Customer Experience Management Market

Customer Experience Management Market Overview

The global Customer Experience Management Market size was valued at USD 13.45 billion in 2023 and is predicted to reach USD 36.95 billion by 2030 with a CAGR of 15.5% from 2024-2030.

The customer experiences management industry also known as CXM industry that includes the strategies, technologies, and methodologies for enterprises to optimize interactions and relationships with their business clients. The system streamlines and automates interactions across all customer touchpoints, enabling efficient service for existing customers and quick responses to issues and new business. 

Additionally, these customer satisfaction systems integrate omni-channel support systems and customer relationship management (CRM) platforms to ensure seamless, coordinated service delivery across various industries. 
Thus, CXM requires significant investment and buy-in across the organization to create a customer-centric culture that recognizes customers as a key asset worthy of boardroom consideration.

Market Dynamics and Trends

Rising digital transformation among businesses is necessitating the adoption of enhanced digital interactions and streamlined customer engagement processes. This solution enables companies to deliver personalized experiences that enhance customer engagement, satisfaction and loyalty that in turn drives the CEM market growth. 

For instance, in May 2022, Ducati partnered with SAP to enhance its business transformation and customer experience by adopting SAP commerce cloud and SAP integrated business planning for improved supply chain management. This collaboration also extends to the Ducati Lenovo Team in MotoGP, showcasing their commitment to innovation in both business and racing.

Also, the growing utilization of various omni-channel communication, including social media, chat, email, and phone, is prompting businesses to pursue consistent and integrated customer experiences across all touchpoints. Consequently, there is an increasing demand for comprehensive CEM solutions that enable organizations to deliver seamless and cohesive interactions, thereby enhancing customer satisfaction and loyalty. 

For example, in May 2024, Bicom Systems launched an omnichannel solution designed to enhance customer interactions across various communication platforms, including voice, email, chat, and social media. This solution offers a unified inbox, intelligent routing, and real-time analytics to improve customer satisfaction and operational efficiency for businesses of all sizes.

Moreover, increasing use of CEM solutions in healthcare underscores the significance of patient-centered care and technology's role in improving the patient experience. Investing in CEM solutions enables healthcare providers to enhance patient interactions, boost satisfaction, and achieve better health outcomes, leading to more efficient care pathways and stronger relationships between patients and providers. 

For instance, in January 2024, Eli Lilly launched LillyDirect, that offers customer experience to support and provide home delivery of Lilly medications to help patients manage chronic conditions such as obesity, migraine, and diabetes. The platform includes a digital pharmacy, educational resources, telehealth access and a provider search tool to simplify healthcare access and improve patient outcomes.

However, the high costs associated with implementing CEM solutions present a challenge for small and medium-sized enterprises that hinders the growth of customer experience management market. On the contrary, integration of 5G technology enhances digital interactions with faster and more reliable connections. This creates growth opportunities by enabling high-quality video consultations and real-time data processing, improving customer engagement and satisfaction. 

For example, Cognizant partnered with Qualcomm to launch a 5G experience center in Atlanta, aimed at accelerating digital transformation across various industries by integrating 5G, IoT, and edge computing technologies. This integration allows enterprises to generate real-time data insights and improve operational efficiencies, which are critical components of effective customer experience management.

Market Segmentation and Scope of Study

The customer experience management market report is divided on the basis of component, deployment, enterprise, touchpoint, end user and region. On the basis of component, the market is categorized into platform and services. The platform segment is sub-divided into customer feedback management, omnichannel experience management, analytics & insights, and other platforms. The service segment is again sub-divided into professional services, consulting, support and maintenance, and other services. On the basis of deployment, the market is classified into on-premise and cloud. On the basis of enterprise, the market is segmented into small and medium enterprise, and large enterprise. On the basis of touchpoint, the market is sub divided into call centre, website, mobile applications, email, social media, and others. On the basis of end user, the market is bifurcated into BFSI, government, transportation, retail and consumer goods, IT and telecom, healthcare, automotive and others. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominates the customer experience management market share at present and is expected to continue its dominance throughout the forecast period. This is attributed to factors such as rising initiatives towards artificial intelligence (AI) driven e-mail marketing and customer service in healthcare industry among the developed countries such as the U.S. and Canada.

