South & Central America Customer Experience Management Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Component, Deployment Mode, Organization Size, Touchpoint, and Industry Vertical

The customer experience management market in South & Central America is expected to grow from US$ 385.31 million in 2022 to US$ 905.34 million by 2028. It is estimated to grow at a CAGR of 13.5% from 2022 to 2028.

Higher Adoption of Artificial Intelligence
The growing adoption of artificial intelligence (AI) in verticals such as retail, IT & telecom, automotive, and healthcare is helping to improve the customer experience. The companies are analyzing future customer behavior by integrating AI and machine learning into consumer experience solutions. These predictive analytics and AI-enabled solutions help companies extract meaningful insights from customer data. Therefore, companies are increasingly focusing on implementing advanced technologies to improve the customer experience. For instance, in December 2021, TPG launched Anna, an AI-based customer experience platform. It evaluates more interactions with high accuracy. Anna Chatbot can evaluate customer interactions 100% and provide a sample-based analysis of customer chats and voice communications. Furthermore, companies are using advanced AI applications such as facial recognition, biometrics, chatbots, and digital assistants to improve the customer experience. For instance, the Facebook Messenger bot uses AI and machine learning to help shoppers find what they are looking for through simple conversations, which helps improve the customer experience and increase profitability. Similarly, adopting augmented reality across retailers is expected to help improve the shopping experience. For example, IKEA integrates augmented reality to show furniture in real-time, helping customers make purchase decisions and reduce returns. Therefore, the rapid adoption of virtual assistants/bots is stimulating the demand for consumer experience solutions.

Market Overview

According to a global survey of executives, South & Central American business professionals are most enthusiastic about adopting customer experience management tools. The report explores the views of 700 executives on CEM tools and reveals that South & Central American business leaders are among the fast growing globally regarding technology adoption and future expectations. Hence, such factors prove that the region is set to be the next go-to market for CEM vendors over the forecast period.
Companies in South & Central America are progressively boosting the adoption of technology solutions across the region. For instance, in May 2020, New Relic worked with Agencia Sabia, a South & Central American agency, to raise awareness of brand differences and solutions in South & Central America and increase its potential audience. New Relic has decided to take a new step toward localizing and disseminating local stories. It is leveraging Sabiá's support at every step in understanding best practices and interacting with customers to show the difference between solutions through customer experience. Such initiatives are likely to propel the growth of the customer experience management market over the forecast period.

South & Central America Customer Experience Management Market Segmentation

The South & Central America customer experience management market is segmented into component, deployment mode, organization size, touch point, industry vertical, and country. - Based on component, the market is segmented into solution and service. The solution segment registered the largest market share in 2022. Based on deployment mode, the market is segmented into on premise and cloud based. The cloud based segment held a larger market share in 2022. Based on organization size, the market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held the largest market share in 2022. Based on touch point, the market is segmented into call center, website, mobile application, email, social media, and others. The call center segment held the largest market share in 2022. Based on industry vertical, the market is segmented into IT and telecom, BFSI, energy and utilities, government, retail, manufacturing, and others. The IT and telecom segment held the largest market share in 2022. Based on country, the market is segmented into Brazil, Argentina, and Rest of SAM. Brazil dominated the market share in 2022. Adobe; Avaya Inc.; IBM Corporation; NICE Ltd.; Oracle Corporation; SAP SEl; Verint Systems, Inc.; Zendesk; SAS Institute Inc.; and Salesforce.com, inc. are the leading companies operating in the customer experience management market in the region.