Customer Experience Management Market Trends and Analysis by Region, IT Infrastructure, Software/Service Type and Segment Forecast to 2030
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Accessing the in-depth insights from the ‘Customer Experience Management’ report can help you:
- Gain valuable understanding of the current and future state of the market, allowing businesses to make informed decisions about market entry, product development, and investments
- Identify your competitors’ capabilities to stay ahead in the market
- Identify segments and get an understanding of various stakeholders across different stages of the entire value chain
- Anticipate changes in demand and adjust your business development strategies
- Identify potential regions and countries for growth opportunities
How is our ‘Customer Experience Management’ report different from other reports in the market?
- The report presents in-depth market sizing and forecasts at a segment level for more than 15 countries including historical and forecast analysis for the period 2020-2030 for market assessment.
- Detailed segmentation by:
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- IT Infrastructure type – Software and Service
- Software Type – Customer Service and Support Tools, AI Conversational Platforms Business Intelligence and Analytics, and Digital Experience Platforms (DXPs)
- Service Type – Systems Design and Integration, Education and Training Services, and Application Hosting Services
- Vertical type – Communications & Media, Information Technology (IT), BFSI, Government, Healthcare, Travel and Leisure, Retail, and Others
- Region – North America, Europe, Asia-Pacific, South & Central America, and Middle East & Africa
- Detailed value chain analysis helps businesses identify areas where they can improve their efficiency and effectiveness, reduce costs, and enhance their competitive advantage.
- The report covers key market drivers and challenges along with key trends impacting the CXM market.
- The report includes a dashboard analysis that can provide an overview of M&As, venture financing/private equity (PE) deals, and patent filing trends within the CXM market highlighting the potential of the market.
- The report further presents an overview of different use cases and the future of CXM, which is expected to help stakeholders to understand and identify new application areas.
- The competitive landscape includes the latest M&A deals, vendor growth innovation matrix, and key venture financing/private equity investors in the CXM market that will help the stakeholders in the ongoing process of identifying, researching, and evaluating competitors, in order to glean insight to form their business strategies.
- The vendor growth innovation matrix included in the report divides the market players into four categories i.e., flagbearers, contenders, specialists, and experimenters, which will help value chain participants in understanding how competition is performing based on their revenue growth and their R&D efforts.
- Competitive profiling and benchmarking of key players in the market to provide a deeper understanding of industry competition.
- The report can be a valuable tool for stakeholders to improve their operations, increase customer satisfaction, and maximize profitability by analyzing the latest CXM trends, tracking market growth and demand, and evaluating the existing competition in the market.
We recommend this valuable source of information to anyone involved in:
- CXM Software Companies
- CXM Service Providers
- CRM Providers
- Technology Service Providers
- Consulting & Professional Services Firms
- Researchers and Academics
- Venture Capital/Equity Firms
Customer Experience Management (CXM or CEM) Market Overview
The global customer experience management (CXM) market will be valued at $14.0 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 15.2% over the forecast period. Customer Experience Management (CXM or CEM) refers to a strategic approach that centers on comprehending and enhancing customer interactions across multiple touchpoints and channels to elevate customer satisfaction, loyalty, and advocacy. This involves gathering and analyzing customer feedback, preferences, and behaviors to provide personalized and seamless experiences.
Globally, companies are increasingly acknowledging the significance of placing the customer at the core of their business strategies and developing a customer-centric culture where every employee understands the significance of customer satisfaction and contributes to delivering excellent experiences. In recent years, Customer Experience (CX) management has witnessed a substantial surge in the market, primarily driven by a growing number of companies channeling investments into digital technologies and platforms. This strategic focus aims to deliver improved CX through online channels, mobile apps, and social media, resulting in enhanced customer satisfaction and loyalty.