In August 2023, Weave launched an AI-driven Email Assistant tailored for healthcare providers, enabling them to quickly generate personalized email marketing campaigns. This tool aims to enhance patient engagement and retention, streamlining the process of creating effective marketing communications.

Also, increasing adoption of cloud-based CEM solutions is a major driver in the North American market, as these platforms offer scalable, flexible, and cost-effective ways to manage and analyze customer interactions. 

For instance, in May 2024, Salesforce launched three new features in commerce cloud aimed at helping businesses create engaging online shopping experiences. These improved development and checkout capabilities helps merchants address growing customer expectations for a seamless, integrated experience across all channels.

On the other hand, Asia-Pacific is considered fastest growing region in the customer experience management market trends, owing to the rapid digital transformation in the BFSI sector that are investing in CXM to enhance customer engagement and provide personalized, seamless interactions across digital channels. 

As per the data provided by the India Brand Equity Foundation (IBEF), India is expected to contribute 2.2% to the global digital payments market by 2023, with the total value of digital transactions projected to reach USD 12.4 trillion globally by 2025. This underscores the significant role of advanced CXM solutions in meeting this growing demand of digital payments among the BFSI sector in the region.

Furthermore, the leading companies are adopting various business strategies including product launch and business expansion, which in turn is boosting the CEM market expansion. 

For instance, in October 2022, Datamatics expanded its business reach with the launch of digital-enabled omni-channel customer support centre in the Philippines. This facility aims to enhance customer experience through a combination of digital technologies and human expertise. The centre further provides a range of services, including customer support, technical assistance, and query resolution across multiple channels such as voice, chat, and email.

Competitive Landscape  

Various players in the customer experience management industry includes Adobe Inc., Oracle Corporation, Zendesk Inc., Avaya LLC, SAP SE, Qualtrics International Inc., Genesys Cloud Service Inc, International Business Machine (IBM) Corporation, Salesforce Inc., and Freshworks Inc., among others. These companies are opting various strategies such as product launches to maintain their dominance in the global customer experience management sector. 

For instance, in March 2024, Adobe Inc. launched Sensei GenAI, a generative AI initiative designed to enhance customer experience (CX) for businesses. This technology enables companies to deliver personalized content and interactions, improving customer engagement and efficiency. 

Additionally, in May 2024, Avaya launched a new technology to enhance its cloud communications offerings, aiming to strengthen its market position and improve customer experience through integrated advanced features and expanded capabilities. Moreover, in September 2023, Oracle Corporation launched its generative AI capabilities into its fusion cloud customer experience platform to enhance customer service efficiency by assisting agents and customers in resolving issues more effectively. These features prioritize data privacy and security, ensuring that customer information remains protected while streamlining service processes.

Key Benefits

• The report provides quantitative analysis and estimations of the CEM market from 2024 to 2030, which assists in identifying the prevailing industry opportunities.

• The study comprises a deep-dive analysis of the current and future customer experience management market trends to depict prevalent investment pockets in the industry.

• Information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Customer Experience Management Market Key Segments

By Component

• Platform

  • Customer Feedback Management

  • Omnichannel Experience Management

  • Analytics & Insights

  • Other Platforms

• Services

  • Professional Services

  • Consulting

  • Support and Maintenance

  • Other Services

By Deployment

• On-premise

• Cloud

By Enterprise

• Small and Medium Enterprise

• Large Enterprise

By Touchpoint

• Call Centre

• Website

• Mobile Applications

• Email

• Social Media

• Other Touchpoints

By End User

• BFSI

• Government

• Transportation

• Retail and Consumer Goods

• IT and Telecom

• Healthcare

• Automotive

• Other End Users

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy

  • Spain

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of the World

  • Latin America

  • Middle East

  • Africa

Key Players

• Adobe Inc.

• Oracle Corporation

• Zendesk Inc.

• Avaya LLC

• SAP SE

• Qualtrics International Inc.

• Genesys Cloud Service Inc.

• International Business Machine (IBM) Corporation

• Salesforce Inc.

• Freshworks Inc.

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 13.45 Billion
Revenue Forecast in 2030	USD 36.95 Billion
Growth Rate	CAGR of 15.5% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Rising digital transformation among businesses is driving the growth of market.   Growing utilization of various omni-channel communication influence the market expansion. Increasing use of CEM solutions in healthcare further propels the market.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.