According to the latest report by IMARC Group, titled "Customer Experience Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global customer experience management software market reached a value of US$ 9,768.0 Million in 2021. Customer experience management software refers to a computer-based solution that is widely utilized by multiple businesses for monitoring and managing their interaction with customers. It generally functions by collecting feedback from customers, analyzing the data for obtaining meaningful insights and assisting the organization in taking needful actions for improving customer experiences. These solutions help organizations in automating and synchronizing services in order to better assist their customers. Due to rapid digitization across the globe, there has been a significant rise in the adoption of customer experience management software.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Customer Experience Management Software Market Trends:???
The global market is primarily driven by a considerable increase in data generation across multiple industries. In line with this, the penetration of high-speed internet connectivity and the rising adoption of smartphones among the masses are creating a positive outlook for the market. Coupled with the continuous improvements across the e-commerce sector and the widespread preference for contactless delivery, this is providing a boost to the market growth. Also, an enhanced convenience offered by online shopping platforms is strengthening the market growth. Furthermore, continual technological advancements and the integration of advanced analytics and cloud computing with customer experience management software are considered as major growth-inducing factors. Additionally, the widespread utilization of software in the healthcare sector for storing patient data, collecting details of appointments and medications, and tracking interactions with doctors is positively influencing the market growth. Other factors, including intensive business competition, continuous innovations in the service platform and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors,?the market is anticipated to reach a value of US$ 23,431.8 Million by 2027, growing at a CAGR of 14.10% during 2022-2027.
- On the basis of the component, the market has been bifurcated into solutions and services.
- Based on the touchpoint, the market has been segmented into stores/branches, call centers, social media platform, email, mobile, web services and others.
- On the basis of the deployment mode, the market has been classified into on-premises and cloud-based.
- Based on the organization size, the market has been categorized into large and small and medium-sized enterprises.
- On the basis of the end-use industry, the market has been segregated into retail, BFSI, IT and telecommunication, healthcare, media and entertainment, government sector and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players are Adobe Inc., Avaya Inc., Clarabridge (Qualtrics International), International Business Machines Corporation, Medallia Inc., NICE Ltd., Oracle Corporation, Salesforce.com Inc., SAP SE, SAS Institute Inc., Tech Mahindra Limited, Verint Systems Inc. and Zendesk.
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