Pune, India, Feb. 03, 2021 (GLOBE NEWSWIRE) -- The global customer experience management market size is projected to reach USD 21.86 billion by 2027, exhibiting a CAGR of 13.0% during the forecast period. The heightened importance of enhancing customer experience (CX) amid the COVID-19 pandemic will accelerate the growth of this market, shares Fortune Business Insights™ in its report, titled “Customer Experience Management Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services), By Deployment (Cloud, On-Premise), By Organization Size (SMEs, Large Enterprises), By Touchpoint (Call Center, Website, Mobile Applications, Email, Social Media, and Others), By End-User (BFSI, Rental and Consumer Goods, IT and Telecom, Healthcare, Automotive, Media and Entertainment, Government, and Others), and Regional Forecast, 2020-2027”. With millions of people worldwide confined to their homes, brands are aggressively looking for avenues to maintain visibility among their customers and cater to their changing needs. The unusual circumstances created by the coronavirus have forced companies to engage customers in a more meaningful way. For example, the cable provider Comcast deepened its customer experience management by developing short, topical videos powered by an interactive experience for its Xfinity cable service during the pandemic. In China, a restaurant chain started delivering ingredients for meals usually enjoyed in communal settings at people’s doorsteps, ensuring no physical contact and strengthening its relationship with loyal customers. The variety of novel ideas triggered amid the COVID-19 pandemic enabled the market to register an impressive CAGR of 11.7% in 2020.

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According to the report, the value of the market was estimated to be USD 8.29 billion in 2019. Besides this, the report also offers the following:

Restraining Factor

Constant Threat of Data Breaches to Limit CEM Adoption

The proliferation of smartphones, mobile applications, and other smart devices has triggered a massive digitization trend among businesses. Enhancing CEM through virtual platforms and online portals has become one of the core strategies adopted by companies to foster long-lasting relationships with their customers. However, with private customer information being available online in most cases, the threat of data breaches has escalated in recent years. Hackers are targeting digital platforms to extract critical data and sell them on the black market. For example, in April 2020, over 500,000 accounts on the teleconferencing platform Zoom were breached and then sold on the dark web by cyber-criminals. Similarly, in India in January 2020, Unacademy, the popular online education platform, experienced a massive data breach, exposing more than 20 million accounts containing customer information related to email addresses, payment history, passwords, and usernames. The constant exposure of delicate information to cyber-attacks may inhibit the customer experience management market growth.


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Regional Insights

North America to Lead the Charge Supported by Rapid Transformation of Businesses

In 2019, the North America market size stood at USD 2.81 billion, and the region is expected to lead the market during the forecast period due to the speedy digital transformation of businesses in the region. CXM companies across the US and Canada are actively adopting and deploying customer experience management solutions powered by advanced technologies such as artificial intelligence (AI) and machine learning (ML). Thus, the market in North America is foreseen to progress at an incredible pace.

Asia Pacific is strengthening its hold on the customer experience management market share as a result of the broadening presence of AI and the Internet of Things (IoT) among enterprises in India and China. In Europe, on the other hand, the increasing number of call centers is expected to propel the regional market.

Competitive Landscape

Introduction of Game-Changing CX Solutions to Create an Intense Competitive Milieu

Key players in the CEM market are directing their energies towards developing and introducing breakthrough products to tighten client-business relationships. The launch of such solutions is allowing companies to entrench their position in regional and global markets and attract new customers with diversified portfolios.

 


 Industry Developments:

List of Key Companies Profiled in CEM Market Report:


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Have a Look at Related Research Insights:

Customer Relationship Management (CRM) Market Size, Share & COVID-19 Impact Analysis, By Component (Software, Services), By Deployment (On-Premises, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Application (Marketing and Sales Automation, Customer Management, Lead Generation and Customer Retention, Customer Support), By Vertical (BFSI, Manufacturing, IT and Telecommunications, Retail and Consumer Goods,) and Regional Forecast, 2020–2027

Loyalty Management Market Size, Share and COVID-19 Impact Analysis, By Type (Customer Retention, Customer Loyalty, and Channel Loyalty), By Deployment (On-Premise and Cloud), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By Industry (Banking, Finance, Security and Insurance (BFSI), IT and Telecommunications, Transportation, Retail, Hospitality, Manufacturing, Media & Entertainment,) and Regional Forecast, 2020-2027

Customer Data Platform Market Size, Share & Industry Analysis, By Component (Platform and Services), By Deployment (Cloud, On-premises), By Type (Access, Analytics, and Campaign) By Industry (Banking, Financial Services and Insurance (BFSI), Retail and ecommerce, Information Technology (IT) and Telecom, Media and Entertainment, Travel and Hospitality, Healthcare, and Others (Government and Education)), and Regional Forecast, 2020-2027


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