Customer Experience Management Market - Forecasts from 2019 to 2024

The customer experience management market is projected to grow at a CAGR of 13.15% during the forecast period of 2018 to 2024. The growth of this market is majorly attributed to intensifying competition across industries. Players across industries have been increasing their focus towards expanding their customer base and expanding it further in order to increase their revenues. The focus of companies towards understanding their customers’ continuously evolving needs and offering them better experience is increasing the demand for customer experience management solutions among them. The proliferation of smartphones and other mobile devices and increasing penetration of internet across regions is offering a favorable environment for the industry players to reach out to their customers and analyze their feedback to plan their next move. This is driving the growth of the market.

Drivers

Proliferation of smartphones and other connected devices
Rapid growth of the retail industry

Restraints

Growing privacy and security concerns

Industry Update

In November 2018, SAP announced to acquire Qualtrics, a customer and employee experience management provider, for $8 billion.

In October 2018, Mitsubishi Motors North America partnered with the leading customer experience management provider, Deal4r-FX, to launch a digital platform for its dealers entitled MICAR.

The major players profiled in the Customer Experience Management market include Adobe Systems, Oracle, IBM, Avaya, NICE, Nokia, Opentext, Verint Systems, Maritzcx, Medallia, Qualtrics, and Inmoment among others.

Segmentation

The customer experience management market has been analyzed through the following segments:

By Offering
Solution
Services

By Deployment Model
On-Premise
Cloud

By End-User Industry
BFSI
Communication and Technology
Retail
Hospitality
Others

By Geography
North America
USA
Canada
Mexico

South America
Brazil
Argentina
Others

Europe
United Kingdom
Germany
France
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
Australia
India
Others