Global US $ 32.53 Bn, Customer Experience Management Market Outlook to 2029
The global Customer Experience Management Market Size is expected to rise with an impressive CAGR and generate the highest revenue by 2029. Fortune Business Insights™ in its latest report published this information. The report is titled "Customer Experience Management Market Size, Share and Trends Forecast". The report discusses research objectives, research scope, methodology, timeline and challenges during the entire forecast period [2022 - 2029].
- Fortune Business Insights says that the market value stood at US $ 10.11 Billion in 2021
- By 2029, the Customer Experience Management Market size is expected to reach US $ 32.53 Billion
- The market is expected to grow at a CAGR of 16.2% in the forecast period (2022-2029).
- The growth rate of the Global Customer Experience Management Market is 16.2%, with an estimated value of US $ 32.53 Billion million by 2029.
Driving Factor:
Surging Adoption of AI and AR to Create Lucrative Growth Opportunities
The rapid digitization and the dynamic consumer demand have led major businesses to adopt advanced customer experience management solutions to improve customer loyalty and reduce customer churn rates. Additionally, the changing purchasing patterns of consumers have induced the organizations to adopt bots or virtual assistants. The dynamic consumer needs and the increasing focus of enterprises to improve customer experience are anticipated to boost the Customer Experience Management market growth.
The growing adoption of AI and AR have is anticipated lucrative growth opportunities for the market as task automation and self-service resolutions can be achieved with the incorporation of AI and AR. Also, advanced AI applications such as digital assistants, chat bots, biometric measures, and facial recognition improve customer experience and profitability. The rising adoption of advanced AI and AR technologies are anticipated to accumulate growth for the market.
However, the rising concerns over data privacy and security may hinder market growth.
Major companies in Customer Experience Management Market Report are:
- Zendesk Inc. (San Francisco, U.S.)
- SAP SE (Walldorf, Germany)
- Oracle Corporation (Texas, U.S.)
- Adobe Inc. (California, U.S.)
- Medallia Inc. (California, U.S.)
- OpenText Corporation (Waterloo, Canada)
- Microsoft Corporation (Washington, U.S.)
- com, Inc. (California, U.S.)
- Genesys (California, U.S.)
- Freshworks Inc. (California, U.S.)
Pre-Post COVID-19 Impact on Global Customer Experience Management Market
COVID-19 is an infectious disease caused by the most recently discovered novel corona virus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks.
In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the Customer Experience Management Market, since end-user industries were still not operating at their full capacity.
Secondary Research:
This research study made extensive use of secondary sources, directories, and databases such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource to identify and collect information useful for a technical, market-oriented, and commercial study of the global Customer Experience Management Market. Other secondary sources included company annual reports, press releases, and investor presentations, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research:
Various sources from both the supply and demand sides were interviewed during the primary research process to obtain qualitative and quantitative information for this report. Primary sources included industry experts from the core and related industries, as well as preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations from all segments of the value chain of this industry. To obtain and verify critical qualitative and quantitative information, in-depth interviews were conducted with a variety of primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants.
Estimation of Market Size
The total size of the Customer Experience Management Market was estimated and validated using both top-down and bottom-up approaches. These methods were also widely used to estimate the size of various market sub segments. The following research methodologies were used to estimate market size:
Extensive secondary research was used to identify the industry’s key players.
The revenues generated by the market’s leading players in molecular diagnostics have been determined through primary and secondary research.
All percentage shares, splits, and breakdowns were calculated using secondary sources and confirmed using primary sources.
FAQ's:
1. How big is Customer Experience Management Market?
The global customer experience management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period, to Reach USD 32.53 Billion by 2029, from USD 10.11 Billion in 2021
2. Who is the market leader in Customer Experience Management?
Major Points in Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Annexure / Appendix
- Global Customer Experience Management Market Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
TOC Continued...!
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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