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% during the forecast period, 2017 to 2022. The increase in demand for customer digital experience and use of e-commerce platform has led to the increased demand and adoption of customer experience management solutions which have helped streamline businesses and operational processes, thereby fueling the growth of the customer experience management market.
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The research methodology used to estimate and forecast the customer experience management market size begins with capturing of data of key vendor revenues through secondary research, such as annual reports, white papers, certified publications, databases, such as Factiva and Hoovers, press releases, and investor presentations of customer experience management solutions providers, as well as articles from recognized industry associations, statistics bureaus, and government publishing sources. Vendor offerings were also taken into consideration to determine market segmentations.
Key Target Audience
- Customer Experience Management Solution Providers
- IT Hardware/Software/Services Suppliers
- Software and System Integrators
- Value Added Resellers (VARs)
- Software Developers
- Application Developers
- Research Organizations
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The customer experience management market has been segmented based on touchpoint, vertical, and region. Based on touchpoint, the market has been further classified into company websites, branches/stores, web, call centers, mobiles, social media, emails, and others.
In 2017, the call center segment is estimated to account for the largest share in the market.
Break-up of primary participants was as mentioned below:
- By Company Type: Tier 1: 70%, Tier 2: 20%, and Tier 3:10%
- By Designation: C-level: 23%, Director level:63%, and Others:14%
- By Region: North America: 70%,Europe: 20%, and Asia Pacific: 10%
The customer experience management market ecosystem includes key players, such as 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 that provide customer experience management solutions.
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As per geographic analysis, the North American region is estimated to lead the market in 2017. The growth of the North America customer experience management market can be attributed to the increased deployment of customer experience management solutions in the region where the technical expertise to integrate customer experience management solutions with other technologies in businesses is very high.
Study provides a detailed segmentation of the customer experience management market on the basis of touch point, vertical, and region. Based on touch point, the customer experience management market has been segmented into company website, branch/store, web, call center, mobile, social media, email, and others.
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