1. Market Research
  2. > Business Services
  3. > Advertising and Marketing
  4. > Marketing Market Trends
Customer Experience Management Market - Growth, Trends, Forecasts (2020 - 2025)

Customer Experience Management Market - Growth, Trends, Forecasts (2020 - 2025)

  • September 2020
  • 167 pages
  • ID: 5976777
  • Format: PDF
  • Mordor Intelligence LLP
Up to $750 off Until May 20th 2021

Summary

Table of Contents

Search Inside

The customer experience management market expected to register a CAGR of 17.9% over the forecast period 2020-2025. Increasing adoption of digitalization, technological advancements in cloud and artificial intelligence solutions, rapid integration of multichannel touchpoints into a single platform, and the increasing need to analyze customer data to draw business insights to increase revenue are some of the primary factors boosting the customer experience management market.

- Brands are increasingly dependent on customer experience management tools to determine customers’ requirements and to verify that the customer needs and the company’s offerings are on the same level to be one step ahead of competitors. Companies also utilize cloud-based technology, advanced analytics, and automation to provide highly personalized customer experience and build brand loyalty to reduce churn rate. According to a study, brand loyalty aids companies to achieve revenue gains of 5% to 10% and reduce costs by 15% to 25% within two or three years as new customer acquisition costs five times as to retain a current customer.
- The advent of technology has led to the digitalization of every sector and has tremendously increased the digital customer interaction. Technology evolution at a rapid pace has led to the creation of more intuitive and user-friendly interactions. But as customers are now accustomed to user-friendly and personalized digital natives, such as Google and Amazon, they expect the same kind of service from established players. According to research, 25% of customers will defect after just one bad experience, and thus, companies are demanding multi-purpose, user-friendly, accurate, and fast solutions from the key vendors.
- For instance, in 2019, Oracle has launched a series of new data-first updates across Oracle Customer Experience (CX) Cloud. The latest updates include new digital assistants for sales, customer service and marketing professionals, new data enriched B2B sales capabilities, and latest industry solutions for telecom and media, financial services, and the public sector. These updates were built on data and machine learning solutions to help brands take advantage of powerful data insights to get ahead of customer needs and ensure smooth, positive, unforgettable customer experience.

Key Market Trends
Travel and Transportation are Expected to Witness Moderate Growth

- According to the WTTC 2019 report, the travel and tourism sector experienced 3.5% growth and outpaced the global economy (2.5%) for the ninth consecutive year. Over the past five years, one in four new jobs were created by the sector and has generated 10.3% of global GDP. This data reflects the sector’s significant growth in the coming years.
- The travel and transportation sector has experienced a digital transformation over the past few years due to the overwhelming shift of customers from traditional paper to digital solutions. The rapid adoption of mobile and access to internet services across the world has forced all the travel companies to switch to mobile supporting applications to enhance the customer experience.
- Modern travelers use technology at every single point, from reaching to the airport, checking in, accessing in-flight entertainment, managing itineraries, unlocking hotel rooms, handling customer service problems, or looking for food to eat. This trend has led to the development of mobile integration solutions that provide personalized data and have ultimately improved customer experience. For instance, Wyndham Hotel Group uses Adobe Analytics to gather data, time-based metrics, geolocation, and personalization data for better application experience to loyalty members.
- Emerging technologies like the release of 5G, advancements in Artificial Intelligence, and improved voice search are some of the technological disruptions that will create new ways for travel companies to engage customers and make travel easier, richer, and more convenient. For instance, travel companies use messaging apps and chatbots to integrate the growing power of artificial intelligence into the mobile travel experience.
- The outbreak of COVID-19 has completely disrupted the tourism sector, and so has weakened the customer experience management market in particularly this sector. According to the research conducted by the World Tourism Organization (UNWTO) on April 6, 2020, 96% of all worldwide destinations introduced travel restrictions in response to the pandemic. Around 90 destinations have entirely or partially closed their borders to tourists, while a further 44 are closed to certain tourists depending on the country of origin. Moreover, International tourist arrivals could decline by 20% to 30% in 2020. This can lead to the loss of millions of jobs in the global tourism industry for at least the next three months.

Asia-Pacific is Expected to Witness Significant Growth

- Digital transformation has opened up a plethora of opportunities in the way contact centers have been functioning, and the Asia-Pacific region is experiencing high adoption of a customer experiencing platforms in various industries. For instance, in 2019, Singapore Airlines, one of the world’s best airlines, has partnered with Insider to drive its customer satisfaction initiatives. Insider’s growth management platform based on the latest artificial intelligence technologies will enable Singapore Airlines to deliver highly personalized, meaningful experiences to each individual based on historical, real-time, and predictive data.
- Asia accounts for the maximum number of small and medium-sized enterprises (SMEs) who require technologies to serve the customer in better and smart ways. About 80% of SAP’s customers are SMEs who can benefit, backed by learnings and data to become a larger enterprise in the future. Scott Russell, the president for the SAP Asia Pacific Japan (APJ), revealed that Asia-Pacific and Japan would continue to be one of the primary investment markets as the market is not saturated, businesses require technology to enhance customer experience and to gain competitive advantage.
- Increasing investment by vendors in the Asian market is also boosting the customer experience management platform. For instance, RateIt, Singapore headquartered, raised USD 5 million in its series A funding round in 2019. It is a startup that provides real-time customer experience management platforms to global brands. More than half of its revenue is generated from Southeast Asia with clients including Metro, Maybank, Lego, and several small and micro-enterprise firms.
- Asia-Pacific will experience high growth due to the rapid urbanization and digitalization of the developing countries and increased usage of digital transactions in developing countries, such as India, China, and Singapore.

Competitive Landscape
The customer experience management market is highly competitive and moderately fragmented. A few major players like Adobe, Oracle, SAP, IBM, Avaya Inc., and Verint Systems Inc. are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are growing their market presence by securing new contracts and by tapping new markets.

- March 2020 - Adobe launched the Digital Economy Index, the first real-time barometer of the digital economy, to analyze trillions of online transactions across 100 million products in 18 categories. It reflects consumers’ desire to purchase products in the future. It is powered by Adobe Analytics and based on a new digital consumer shopping basket measuring scale of online goods and services. It has also protected many businesses during the pandemic outbreak COVID-19, as it helped many companies become digital.
- February 2020 - Verint System Inc. partnered with Adobe to support more personalized customer journeys by combining experience data from the Verint Experience Cloud along with data from the Adobe Experience Platform. Organizations can leverage customer experience data seamlessly to automate the process of predicting and acting on experienced drivers, the key to anticipating, and meeting customer needs. Companies can now automate and take action on real-time insights across every level of the organization to drive meaningful outcomes, prioritizing improvements based on desired impacts.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
10% Off

$4250

  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Neuromarketing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • $ 4250
  • February 2021
  • 110 pages

The Neuromarketing market is expected to grow at a CAGR of 15.6% over the forecast period (2021-2026). Neuroscience is beneficial in interpreting and studying consumer perceptions and has played a majo ...

  • World
  • North America
  • Marketing
  • Marketing Research
  • Industry analysis
  • Advertising Revenue
  • Internet Subscribers

ref:plp2020

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on