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(Wireless-NewsWire.Com, May 27, 2020 ) The major growth drivers for the market include increasing need to improve customer engagement & reduce customer churn rate, growing deployment of cloud-based solutions, and rising demand for big data analytics. These drivers allow CEM solution vendors deliver a wide range of solutions and services that enable the management of customer profiles and queries about their requirements. They also provide real-time tracking of customers and their behaviour. All these services help in retaining customers and also tapping unexplored markets.
As per report "Customer Experience Management Market by Component (Solutions, Services) Touchpoint, Deployment Type, Vertical (IT & Telecom, BFSI, Retail, Healthcare, Media & Entertainment, Automotive, Travel & Hospitality), and Region - Global Forecast to 2024",tThe customer experience management market is projected to grow from USD 7.8 billion in 2019 to USD 14.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period.
Browse 51 market data Tables and 42 Figures spread through 154 Pages and in-depth TOC on "Customer Experience Management Market"
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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. Specifically, managed services assist clients in outsourcing the customer experience management solutions to service providers for efficiently managing their key business operations. These services are very useful for companies, which do not have internal budgets or analytical skills to implement and manage the customer experience solution. 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.
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.
North America to account for the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period. The US has emerged as the largest market for customer experience management due to the large-scale implementation of customer experience management solutions by organizations and enterprises in the country. The high pace of digital transformation, along with the high growth of AI and data analytics, is attributed to the fast growth of the customer experience management market in the US. The customer experience offerings are very well implemented by industries such as retail, IT & telecom, and financial services in the Canada. Canada is a digital economy and organizations in the country have a fair investment in customer experience management offerings.
Key and emerging market players include Adobe Systems (US), Oracle Corporation (US), SAP (Germany), IBM (US), Avaya Inc. (US), NICE Systems (Israel), Nokia (Finland), OpenText (Canada), Tech Mahindra (India), Verint Systems (US), Zendesk (US), SDL (UK), MaritzCX (US), Medallia (US), InMoment (US), SAS Institute (US), Clarabridge (US), and Sitecore (US). These players have adopted various strategies to grow in the customer experience management market.
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