Growing Adoption of Artificial Intelligence Drives Customer Experience Management Market
According to our latest market study on “Customer Experience Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment Mode, Organization Size, Touchpoint, and Industry Vertical,” the market is projected to grow from US$ 11,555.18 million in 2022 to US$ 29,780.95 million by 2028; it is estimated to grow at a CAGR of 17.1% from 2022 to 2028.
The rising adoption of artificial intelligence (AI) in verticals such as retail, IT & telecom, automotive, and healthcare help improve the customer experience. The companies are analyzing future customer behavior by integrating AI and machine learning into consumer experience solutions. These predictive analytics and AI-enabled solutions help companies extract meaningful insights from customer data. Therefore, companies are increasingly focusing on implementing advanced technologies to improve the customer experience. For instance, in December 2021, TPG launched Anna, an AI-based customer experience platform that evaluates more interactions with high accuracy. Anna Chatbot can evaluate 100% customer interactions and provide a sample-based analysis of customer chats and voice communications. Furthermore, companies are using advanced AI applications such as facial recognition, biometrics, chatbots, and digital assistants to improve the customer experience. For instance, the Facebook Messenger bot uses AI and machine learning to help shoppers find what they are looking for through simple conversations, which helps improve the customer experience and increase profitability. Similarly, adopting augmented reality across retailers is expected to help improve the shopping experience. For example, IKEA integrates augmented reality to show furniture in real-time, helping customers make purchase decisions and reduce returns. Thus, the rapid adoption of virtual assistants/bots is stimulating the demand for consumer experience solutions.
Customer Experience Management Market – by Region, CAGR (2022-2028)
Customer Experience Market Size and Forecasts (2020 - 2028), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Component (Solution and Service), Deployment (On-Premise and Cloud), Organization Size (SMEs and Large Enterprises), Touchpoint (Call Center, Website, Mobile Application, Email, Social Media, and Others), and Industry Vertical (IT & Telecom, BFSI, Energy & Utilities, Government, Retail, Manufacturing, and Others)
Customer Experience Management Market Share Report, Size and Forecast-2028
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The customer experience management market is segmented into component, deployment mode, organization size, touchpoint, industry vertical, and geography. Based on component, the market is bifurcated into solution and service. Based on deployment mode, the market is bifurcated into cloud-based and on-premise. Based on organization size, the market is divided into large enterprises and small and medium enterprises (SMEs). Based on touchpoint, the market is segmented into call center, website, mobile applications, email, social media, and others. Based on industry vertical, the market is segmented into IT & telecom, BFSI, energy & utilities, government, retail, manufacturing, and others. By geography, the customer experience management market is categorized into five regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Impact of COVID-19 Pandemic on Customer Experience Management Market
The COVID-19 pandemic benefited the customer experience management (CEM) solutions industry. Businesses experienced new challenges due to the COVID-19 pandemic; however, the development of customer experience (CX) technology positively influenced the global market dynamics. The COVID-19 outbreak highlighted the necessity for businesses in various industries to adopt digital technologies and leverage the potential of CEM by helping companies to structure their customer needs and product experience. Thus, there has been a positive trend in adopting the CEM solution during the pandemic. The associated advantages of CEM software-enabled enterprises adopting CEM solutions helped businesses grow during the pandemic. Further, the pandemic affects various industries, including the software industry; however, the imposition of lockdown and communication restrictions fueled the adoption of CEM software via various channels. The pandemic boosted the adoption of digital solutions, increasing the demand for online shopping and the adoption of CEM solutions. The market growth prospects include growing awareness of customer experience efficiency, and the rising integration of cloud-and AI-based platforms into CEM software, enabling enterprises to interact with customers through omnichannel platforms. Thus, such growth prospects for adopting CEM solutions after the onset of the COVID-19 pandemic are anticipated to fuel the customer experience management market growth in the coming years.
Adobe; Avaya Inc.; IBM Corporation; NICE Ltd.; Oracle Corporation; SAP SE; Verint Systems, Inc.; Zendesk; SAS Institute Inc.; and Salesforce.com, Inc. are among the leading players operating in the customer experience management market.
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