Global Customer Experience Management Software Market Report and Forecast 2024-2032

Global Customer Experience Management Software Market Outlook

The global customer experience management software market size reached approximately USD 12.58 billion in 2023. The market is projected to grow at a CAGR of 14.40% between 2024 and 2032, reaching a value of around USD 42.24 billion by 2032.

Key Trends in the Market

Customer experience management, also known as CXM or CEM, refers to the set of procedures employed by a company to monitor, supervise, and structure all engagements between a customer and the organisation across the entire customer journey. However, a different software, known as customer relationship management software, is utilised as a tool to encompass all touchpoints and understand, manage, and improve the customer experience.

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• Providing exceptional customer experiences has become a crucial differentiator for businesses, which is propelling the customer experience management software market demand. This type of software empowers organisations with the necessary tools to collect valuable customer feedback, assess satisfaction levels, and pinpoint areas that require enhancement. By leveraging these valuable insights, companies can gain a distinct competitive advantage and cultivate strong customer relationships for long-term success.

• Implementation of artificial intelligence (AI) and automation is one of the major factors propelling the market for customer experience management software. AI-powered chatbots and virtual assistants can provide instant and personalised support to customers, enhancing their experience. Besides, automation capabilities enable businesses to streamline processes, analyse large volumes of customer data, and deliver real-time insights.

• Another trend significantly enhancing the customer experience management software market is the adoption of cloud-based technologies. Cloud-based solutions provide seamless integration with other business systems and ensure data security and privacy. They also enable businesses to access customer data and analytics in real time from any location.

Market Analysis

Based on touchpoint, the market is segmented into web, social media, email, and contact centre, among others. On the basis of the deployment mode, the market can be bifurcated into cloud and on-premises. The market, based on end use, is divided into BFSI, retail, healthcare, IT and telecom, manufacturing, government and utilities, construction and real estate, hospitality, and automotive, among others.

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The major regional markets for customer experience management software are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global customer experience management software market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

• Adobe Inc.

• IBM Corporation

• Oracle Corporation

• Avaya Holdings Corp

• NICE Ltd.

• SAP SE

• Verint Systems Inc.

• Open Text Corporation

• Tech Mahindra Limited

• Teradata Corporation

• Sprinklr, Inc.

• Others

Market Share by Deployment Mode

During the forecast period, the on-premises segment is expected to experience significant growth. Numerous companies are transitioning from manual systems to automated systems to streamline their operations. Moreover, the demand for on-premises customer experience management solutions is expected to surge among large enterprises due to the growing emphasis on data privacy.

Market Share by End Use

Call centres are anticipated to hold a major portion of the customer experience management software market share. This can be attributed to the growing inclination towards advanced contact centre technologies, leading to an increased adoption of customer experience management software.

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Furthermore, the deployment of cloud-based and virtual contact centre solutions is on the rise, contributing to the segment's expansion. Businesses are also actively focusing on enhancing customer interactions to achieve higher levels of customer satisfaction, thereby reinforcing the requirement for CEM software in call centres.

Competitive Landscape

Adobe Inc. is one of the global leaders in the software development sector. It was founded in 1982 and has developed multiple software applications for digital media and digital marketing applications. One of the company’s most widely known software includes Adobe Photoshop, a powerful image editing software widely used by photographers, graphic designers, and artists.

IBM Corporation, also known as The International Business Machine Corporation, is a global leader and one of the most influential software companies in the world. The company was founded in 1911 and it is currently headquartered in New York, the United States. IBM is known for its mainframe computers, which are powerful and highly reliable machines used by large enterprises and organisations for critical applications.

Oracle Corporation is one of the largest multinational computer technology corporations based in California, the United States. Since its establishment in 1977, the company has developed multiple software and technologies, as well as enterprise software to cater to various business functions such as finance, human resources, supply chain management, customer experience, and more.

Other market players include Avaya Holdings Corp, NICE Ltd., SAP SE, Verint Systems Inc., Open Text Corporation, Tech Mahindra Limited, Teradata Corporation, and Sprinklr, Inc., among others.

Key Highlights of the Report