Originally published on Technavio: In-Depth Analysis of the Global Customer Experience Management (CEM) Market: Forecast and Analysis (2023-2027).

Introduction:
The Customer Experience Management (CEM) market is poised for substantial growth, with Technavio's latest forecast projecting an increase of USD 12,555.32 million and a Compound Annual Growth Rate (CAGR) of 15.23% between 2022 and 2027. Spanning 157 pages, this comprehensive analysis provides insights into market components, deployment strategies, and geographical dynamics.

Market Dynamics:
The market's upward trajectory is fueled by factors such as a heightened focus on customer-centricity among organizations, the digital transformation in retail and healthcare industries, a surge in demand for CEM solutions, and evolving consumer behavior. The report delves into drivers, trends, and challenges, offering a thorough analysis. Historical market data from 2017 to 2021 is also included.

Market Size Forecast:
The forecast anticipates a significant increase in the global Customer Experience Management market size by USD 12,555.32 million, with a projected CAGR of 15.23% from 2022 to 2027.

Market Overview:
Market Driver: The growing emphasis on customer-centricity within organizations emerges as a primary driver. Businesses are strategically investing in CEM solutions to gain profound insights into customer needs, preferences, and behaviors. CEM tools empower companies to collect feedback, analyze data, and derive valuable insights for delivering personalized and meaningful experiences. The alignment of strategies, processes, and resources with customer expectations allows companies to map customer journeys, identify pain points, and optimize interactions at each touchpoint, fostering global market growth.

Market Trends: Recent advancements and developments in the global CEM landscape play a pivotal role in influencing market growth. Strategic collaborations, such as the partnership between Kyndryl and Oracle, showcase notable progress in the global CEM market. This collaboration aimed to expedite clients' cloud transition journeys and offer managed cloud solutions globally. Such advancements are expected to have a favorable impact on the global market.

Market Restrain: Privacy and security concerns associated with CEM solutions pose challenges to market growth. The responsible handling and protection of customer data become crucial due to the increasing collection and storage of customer data. Privacy concerns related to the collection and use of personal information, coupled with the rising risk in working with third-party companies, hinder the global market trends during the forecast period.

Market Segmentation:

By Component:
- Solution Segment: The market share growth of the solution segment is expected to be substantial, covering software and technology offerings that assist businesses in managing and enhancing customer experiences. CEM solutions, valued at USD 6,321.07 million in 2017, continued to grow until 2021. Notable applications include feedback management, enabling businesses to collect, analyze, and act upon customer feedback through surveys, feedback forms, and social media monitoring. The increasing adoption of CEM solutions is driven by their ability to extract meaningful insights about customer behavior and preferences, contributing to global market growth.

By Deployment:
-On-Premises Segment: The wide-ranging benefits of the on-premises segment, characterized by a traditional approach to CEM solution implementation, are expected to drive growth. Enterprises hosting and managing CEM software and infrastructure within their premises gain full control over the entire CEM system, including hardware, software, data storage, and security. The on-premises segment's customization capabilities to cater to specific organizational needs contribute to its growth, impacting the global market during the forecast period.

Regional Overview:
North America is estimated to contribute 42% to the global market growth, driven by regional industries increasingly adopting CEM solutions. Prominent companies like Microsoft Corp. and Oracle Corp. further fuel market growth in the region. The presence of cutting-edge services and the relevance of cloud computing in expanding markets contribute to the growth of CEM solutions in North America during the forecast period.

Key Players:
Companies are adopting various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches. Notable players include Adobe Inc., Avaya Inc., Freshworks Inc., Genesys Telecommunications Laboratories Inc., International Business Machines Corp., Medallia Inc., Microsoft Corp., NICE Ltd., Nokia Corp., Open Text Corp., Oracle Corp., Qualtrics LLC, SAP SE, SAS Institute Inc., Service Management Group, Sprinklr Inc., Tech Mahindra Ltd., Verint Systems Inc., Zendesk Inc., and Ignite Enterprise Software Solutions Inc. The report provides detailed analyses of the competitive landscape, categorizing companies based on dominance, strength, and market focus.

To Learn deeper into this report , View Sample PDF
The market is evolving rapidly, integrating advanced technologies and innovative strategies to enhance customer satisfaction and loyalty. Key drivers include journey mapping, customer analytics, and the adoption of digital tools, machine learning, and artificial intelligence to streamline processes and engagement. Industries across supply chain, B2C markets, and healthcare sectors leverage CEM solutions to improve operations and customer satisfaction, ensuring data privacy and security.
This market research report forecasts growth at global, regional, and country levels, providing an analysis of the latest trends and growth opportunities from 2017 to 2027.

For more information please contact.

Technavio Research
Jesse Maida
Media Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/