Pune, India -- (SBWIRE) -- 11/12/2020 -- The demand for customer experience management systems is rising across various industries. The "customer experience management" systems market is expected to gain significant traction owing to the recent technological advancements. According to a new study by Fortune Business Insights, the global customer experience management market is anticipated to be worth USD 23.9 Billion by 2026, as against USD 6.2 Billion in 2018.

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Heavy Investments by Key Players to Bring Innovations in Customer Experience Management Platforms

As per the report, some of the leading players in the global market are:

Adobe
Oracle
SAP
IBM
Avaya Inc.
Verint Systems
Tech Mahindra
Open Text Corporation.
Zendesk
Clarabridge
Medallia, Inc.
MaritzCX Research LLC 
The study is titled "Customer Experience Management Market Size, Share & Industry Analysis, Component (Solution, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By TouchPoint (Telephone, Email, Web, Social Media, and Others) and Regional Forecast, 2026." It predicts the global market to expand at an exponential CAGR of 18.5%. The report offers a meticulous analysis of market trends and growth. Along with this, the report offers a detailed evaluation of the market segments and factors affecting segments' growth. It provides a regional level analysis of the market regarding the regional market size and future predictions. In addition to this, the report gives a detailed analysis of the competitive landscape by discussing strategies, mergers and acquisitions, and partnerships.

Market Landscape and Market Scenario Includes:

Current market size estimate
Revenues by players Top Companies
Market size by product categories
Market size by regions/country
Important Features that are under Offering and Key Highlights of the Market Report:

Detailed overview of Market Share
Changing market dynamics of the industry
In-depth market segmentation by Type, Application, etc.
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape of Market
Strategies of key players and product offerings
Potential and niche segments/regions exhibiting promising market growth
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Great customer experience comes from great customer experience strategies and businesses strongly focus on customer experience to increase revenues. Considering the adoption of digitization, customer service is becoming challenges as customers use different modes of communication. Therefore, organizations invest in customer experience management software to gain in-depth insights into customers' requirements across different channels. This software also harnesses a large amount of data from online as well as offline channels with precision and speed.

Some of the upcoming customer experience management trends are:

Artificial Intelligence to revolutionize the customer service space to offer real-time experience and instant feedback.
Adoption of digital signage, advanced and smart speakers and others to keep customers happy by offering convenience.
Companies to use of cloud-based technology, advanced analytics, and automation to highly personalized customer experience.
Telephone, as a Medium to be the Best Touchpoint for Customers

Customers around the world look for personalization, convenience, and immediacy while investing in products or services. Among different touchpoints including email, web, telephone, and social media, the telephone is expected to generate the highest customer experience management revenue in the forthcoming years. transactions. Voice is still considered the most effective channel for communicating with customers. Other touchpoints are also gaining popularity, but voice has the ability to understand what exactly our customer. Conversations through telephone are productive and can be helpful to both the parties. Effective communications can lead to better customer relationships, which in turn, can increase the sales. As per the report, telephone covered a share of 64.6% in the global market and is likely to remain dominant through the forecast years.

The demand for customer experience technology solution is increasing in BFSI and IT and telecom, thereby spurring the customer experience management market size. Moreover, email is a preferred mode of communication with customers in these two sectors.

Segmentation

1. By Component

Solution
Services
Professional Services
Managed Services
2. By Deployment

On-Premises
Cloud
3. By Organization Size

SMEs
Large Enterprises
4. By Touchpoint

Telephone
Email
Web
Social Media
Others
5. By End-User

BFSI
Retail
IT and Telecommunications
Healthcare
Manufacturing
Government
Travel and Transportation
Others (Media and Entertainment, Public Sector)
6. By Region

North America (U.S. and Canada)
Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)
Asia Pacific (China, Japan, India, Southeast Asia, and Rest of Asia Pacific)
Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Latin America (Brazil, Mexico, and Rest of Latin America)
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Queries Addressed In The Market Report:

