as well as on the cloud. The prime responsibility of the managed service providers is to improve the efficiency of inbound and outbound operations cost-effectively for enterprises.
Key and emerging market players include Adobe (US), IBM (US), Oracle (US), Avaya (US), Nice (Israel), Nokia (Finland), SAP (Germany ), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US), SDL (UK), Teradata (US), Sprinklr (US), Medallia (US), InMoment (US), SAS Institute (US), Clarabridge (US), Sitecore (US), NGDATA (Belgium), Amperity (US), Manthan (India), Mixpanel (US), Segment.io (US), ZephyrTel (US), and MindTouch (US). These players have adopted various strategies to grow in the customer experience management market.
Adobe Systems entered the customer experience management market with its product Adobe Experience Cloud and has become a pioneer in offering digital experience solutions to enterprises worldwide. In March 2019, Adobe announced the availability of its CX product, Adobe Experience Cloud, globally. This product will enable its users to access personalized profiles by stitching together data from across the enterprise and by leveraging Adobe Sensei artificial intelligence (AI) and machine learning. Adobe is also focused on inorganic growth strategies to strengthen its market position. For instance, in September 2018, the company acquired Magento and Marketo to drive its revenue growth in the coming years. The company also concentrates on increasing its innovative capabilities by spending approximately 17% of its revenue on R&D consecutively in fiscal years 2017, 2018, and 2019.
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IBM offers an elaborate range of products in the customer experience management market through its AI-based solution IBM Watson. The company offers various solutions in the form of predictive analytics, premium insights, and web content management, among others, providing end-to-end solutions in the market. The company has been able to maintain a leading position globally owing to its capabilities as cognitive solutions and cloud platform provider through which it has been able to create a wide range of services, software, analytics tools, and related services for its customers in the customer experience management market. The company offers the Watson Marketing solution that enables users with multiple solutions to improve their offerings in customer experience management. IBM has adopted inorganic growth strategies, such as partnerships and acquisitions, to enhance its offerings. For instance, in February 2019, the company partnered with BUCKiTDREAM, providing BUCKiTDREAM with the Watson Marketing solution for an improved and personalized brand engagement experience to its customers.
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