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Customer experience management market worth 16.91 billion USD by 2022 according to market forecasts

Industrial Market Research

Customer experience management market categorizes the global market by touch point as company website, branch/store, web, call center, by vertical, and by region.

The report "Customer Experience Management Market  by Touch Point (Company Website, Branch/Store, Web, Call Center), Vertical (IT Communication Service Provider, BFSI, Healthcare, Manufacturing, Travel & Hospitality), and Region - Global Forecast to 2022", The customer experience management market is projected to grow from an estimated USD 5.98 Billion in 2017 to USD 16.91 Billion by 2022, at a CAGR of 23.1% from 2017 to 2022. The market is primarily driven by the increasing adoption of customer experience management solutions to reduce the customer churn rate across the globe.

Moreover, rise in the adoption of smartphones and digitization is contributing to the growth of the customer experience management market.

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Based on touchpoint, the mobile segment is expected to grow at a high rate during the forecast period

Based on touchpoint, the customer experience management market has been segmented into company website, branch/store, web, call center, mobile, social media, email, and others.

The mobile segment is expected to grow at a high rate between 2017 and 2022. This can be attributed to rise in the adoption of smartphones and prompt response about particular products or services over the smartphone, which help analyze customer behavior.

Based on vertical, the travel & hospitality segment is projected to grow at the highest CAGR during the forecast period

Based on vertical, the travel & hospitality segment is projected to grow at the highest CAGR in the customer experience management market. There has been a rapid growth in the tourism sector, as travel companies are continuously adopting new business models to address the diversified demands of potential consumers.

This factor is driving the growth the customer experience management market.

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Asia Pacific market is projected to grow at the highest CAGR during the forecast period

The customer experience management market in the Asia Pacific is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing use of mobile devices in this region.

The rise in digitalization and smartphone users is expected to enable industries deploy customer experience management solutions in this region. Countries such as India, China, Russia, Australia, and Japan in the Asia Pacific are expected to witness high growth rates in the customer experience management market.

Major players in the customer experience management market are Adobe Systems (US), Oracle (US), IBM (US), Nokia (Finland), Tech Mahindra (India), Avaya (US), OpenText (Canada), Nice Systems (Israel), Verint (US), MartizCX (US), Medallia (US), Qualtrics (US), and InMoment (US), among others.

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