What opportunities are present for the market players to enhance their business footprint?
What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
Which segment is witnessing huge traction from the consumers?
For what purposes, is the market being utilized?
How many units are estimated to be sold in 2020?
Increasing Focus on Customer Experience to Enable Market Growth in North America

In 2018, the customer experience management market in North America was valued at USD 2.6 Billion and is projected to reach USD 9.4 Billion by 2026. The region is expected to lead the market over the projected horizon as telecom is driving the customer experience management market growth. Sectors such as BFSI, IT and others in the regions are continuously focussing on enhancing customer experience solutions, which is one of the primary factors boosting the market growth.

Other regions such as the Middle East & Africa, Latin America, and Asia Pacific are expected to register considerable growth during the forecast timeline.

Companies such as Verint Systems, Adobe, Medallia, Inc., and Clarabridge are planning to heavily invest in customer experience strategy and develop innovative customer experience management platforms. Some of the recent developments are:

March 2019: Adobe developed a real-time Adobe experience platform for its customers. The platform has the ability to gather data in real-time from different sources and convert it into actionable insights. 

May 2019: Medallia announced the acquisition of Strikedeck with an aim to effectively drive customer success. Both organizations will integrate predictive analytics, artificial intelligence, and machine learning to understand the customers' requirements better.

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Key Features of Market Research Report:

This report provides detail analysis of the market and have a comprehensive understanding of the market and its commercial landscape.
Learn

About the various market strategies that are being adopted by leading companies.
It provides a five-year forecast assessed based on how the market is predicted to grow.
It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
To understand the future scope and outlooks for the market.
Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
The global market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing

About recent product innovations and gives an overview on potential regional market shares.

Table of Content

5. Global Customer Experience Management Market Analysis, Insights and Forecast, 2015-2026

5.1.Key Findings / Summary

5.2.Market Size Estimates and Forecasts

5.2.1.By Component (Value)

5.2.1.1.Solution

5.2.1.2.Services

5.2.1.2.1.Professional Services

5.2.1.2.2.Managed Services

5.2.2.By Deployment (Value)

5.2.2.1.Cloud

5.2.2.2.On-Premise

5.2.3.By Organization Size (Value)

5.2.3.1.SMEs

5.2.3.2.Large Enterprises

5.2.4.By Touchpoint (Value)

5.2.4.1.Telephone

5.2.4.2.Email

5.2.4.3.Web

5.2.4.4.Social Media

5.2.4.5.Others

5.2.5.By End-User (Value)

5.2.5.1.BFSI

5.2.5.2.Retail

5.2.5.3.IT and Telecommunications

5.2.5.4.Healthcare

5.2.5.5.Manufacturing

6. North America Customer Experience Management Market Analysis, Insights and Forecast, 2015-2026

6.1.Key Findings / Summary

6.2.Market Size Estimates and Forecasts

6.2.1.By Component (Value)

6.2.1.1.Solution

6.2.1.2.Services

6.2.1.2.1.Professional Services

6.2.1.2.2.Managed Services

6.2.2.By Deployment (Value)

6.2.2.1.Cloud

6.2.2.2.On-Premise

6.2.3.By Organization Size (Value)

6.2.3.1.SMEs

6.2.3.2.Large Enterprises

6.2.4.By Touchpoint (Value)

6.2.4.1.Telephone

6.2.4.2.Email

6.2.4.3.Web

6.2.4.4.Social Media

6.2.4.5.Others

6.2.5.By End-User (Value)

6.2.5.1.BFSI

6.2.5.2.Retail

6.2.5.3.IT and Telecommunications

6.2.5.4.Healthcare

6.2.5.5.Manufacturing

7. Europe Customer Experience Management Market Analysis, Insights and Forecast, 2015-2026

7.1.Key Findings / Summary

7.2.Market Size Estimates and Forecasts

7.2.1.By Component (Value)

7.2.1.1.Solution

7.2.1.2.Services

TOC Continued…!