Customer Experience Management Market Outlook, 2023-2030 ($Billion)
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CXM involves mapping the customer journey to identify pain points and areas of improvement. This helps businesses optimize each touchpoint and enhance the overall customer experience. The growing advancement in data analytics and AI has made it easier for businesses to collect, analyze, and act on customer data. CXM leverages this data to understand customer preferences, pain points, and behaviors, enabling personalized and targeted interactions. To highlight, in June 2023, Genesys, a global cloud leader in AI-powered experience orchestration, announced a new easy to use task management solution to automate workflows between contact center employees and other departments for seamless end-to-end customer experiences.
| Market Size (2023) | $14.0 billion |
| Market Size (2030) | $37.8 billion |
| CAGR (2023-2030) | 15.2% |
| Forecast Period | 2023-2030 |
| Historic Data | 2020-2022 |
| Report Scope & Coverage | Industry Overview, Value Chain, Revenue Forecast, Regional Analysis, Competitive Landscape, Company Profiles, Growth Trends |
| IT Infrastructure Segment | Software and Service |
| Software Type | Customer Service and Support Tools, AI Conversational Platforms, Business Intelligence and Analytics, and Digital Experience Platforms (DXPs) |
| Service Type | Systems Design and Integration, Education and Training Services, and Application Hosting Services |
| Regional Segment | North America, Europe, Asia-Pacific, Central & South America, and Middle East & Africa |
| Vertical Segment | Communications & Media, Information Technology, BFSI, Government, Healthcare, Travel and Leisure, Retail, and Others |
| Key Companies | ADOBE Inc, Microsoft Corp, Salesforce Inc, Oracle Corp, SAP SE, Teradata Corp, HubSpot Inc, Medallia Inc, Zendesk Inc, and Freshworks Inc |
Customer Experience Management Market Segmentation by IT Infrastructure
The CXM market by IT Infrastructure type is bifurcated into software and services segment. The service segment is expected to be the faster-growing IT infrastructure segment with a CAGR of over 16% during the forecast period. The demand for CXM services such as systems design and integration, application hosting services, and education and training services has contributed to the growth of the services segment. Some CXM providers offer CX consulting and training services to help companies design and implement effective CXM strategies. These services may include CX assessments, workshops, and employee training to foster a customer-centric culture.
The software segment is leading the market with more than 70% revenue share in 2023 and is projected to experience a compound annual growth rate of 14.8% over the forecast period. CXM software platforms are designed to collect and analyze customer data from various sources, such as websites, mobile apps, social media, and customer feedback surveys. They use advanced analytics and AI capabilities to derive insights, identify patterns, and understand customer preferences, allowing businesses to make data-driven decisions to enhance the customer experience (CX).
CXM software for journey mapping helps businesses visualize and analyze the entire customer journey across touchpoints and channels. It allows companies to identify critical moments and optimize each stage to create a seamless and positive customer experience. A high number of CXM software providers are offering personalization software that allows companies to tailor experiences based on individual customer preferences, behavior, and historical interactions. By delivering personalized content and recommendations, companies can increase customer engagement and satisfaction. For example, in June 2023, Adobe unveiled new innovations in its Adobe Experience Cloud, the leading customer experience management solution. The new offerings enable brands to deliver highly personalized experiences across any touchpoint while maximizing operational efficiency.
Customer Experience Management Market Analysis by IT Infrastructure 2023 (%)
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Customer Experience Management Market Segmentation by Software Type
The CXM software market is bifurcated into Customer Service and Support Tools, AI Conversational Platforms, Business Intelligence and Analytics, and Digital Experience Platforms (DXPs).
During the forecast period, Customer Service and Support Tools dominate the software market with a market share exceeding 50%. Customer Service and Support Tools are in high demand as businesses recognize the significance of these tools in delivering exceptional customer service, enhancing support operations, and improving overall customer experiences. As customer expectations continue to evolve, the demand for efficient, personalized, and multichannel support solutions remains strong. CXM Customer Service and Support tools play a crucial role in meeting these demands and empowering businesses to build strong customer relationships and loyalty.
Digital Experience Platforms (DXPs) category holds the second position in the CXM software market in terms of revenue share in 2023. DXPs are designed to integrate with various existing systems, such as Customer Relationship Management (CRM), Marketing Automation, and E-commerce platforms. This enables businesses to streamline processes and deliver a seamless end-to-end experience. In addition, DXPs leverage data analytics and customer profiling to deliver personalized experiences based on individual preferences, behavior, and history. This level of personalization enhances customer satisfaction and engagement.
