The size of the global customer experience management market, estimated at USD 14.95 billion in 2022, is expected to increase by USD 52.54 billion by 2030, showing a CAGR of 16.6% over the forecast period, from USD 16.91 billion in 2023.
The report includes the products and services provided by businesses, including, among others, the advertising and customer experience (CX) software from Oracle, the customer management solution from OpenText Corporation, the unified customer experience management (CEM) platform from Sprinkler, and the consumer experience software from Verint Systems. In the coming years, the market will grow due to the increasing use of artificial intelligence and augmented reality in consumer experience solutions. These solutions help businesses improve customer loyalty, lower customer churn rates, and boost brand recognition. Companies are concentrating on increasing funding in order to meet the rising demand for customer experience management solutions and spur the market's expansion.
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Based on channel, deployment mode, application, end-use vertical, and geography, the study thoroughly segments the global data visualization market. Each segment and its corresponding sub-segments are thoroughly examined in the report using a graphical and tabular representation. By using it to identify and develop strategies based on the fastest-growing market segments and those with the highest revenue creation, as highlighted in the report, market players, investors, and new entrants can all profit from this analysis.
COVERAGE OF REPORTS
To give readers a better understanding of the market, the research report highlights key global regions. The report also examines global technology deployment and offers insights into the most recent market trends. In order to help the reader learn more about the market, it also emphasizes its driving forces, size, share, and restraints.
Key Industry Developments:
In March 2023, Q-nomy, a provider of solutions for managing the customer journey, unveiled Cubu. Cubu is an integrated solution that combines customer interaction management, appointment scheduling, and customer flow management.
KEY INDUSTRY PLAYERS
In order to improve their positions in the global market, the major players there constantly employ acquisition and collaboration strategies. These key players are employing this strategy to successfully address the users' changing needs.
List of Key Companies Profiled:
- Zendesk Inc. (U.S.)
- SAP SE (Germany)
- Oracle Corporation (U.S.)
- Adobe Inc. (U.S.)
- Medallia Inc. (U.S.)
- OpenText Corporation (Canada)
- Microsoft Corporation (U.S.)
- Salesforce.com, Inc. (U.S.)
- Genesys (U.S.)
- Freshworks Inc. (U.S.)
RESTRAINING FACTORS
Digital platform usage is growing, which has led to concerns about data security and privacy. Rising cybercrime and data theft can negatively impact a customer’s experience.
In response to the growing number of data breaches and issues with data protection, governments have introduced new regulations. These government regulations strengthen virtual data protection and security. The General Data Protection Regulation, for instance, which the European Union introduced in May 2018 offers data protection laws and keeps track of a person's actions within the area. In a similar vein, the California Consumer Privacy Act was introduced by the federal government of the United States in January 2020 to give customers access to or control their personal data.
REGIONAL INSIGHTS
North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America are the five main geographic divisions of the market. Countries are further divided into regions. It is anticipated that North America will take the lead in the global market. Asia Pacific is anticipated to experience rapid growth.
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