Customer experience is a key differentiator in today’s highly competitive and highly connected global marketplace. The focus of every business is moving from customer acquisition to managing customer experience. Enterprises are spending more on customer experience management (CEM) solutions as there is substantial business value in effectively managing the customer experience today.
MarketsandMarkets, a global market research and consulting company, forecasts the Customer Experience Management Market to grow from $3.77 billion in 2014 to $8.39 billion in 2019. This represents a Compound Annual Growth Rate (CAGR) of 17.3 percent from 2014 to 2019.
MarketsandMarkets unveiled a new study report, "Customer Experience Management Market (VOC Analytics, Feedback Management, Web Analytics, Text Analytics, Speech Analytics) - Advanced Technologies, Touch Points, Adoption Trends, Market Size & Forecasts (2014 - 2019)”, which provides a comprehensive market and forecast analysis of the overall market and segmented verticals by application and region.
MarketsandMarkets has segmented the CEM market verticals by their application in terms of their type, touch point, organization size, region, and vertical. The CEM market by type is segmented into enterprise feedback management, Web analytics, speech analytics, and text analytics. Customer experience management by touch point is segmented into company website, branch/store, Web, call center, and social media. Also, it is segmented by organization size into small and medium enterprises and enterprises.
Additionally, the report is based on communication service provider, public sector, energy, and utilities, banking and financial services, healthcare, automotive and transportation, consumer goods and retail, media and entertainment, travel and hospitality, and manufacturing, and clarifies each according to the region into North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa.
The report offers comprehensive coverage of the CEM market and provides important inputs such as drivers, restraints, and opportunities in this market, as well as profiles the major players in this market, maps the competitive landscape, and provides the overall perspective on the system integration market in the various verticals and regions.
In other news, another research and advisory company has defined customer experience management (CEM) as the practice of designing and reacting to customer interactions to meet or exceed customer expectations and, thus, increase customer satisfaction, loyalty and advocacy.