The demand for customer experience management has been showing an impressive year-on-year increase, and this trend is expected to continue over our forecast period
The report published by Knowledge Sourcing Intelligence titled “Customer Experience Management Market - Forecasts from 2018 To 2023” studies various factors affecting the demand for customer experience management solutions and services across the globe. The market has been segmented by offering (solution and services), by deployment model (On-premise and cloud), and by end-user industry (BFSI, communication and technology, retail, hospitality and others). Furthermore, the demand for customer experience management solutions and services has been estimated across all major geographies namely North America, South America, Europe, Middle East and Africa and the Asia Pacific. To give a clearer view of this market across these geographies, the regional market is further segmented into countries which account for a significant share in the market.
Growing competition across industries is one of the major driving forces for this market as this has been increasing the need among companies to focus more on continuously changing demands of their customers. Companies are under a persistent threat of losing their customers to their rivals in the event of failing to evolve with continuously changing market trends. This is increasing the demand for advanced customer experience management solutions and services which can help enterprises better serve and retain their customers in an environment as competitive as this. Availability of a large number of vendors across regions, offering advanced customer experience management solutions to customers at affordable prices, is increasing their adoption, thus boosting the market growth. The market growth is being supported by good growth of industries globally, which is increasing the frequency and volume of investments being funneled by enterprises into new technologies. As these trends continue, solid growth of this market is expected over the projected period.
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Retail sector dominates the end-user industry segment.
The retail industry holds the largest share in the global customer experience management market on account of continuously rising competition among industry players. Continuous entry of new players in this industry is further intensifying the rivalry, thus pushing the industry players towards adopting advanced customer experience management solutions in order to understand the needs of their customers better and plan better strategies for business growth. BFSI and hospitality industries are also expected to show good growth in this market over the projected period.
North America and Europe are witnessing very high adoption of customer experience management solutions and services among end users.
North America and Europe hold a major share in this market. This is on account of flourishing industries and the presence of a large number of market players in these regions. Favorable infrastructure in these regions for the implementation of advanced solutions is also contributing to the market growth here. The market in the Asia Pacific is expected to grow at the highest CAGR over the projected period. This will be attributed to the rapid growth of industries and increasing investments by end users into new technologies.
This report also includes a study of strategies and product portfolios of some of the leading companies in the global customer experience management market. It consists of company profiles of the leading companies such as Adobe Systems, Oracle, IBM, Avaya, NICE, Nokia, Opentext, Verint Systems, Maritzcx, Medallia, Qualtrics, and Inmoment.
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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