The global customer experience management market size is expected to reach USD 23.6 billion by 2027, registering a CAGR of 17.7% from 2020 to 2027, according to the new study conducted by Grand View Research, Inc. The digital disruption and changing customer behavior are some of the key trends stimulating the growth of the market for customer experience management. Furthermore, with the increasing expectation of customers for quality, convenience, and speed service, business organizations are engaged to provide services at multiple touch points. Additionally, with the advancements in technology, organizations are actively involved in the implementation and deployment of autonomous and AI-based platforms and applications to provide fast, reliable, and efficient real-time customer service.
Rise in social media platforms and online commerce business is another factor responsible for the traction of contextualized and personalized consumer experience through data management. Consumers share every experience and their opinions across different channels. The result of sharing opinions could impact a brand’s reputation positively or negatively. Therefore, to improve brand loyalty, reputation, and to retain customer, business organizations are transforming their business model towards more of a customer-centric approach to gain a competitive edge ahead and provide efficient customer experience.
The opportunity for customer experience management increases with the implementation of cloud-based deployment models. It maintains, unify, and provides a holistic view of customer information throughout the organizational ecosystem. Furthermore, the information connected within a single cloud offers different departments and business functions to closely monitor a lead, understand consumer preferences, and their expenditure behaviors and buying patterns before facilitating any personalized marketing strategies. The adoption of such consumer experience management practices also eliminates information siloes and help organization enrich its consumer experience management, in turn, gaining customer loyalty.
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Further key findings from the report suggest:
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Grand View Research has segmented the global customer experience management market on the basis of analytical tools, touch point type, deployment, end user, and region:
CEM Analytical Tools Outlook (Revenue, USD Million, 2016 – 2027)
CEM Touch Point Type Outlook (Revenue, USD Million, 2016 – 2027)
CEM Deployment Outlook (Revenue, USD Million, 2016 – 2027)
CEM End-user Outlook (Revenue, USD Million, 2016 – 2027)
CEM Regional Outlook (Revenue, USD Million, 2016 – 2027)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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