DXPs play a central role in helping businesses deliver consistent and engaging digital experiences across various channels and touchpoints. Many businesses are undergoing or accelerating their digital transformation initiatives, aiming to create seamless and integrated digital experiences for their customers. DXPs provide the necessary infrastructure and tools to support these transformations effectively.
Customer Experience Management Market Analysis by Software Type 2023 (%)
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Customer Experience ManagementMarket Segmentation by Service Type
The CXM service market is bifurcated into Systems Design and Integration, Education and Training Services, and Application Hosting Services. Systems Design and Integration dominates the services market with a market share surpassing 55% during the forecast period. Customer Experience (CX) Management involves various tools and technologies, such as customer data platforms, CRM systems, marketing automation, analytics, and more. Designing and integrating these tools into a cohesive ecosystem can be complex and requires expertise. Integration of CXM tools enables businesses to deliver personalized experiences across different channels and touchpoints, providing a seamless omnichannel experience to customers. In addition, the integration of CXM tools facilitates real-time data sharing and analysis, enabling businesses to respond promptly to customer needs and preferences.
As the CXM landscape continues to evolve, the demand for Education and Training Services is likely to persist. The Education and Training Services segment accounts for over 15% of the total revenue share of the CXM service market in 2023. Moreover, it is expected to exhibit a compound annual growth rate of over 15% throughout the forecast period. To implement effective CXM strategies, companies seek education and training services to upskill their teams and equip them with the necessary knowledge and tools. In addition, CXM involves collecting and analyzing customer data to derive insights for decision-making. Education and training services enable employees to grasp data analytics and utilize customer insights to implement practical enhancements. Additionally, they support companies in mapping customer journeys, identifying pain points, and recognizing opportunities for improvement.
Customer Experience Management Market Analysis by Service Type 2023 (%)
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Customer Experience Management Market Segmentation by Vertical
Based on the vertical, the CXM market has been categorized into Communications & Media, Information Technology (IT), BFSI, Healthcare, Government, Travel & Leisure, Retail, and others. Among these, Communications & Media, BFSI, Healthcare, and Retail accounted for more than 50% market share in 2023. The retail sector captured over 15% of the market share in 2023. By leveraging CXM, retailers can leverage customer data to deliver personalized recommendations and offers, increasing the likelihood of conversion and upselling opportunities with the rise of online and offline shopping channels, CXM allows retailers to provide a seamless experience across various touchpoints, offering convenience and consistency to customers.
The Communications & Media sector is also one of the lucrative markets for CXM. Companies in the Communications & Media sector understand the importance of delivering exceptional customer experiences. They often deal with a vast customer base and intense competition, making it crucial to prioritize customer satisfaction and loyalty. The industry, especially the telecom sector, generates a massive amount of data related to customer behavior, preferences, and interactions. Leveraging this data for insights can help companies better understand their customers and tailor their services accordingly.
Similarly, in the BFSI sector, CXM allows companies to personalize their offerings based on individual customer requirements. This personalization can lead to improved customer satisfaction and better-targeted financial products and services. Effective CXM ensures that customers have positive experiences during interactions with banks, financial institutions, and insurance companies. Satisfied customers are more likely to stay with a company, leading to increased customer retention and reduced churn. BFSI customers often engage through multiple channels, such as mobile apps, websites, call centers, and physical branches. CXM helps by providing a seamless and consistent omnichannel experience, where customers can switch between channels without any disruption.
Customer Experience Management Market by Vertical 2023 (%)
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Customer Experience Management Market Analysis by Region
North America is leading the market with a maximum revenue share in 2023 and is projected to experience a compound annual growth rate of 13.0% over the forecast period. The Customer Experience Management (CXM) market in North America is one of the most mature markets globally. The region has been at the forefront of adopting advanced technologies and customer-centric strategies to enhance customer experiences across various industries. North America, comprising countries such as the US and Canada, has a large number of businesses across various industries, including healthcare, finance, retail, and telecom, where CXM solutions find extensive applications.
