Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

Get it on Amazon (Kindle/Print)

CX management market worth US$16.9bn by 2026

Up from $9.5bn in 2021? Why, that's a CAGR of 12.3%

It is true to say that CEM has changed the way organizations interact with their employees and customers because it provides insights for day-to-day decision-making, resulting in enhanced operational efficiency, optimized business outcomes, and increased customer satisfaction.

The transformation enables innovation and creativity in a particular domain, rather than simply improving and supporting traditional methods. CEM is rapidly gaining traction as enterprises seek solutions, technologies, and platforms to transform operating processes and business models. For example, online services are now firmly established in the banking and financial sectors, resulting in the proliferation of online activities and websites.

The services component of the industry is expected to record a higher growth rate during the forecast period. The overall services segment has a major influence on the Customer Experience Management Market's growth, as these services assist end users in reducing overall 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.

Looking at organization size, large enterprises are expected to hold the largest market size during the forecast period, as compared to SMEs. Large enterprises deploy CEM solutions to enhance their CE and satisfaction. Large enterprises encompass distributed data related to customers scattered across different departments and are, hence, opting for cloud-based CEM solutions to gain valuable insights from this data.

The adoption of CEM solutions helps large enterprises enhance customer interaction and loyalty. Large enterprises are keen on investing in new and latest technologies such as artificial intelligence, big data, and machine learning to automate the customer engagement process.

Looking at deployment modes, Cloud-based service is expected to have a higher growth rate in 2021, compared to on-premises deployment mode. Cloud-based CE solutions are preferred over traditional systems as they are effective and compatible in addressing the rising level of customer expectations. Besides reducing costs associated with upgrading and updating CE solutions, cloud deployments also help organizations integrate technologies to provide a better CE to their customers.

Considering vertical markets, the Healthcare sector is expected to have a higher growth rate from 2021-2026. In the healthcare vertical, consumer expectations and demographics evolve and influence the desire to seek more detailed information about their health.

A great difficulty comes when there is a mismatch between the different communication channels consumers use and the limited ways with which healthcare organizations can interact with customers. Many consumers expect a different experience and set of interactions with their health care providers than they have in the past, and this is a fact across age groups and customer segments. If health care providers do not completely use the customer-driven encounters, they can be at a high risk of losing their market share.

And on a regional basis, North America is expected to represent the largest market size in the global Customer Experience Management market during the forecast period. The region constitutes developed economies, such as the US and Canada, which have fairly adopted the latest instruments in domains such as customer data analytics and real-time reporting, besides incorporating advanced technologies such as machine learning and AI; this makes organizations in these economies excel in the Customer Experience Management Marketspace. North America is a front-runner when talking about digital advancement and technology adoption.

According to the report, key and emerging market players in the Customer Experience Management Market include: Adobe, IBM, Oracle, Avaya, Nice (Israel), Nokia (Finland), SAP (Germany), OpenText (Canada), Tech Mahindra (India), Verint Systems, Zendesk, Teradata, Sprinklr, Medallia, InMoment, SAS, Clarabridge, Sitecore, NGDATA (Belgium), Amperity, Mixpanel, Segment.io, ZephyrTel, MindTouch, Algonomy, and SoGoSurvey.

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)