The global customer experience management market will reach $32,87-billion by 2030, with a CAGR of 15,8% from 2024 to 2030, according to market researchers Grand View Research.
Customer experience management (CEM) solutions are gaining widespread popularity in diverse industries and, as businesses become more customer-centric, the market is expected to witness rapid growth over the forecast period.
Ongoing trends such as hyper-personalisation of customer service, the use of AI & automation, and various customer value models are the key attributes propelling the growth. Moreover, implementing robust social media customer service can help reduce costs, increase response times, improve customer satisfaction, and increase the adoption of the CEM platform across industries further driving industry growth.
As working from home becomes more common, facilitated by video conferencing, digital transformation of the customer and employee experience will be critical for growth. Remote working frequently leads to higher Employee Satisfaction (E-SAT), which leads to higher overall Customer Satisfaction (C-SAT). A remote workforce allows an organisation to hire the best talent from all over the world – which improves both the local and global customer experiences.
Organisations that want to keep their customer experience scope onshore/nearshore could benefit from a right-shored work-at-home model rather than an offshore-only model. These developments would further drive industry growth.
Organisations have implemented new business models to broaden their customer reach and improve the end user experience. Organisations are also working to improve their ability to adapt to changing customer expectations as well as market conditions. Several industries and industry verticals are expanding their customer reach by utilising various e-commerce models such as e-retail, direct-to-customer (D2C), marketplace, and social commerce.
Additional highlights from the report include:
• The speech analytics segment is expected to witness a CAGR of 18,4% from 2024 to 2030. Through the calls, they assist enterprises in identifying the areas of trends, opportunities, and concerns. Speech analytics tools in contact centres help improve agent performance, monitor compliance, streamline business processes, improve first-call resolution, and improve customer experience.
• The Web services segment is anticipated to grow at a CAGR of 17,4% from 2024 to 2030. CX Web services provide the tools and expertise to measure, analyse, and improve customer interactions leading to a strong ROI for businesses. Moreover, the rise of cloud-based Software as a Service (SaaS) offerings has made CX web services more accessible and affordable for businesses of all sizes.
• The cloud segment is anticipated to grow at a CAGR of 18,3% from 2024 to 2030. The cloud deployment model enables enterprises to purchase only the features, added applications, or updated versions of the software based on the pay-as-you-go subscription model. On account of these benefits, large enterprises are gradually investing in CEM software and collaborating with technology providers for digital transformation.
• The BFSI segment is anticipated to register high CAGR of 17,1% from 2024 to 2030 owing to the increasing adoption of cloud-based deployment models and investments in advanced technologies to offer digital finance management assistance.
• The Asia Pacific regional market is expected to register the highest CAGR of 17,5% from 2024 to 2030 due to a strong presence of call centres, an increasing trend of social media marketing, and a growing emphasis on customer satisfaction across industries and sectors.