Europe region holds the second position in the CXM market in terms of revenue share in 2023. The region is projected to witness moderate growth with a CAGR of around 15% over the forecast period from 2023 to 2030. With many mature markets in Europe, customer retention and loyalty are crucial for sustained business success. CXM plays a vital role in enhancing customer loyalty and fostering long-term relationships. The competitive landscape in Europe encourages businesses to invest in CXM as a differentiator. European companies have been actively adopting digital technologies and innovative solutions to improve customer interactions and engagement. This includes leveraging AI-powered chatbots, personalization engines, and data analytics to understand customer behavior better.
The CXM market in China has been gaining significant momentum in recent years. The region has witnessed significant growth in e-commerce, fintech, and other technology-driven industries. CXM is vital for these companies to build trust and loyalty among their tech-savvy customers. Given the diverse cultural and linguistic landscape of APAC, localized CXM strategies are crucial to cater to the unique needs of customers in different countries.
Customer Experience Management Market Analysis by Region, 2023 (%)
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Customer Experience Management Market - Competitive Landscape
The global CXM market is highly competitive with several key players offering CXM software and services. Companies compete in the CXM market by offering diverse solutions to address the varied needs and preferences of their customers. These diverse solutions aim to provide a comprehensive range of CXM tools, platforms, and services that cater to different industries, business sizes, and customer segments. Most companies differentiate their CXM offerings by providing unique and innovative features that set them apart from their competitors. These features may include advanced analytics, personalization capabilities, omnichannel support, and AI-driven automation.
The competitive landscape of CXM vendors is dynamic, with new players entering the market and existing vendors continually improving their offerings. The CXM market is constantly evolving, driven by changing customer expectations and technological advancements. As a result, vendors are continuously innovating to stay competitive and address the dynamic needs of businesses seeking to deliver exceptional customer experiences.
Leading Players in the Global Customer Experience Management Market
- ADOBE Inc
- Microsoft Corp
- Salesforce Inc
- Oracle Corp
- SAP SE
- Teradata Corp
- HubSpot Inc
- Medallia Inc
- Zendesk Inc
- Freshworks Inc
Other Customer Experience Management Market Vendors Mentioned
Sprinklr Inc and Qualtrics International Inc.
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Customer Experience Management Market Segments
GlobalData Plc has segmented the Customer Experience Management market report by IT infrastructure, software type, service type, vertical, and region:
Customer Experience Management Market IT Infrastructure Outlook (Revenue, $ Million 2020-2030)
- Software
- Service
Customer Experience Management Market Software Type Outlook (Revenue, $ Million 2020-2030)
- Customer Service and Support Tools
- AI Conversational Platforms
- Business Intelligence and Analytics
- Digital Experience Platforms (DXPs)
Customer Experience Management Market Service Type Outlook (Revenue, $ Million 2020-2030)
- Systems Design and Integration
- Education and Training Services
- Application Hosting Services
Customer Experience Management Market Vertical Outlook (Revenue, $ Million 2020-2030)
- Communications & Media
- Information Technology
- BFSI, Government
- Healthcare
- Travel and Leisure
- Retail
- Others
Customer Experience Management Market Regional Outlook (Revenue, $ Million, 2020-2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Sweden
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Central & South America
- Brazil
- Chile
- Argentina
- Rest of Central & South America
- Middle East & Africa
- Saudi Arabia
- Israel
- South Africa
- Rest of Middle East & Africa
Scope
• This report provides overview and service addressable market for global Customer Experience Management (CXM) market
• It identifies the key drivers and challenges impacting growth of the CXM market over the next 12 to 24 months.
• It includes global market forecasts for the CXM market and analysis of latest M&A deals, macroeconomic trends, technology trends, and regulatory trends.
• It contains details of latest M&A and private equity (PE) deals in the CXM space and a timeline highlighting milestones in the development of customer experience management (CXM).
