SQM and CEM Market

Market Overview:

The global SQM and CEM market size reached US$ 4.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 9.4 Billion by 2032, exhibiting a growth rate (CAGR) of 7.6% during 2024-2032. The significant growth in the telecommunication industry, growing demand for cloud-based solutions, enhanced research and development (R&D) activities, and the utilization of artificial intelligence (AI) and machine learning (ML) algorithms represent some of the key factors driving the market.

Service quality management (SQM) and customer experience management (CEM) refer to technological solutions used by organizations to understand customer experience related to specific products and services. It involves the utilization of various tools and techniques, such as web analytics, enterprise feedback management (EFM) systems, customer journey mapping software, and emotional analytics tools. SQM and CEM are widely used by retailers, hotels, resorts, hospitals, clinics, banks, insurance companies, e-commerce platforms, software developers, and government agencies. They enhance operational efficiency, improve service delivery, increase customer satisfaction, ensure consistent quality, reduce human errors, and optimize resource allocations. SQM and CFM also assist in building a positive brand image, improving customer retention, increasing revenue, enabling better decision-making, and gaining competitive advantages. As a result, SQM and CEM find extensive applications across the automotive, telecommunication, healthcare, hospitality, and banking, financial services, and insurance (BFSI) industries.

SQM and CEM Market Trends:

The significant growth in the telecommunication industry is one of the primary factors propelling the market growth. SQM and CEM are widely used by telecom service providers to monitor and measure network performance, provide personalized recommendations, optimize customer journeys, improve billing and payment processes, enhance self-servicing options, and implement proactive customer support mechanisms. Furthermore, the widespread utilization of SQM and CEM to improve services, promote customer-centric culture, offer relevant communications, and provide seamless multi-channel experience, is positively influencing the market growth. Apart from this, the growing demand for cloud-based solutions that are cost-effective, scalable, provide remote access, ensure better collaboration, and offer enhanced data security is favoring the market growth. Additionally, the utilization of artificial intelligence (AI) and machine learning (ML) algorithms to automate processes, provide instant support, personalize customer experiences, and derive actionable insights from large volumes of customer data is positively influencing the market growth. Apart from this, the rising number of digital channels, such as websites, mobile applications, and social media, is facilitating the demand for SQM and CEM to ensure seamless digital engagement and deliver consistent experiences across various channels. Other factors, including rapid globalization activities, increasing demand for data-driven decision-making, and the growing emphasis on customer retention among organizations, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global SQM and CEM market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type and application.

Type Insights:

• Enterprise Feedback Management
• Web Analytics
• Text Analytics
• Speech Analytics
   

The report has provided a detailed breakup and analysis of the SQM and CEM market based on the type. This includes enterprise feedback management, web analytics, text analytics, and speech analytics. According to the report, enterprise feedback management represented the largest segment.

Application Insights:

• Small and Medium Businesses
• Larger Enterprises
   

A detailed breakup and analysis of the SQM and CEM market based on the application has also been provided in the report. This includes small and medium businesses and larger enterprises.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, North America was the largest market for SQM and CEM. Some of the factors driving the North America SQM and CEM market included rapid globalization activities, increasing emphasis on customer-centric approaches, and various technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global SQM and CEM market. Detailed profiles of all major companies have been provided. Some of the companies covered include Adobe Inc., Amdocs, eGain Corporation, Medallia Inc., Microsoft Corporation, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global SQM and CEM market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global SQM and CEM market?
• What is the impact of each driver, restraint, and opportunity on the global SQM and CEM market?
• What are the key regional markets?
• Which countries represent the most attractive SQM and CEM market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the SQM and CEM market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the SQM and CEM market?
• What is the competitive structure of the global SQM and CEM market?
• Who are the key players/companies in the global SQM and CEM market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the SQM and CEM market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global SQM and CEM market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the SQM and CEM industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.