IMARC Group, a leading market research company, has recently releases report titled “Customer Experience Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global customer experience management software market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Customer Experience Management Software
Customer experience management (CEM) software refers to the practice of tracking, organizing, and managing customer interactions across various touchpoints within a company. It includes data analytics, sentiment analysis, and customer segmentation. It enables organizations to analyze customer behavior, compile data, and implement changes to enhance customer satisfaction. It collects real-time feedback, monitors customer engagement, and implements strategies that improve the customer journey. It aids in assessing customer needs, identifying pain points, and leveraging customer data to make informed decisions. It is utilized by companies in various sectors like retail, healthcare, and finance for purposes ranging from customer segmentation to personalized marketing and complaint resolution.
How Big Is the Customer Experience Management Software Market?
The global customer experience management software market size reached US$ 11,455.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 26,762.0 Million by 2028, exhibiting a growth rate (CAGR) of 13.85% during 2023-2028.
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What are the growth prospects and trends in the customer experience management software industry?
At present, the rising demand for personalized, convenient, and responsive service represents one of the crucial factors impelling the market growth. Additionally, the growing need to integrate CEM with other systems like customer relationship management (CRM), enterprise resource planning (ERP), and marketing automation tools is supporting the market growth. Besides this, the increasing availability of vast amounts of customer data is encouraging companies to adopt software like CEM to analyze and make sense of this information for improved decision-making.
Moreover, the rising utilization of smartphones is catalyzing the demand for comprehensive CEM solutions to improve mobile user experiences. In addition, the growing adoption of cloud-based solutions is making it easier and more cost-effective for businesses to implement CEM software. Furthermore, the increasing integration of artificial intelligence (AI) and machine learning (ML) algorithms into CEM solutions is allowing for more precise data analysis and predictive customer behavior modeling. Apart from this, the rising emphasis on real-time customer feedback for service improvement is driving demand for CEM software that offers this functionality.
Additionally, the growing need for secure and reliable customer data management due to the rising instances of data breaches is positively influencing the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Solutions
- Services
Breakup by Touchpoint:
- Stores/Branches
- Call Centers
- Social Media Platform
- Mobile
- Web Services
- Others
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Industries:
- Retail
- BFSI
- IT and Telecommunication
- Healthcare
- Media and Entertainment
- Government Sector
- Others
Breakup by Region:
- 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
Who are the key players operating in the industry?
The report covers the major market players including:
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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