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(Wireless-NewsWire.Com, June 29, 2021 ) According to a research report "Customer Experience Management Market by Component (Solutions, Services) Touchpoint, Deployment Type, Organization Size, Vertical (IT and Telecom, BFSI, Retail, Healthcare, Media and Entertainment), and Region - Global Forecast to 2025" the customer experience management market is projected 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. The major growth drivers for the market are need for better understanding customers, customer-related scores helping organizations to plan better customer engagement strategy, and CEM solutions help in reducing customer churn rates.
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Based on component, services segment to record a higher growth rate than solutions segment during the forecast period
Based 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.
Based on vertical, the healthcare segment is expected to witness the highest growth rate during the forecast period
Based on vertical, the healthcare segment is expected to grow at a higher rate during the forecast period. Patients expect a convenient 24x7 service, access to cost and quality comparison data, and service orientation from healthcare organizations. The growing demand for smart healthcare equipment and wearable devices has spurred the adoption of customer experience solutions in the healthcare sector.
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.
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.
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