June 13, 2024
Ict

The Global Customer Experience Management Market Is Driven By Increasing Need For Enhanced Customer Satisfaction

The customer experience management market enables companies to design, monitor, analyze and improve the overall experience of their customers through the complete lifecycle of engagement and interaction. Customer experience management solutions help organizations in tracking customer behaviour across multiple channels of interaction and collecting feedback to gain valuable customer insights that benefit business development decisions. It enables delivering customized and personalized experiences tailored to individual customer needs and expectations. The information gathered through customer experience management programs enables companies to offer superior products and services aligned with changing consumer preferences. It further helps in retaining existing customers and attracting new customers through positive brand image and reputation.

The global Customer Experience Management Market is estimated to be valued at US$ 12.55 Bn in 2024 and is expected to exhibit a CAGR of 21.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rising adoption of cloud-based customer experience management solutions is one of the major trends in the market. Cloud deployment offers flexibility, scalability and cost benefits to organizations of all sizes. It facilitates seamless collaboration and real-time access to customer data from any location. With cloud, companies can deploy customer experience management programs without large up-front investments. Another key trend is the integration of AI and analytics capabilities within CX solutions. Advanced data analytics helps identify patterns in customer behaviour and deliver hyper-personalized experiences. Integration of AI assists in automating routine tasks, predicting customer needs, and providing next best actions for improved engagement. This is empowering organizations to offer more personalized and responsive customer service.

Porter’s Analysis
Threat of new entrants: The customer experience management market has a moderate threat of new entrants due to the presence of established players and the need for significant capital investments. However, new digital marketing technologies are lowering the barriers to entry.
Bargaining power of buyers: Buyers have moderate to high bargaining power as there are many vendors offering similar customer experience management solutions. Buyers can negotiate on price and demand additional features.
Bargaining power of suppliers: Software development companies and technology providers that supply solutions to customer experience management vendors have low to moderate bargaining power due to minimal differentiation in their offerings.
Threat of new substitutes: Alternative communication channels like social media and collaboration tools pose a low threat as substitutes since they only address parts of the customer lifecycle unlike integrated customer experience platforms.
Competitive rivalry: This market witnesses high competition due to the presence of global and regional vendors offering similar solutions. Vendors compete based on product features, pricing, customer support and partnerships.

Key Takeaways
The Global Customer Experience Management Market Size is expected to witness high over the forecast period driven by increasing demand for delivering superior customer experience and retention across industries.

Regional analysis: North America dominates the market currently due to presence of various vendors and high technology adoption rate. Europe is expected to grow at a high rate during the forecast period. Asia Pacific is witnessing tremendous growth due to growing digital transformation initiatives in countries like China and India.

Key players: Key players operating in the customer experience management market are FUJIFILM Business Innovation Corp., Lumileds Holding BV, Heraeus Holding GmbH, Koninklijke Philips NV, CRYSTAL IS Inc. (Asahi Kasei Corporation), Nordson Corporation, EPIGAP Optronic GmbH, Honle UV America Inc. (Honle Group), Semileds Corporation, Seoul Viosys Co. Ltd., and Nichia Corporation. The market is dominated by global vendors and experiencing new product launches by regional players. Customers are inclined towards players that offer integrated solutions across departments to map customer journeys end-to-end.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it