DUBLIN--(BUSINESS WIRE)--The "Customer Experience Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment Mode, Organization Size, Touchpoint, and Industry Vertical" report has been added to ResearchAndMarkets.com's offering.
The customer experience management market size is projected to grow from US$ 11,555.18 million in 2022 to US$ 29,780.95 million by 2028; the customer experience management market share is expected to grow at a CAGR of 17.1% from 2022 to 2028.
With the development of e-commerce and digital banking, customers are becoming more open to digital channels. Several retailers have moved from physical stores to digital channels over the decade.
For instance, Statista stated that over 2 billion people purchased products and services online in 2020, with global electronic retail sales exceeding US$ 4.5 trillion. As a result, retailers employ AI-enabled virtual rehearsal rooms, chatbots, and surveillance to capture and analyze customer behavior. Brands use multiple channels such as social media, mobile applications, and websites to increase awareness. Such factors are propelling the growth of the customer experience management market.
Further, the proliferation of social media channels such as Facebook, Instagram, YouTube, Twitter, and Pinterest drives brand awareness, marketing, and direct purchases. Various brands use social media shops to simplify the customer purchasing process. For example, Facebook and Instagram shops help retailers to attract new customers and shop directly on social media platforms. Consumer experience solutions help these retailers to reduce churn, increase lifetime value, and retain customers. Hence, changing consumer buying behavior is boosting market growth.
Furthermore, the digitization of healthcare is accelerating the adoption of e-health applications, telemedicine, smart health devices, and wearable devices. The digitization of healthcare is changing customer expectations for 24/7 service and immediate response. Therefore, companies are adopting different digital strategies to improve the customer experience. Thus, the factors mentioned above are driving the market growth.
According to a global survey of executives, South American business professionals are most enthusiastic about adopting customer experience management tools. The report explores the views of 700 executives on CEM tools and reveals that South American business leaders are among the fastest-growing region regarding technology adoption and future expectations. Hence, such factors prove that the region is set to be the next go-to market for CEM vendors over the forecast period. Companies in South America are progressively boosting the adoption of technology solutions across the region.
The presence of various developing countries in SAM makes this region one of the key markets for CEM. The growing adoption of cloud-based technologies and a huge focus on good customer experience are key factors attributed to the growth of the customer experience management market before the emergence of the COVID-19 pandemic. The pandemic boosted the adoption of CEM solutions due to the rise in internet penetration and the growing need for good customer experiences to gain new customers and increase retention rate.
According to World Bank data, the COVID-19 pandemic exposed Brazil to unprecedented health, social, and economic challenges. Furthermore, Brazil witnessed a decline of 4.1% in GDP in 2020, which recovered owing to a rise in economic activities underpinned by private consumption and investment. However, the COVID-19 pandemic disrupted the economic stability of South American countries, which led to slower adoption of CEM software. Thus, 2021 was a recovery year from the pandemic that augmented the growth prospects for the customer experience management market.
Market Dynamics
Drivers
- Growing Adoption of Artificial Intelligence
- Growing E-Commerce Industries Globally
Restraints
- Concerns Regarding Data Breaching and Security
Opportunities
- Innovation in Omni Channel Shopping
Future Trends
- Incorporation of New Business Models
- Impact Analysis of Drivers and Restraints
Companies Mentioned
- Adobe
- Avaya Inc.
- IBM Corporation
- NICE Ltd.
- Oracle Corporation
- SAP SE
- Verint Systems, Inc.
- Zendesk
- SAS Institute Inc.
- Salesforce.com, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/tyscid