• It covers detailed segmentation by IT infrastructure type – software and service. Further, the report also highlights segmentation at type of software – Customer Service and Support Tools, AI Conversational Platforms, Business Intelligence and Analytics, and Digital Experience Platforms (DXPs) and service – Systems Design and Integration, Education and Training Services, and Application Hosting Services, along with vertical and regional segmentation.
Reasons to Buy
• This market intelligence report offers a thorough, forward-looking analysis of the global Customer Experience Management (CXM) market by IT infrastructure, software type, service type, vertical, regional segments, and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
• Accompanying GlobalData’s Forecast products, the report examines the drivers, challenges, M&A deals, use cases, and trend analysis in the CXM market.
• Detailed segmentation by IT infrastructure type – software and service. Further, the report also highlights segmentation at type of software – Customer Service and Support Tools, AI Conversational Platforms, Business Intelligence and Analytics, and Digital Experience Platforms (DXPs) and service – Systems Design and Integration, Education and Training Services, and Application Hosting Services, along with vertical and regional segmentation.
• The report includes 100+ charts and tables providing in-depth analysis of the market size, forecast, and supporting factors which are tailor-made for an executive-level audience, with enhanced presentation quality.
• The report provides an easily digestible market assessment for decision-makers built around in-depth information gathered from local market players, which enables executives to quickly get up to speed with the current and emerging trends in CXM markets.
• The competitive section of the report helps in identifying the flagbearers, experimenters, contenders, and specialists based on their growth and innovation performance in the CXM industry which will help stakeholders analyze competition penetration.
• The broad perspective of the report, coupled with comprehensive, actionable detail, will help CXM vendors and other companies succeed in the growing CXM market globally.
Key Players
ADOBE IncMicrosoft Corp
Salesforce Inc
Oracle Corp
SAP SE
Teradata Corp
HubSpot Inc
Medallia Inc
Zendesk Inc
Freshworks Inc
Table of Contents
Table
Figures
Frequently asked questions
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What was the global CXM market size in 2023?
The global CXM market size will be valued at $14.0 billion in 2023.
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What is the CXM market growth rate?
The global CXM market is expected to grow at a CAGR of 15.2% over the forecast period (2023-2030).
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What is the key CXM market driver?
AI integration in CXM brings numerous benefits and capabilities that enrich the overall customer journey. AI algorithms analyze vast amounts of customer data to understand individual preferences, behaviors, and purchase history. This information allows businesses to deliver personalized product recommendations, content, and offers tailored to each customer’s interests. In addition, AI can analyze customer interactions, including social media posts, emails, and call center conversations, to gauge customer sentiment. This helps businesses identify areas of improvement and address customer concerns proactively.
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What are the key CXM market segments?
IT Infrastructure Type Segment – Software and Service
Software Type Segment – Customer Service and Support Tools, AI Conversational Platforms Business Intelligence and Analytics, and Digital Experience Platforms (DXPs)
Service Type Segment – Systems Design and Integration, Education and Training Services, and Application Hosting Services
Vertical type Segment – Communications & Media, Information Technology (IT), BFSI, Government, Healthcare, Travel and Leisure, Retail, and Others
Regional Segment – North America, Europe, Asia-Pacific, South & Central America, and Middle East & Africa
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Which are the leading CXM companies globally?
The leading CXM companies are ADOBE Inc, Microsoft Corp, Salesforce Inc, Oracle Corp, SAP SE, Teradata Corp, HubSpot Inc, Medallia Inc, Zendesk Inc, and Freshworks Inc.
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Is there a third level of segmentation in the report?
GlobalData’s focus is on providing reliable and accurate data that is supported by robust research methodology. Our reports undergo rigorous quality checks and are based on primary and secondary research sources, ensuring that the numbers and insights provided are trustworthy. However, despite the best efforts to gather comprehensive data, there could be instances where the available data is limited, making it challenging to provide third-level segmentation. In such cases, GlobalData may choose to provide high-level insights and general trends rather than forcing segmentation that may not be backed by sufficient data. This approach ensures that the report’s overall quality and credibility are maintained.
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