Customer Experience Management Market size was valued at USD 9.5 billion in 2022 and is poised to grow from USD 10.67 billion in 2023 to USD 30.31 billion by 2031, growing at a CAGR of 12.3% in the forecast period (2024-2031).
The market growth can be attributed to the increasing need to understand customer behavior and preferences, prompting companies to implement customer experience strategies, such as the communication and regular customer contact. Widespread use of digital technology tools can drive digital transformationin existing and new industries. This evolution will increase the use of cloud technologies and enterprise collaboration tools, supporting customer experience management market development.
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Business Verticals Improved Competitive Landscape in Market
Major Excipients Manufacturers: Global leaders such as BASF, DuPont, Roquette and others dominate this segment, spending huge resources investing in R&D and expanding their product range. These large manufacturers deal with small pharmaceuticals and biologics, from binder supplements to disruption. Their competitive edge lies in their ability to develop new multifunctional excipients that improve drug efficacy, bioavailability and meet stringent regulatory standards. These companies are often with pharmaceuticals teams to work together to develop customized solutions, long-term contracts and market dominance.
Generic Companies: Manufacturers of generic drugs, such as Teva Pharmaceuticals and Mylan, rely on complementary solutions that cost less and fly more effectively to remain competitive. Adjuvants are increasingly important to ensure that the generic drug products match quality and activity of the branded drug. These companies are focusing onprioritizingpartnerships with smaller manufacturers that can offer high-quality products at competitive prices.
Competitive Landscape an Overview of Customer Experience Management Market
Salesforce and Adobe: Salesforce's AI helps companies study large amounts of customer data. This further allows them to create highly personalized interactions. Adobe uses AI in its Experience Cloud and offers tools that change with customer behavior matches in real-time.
Oracle and SAP: Advanced Data Analytics and CRM Solutions Oracle’s Customer Experience Cloud delivers a data-driven approach, helping businesses make informed decisions through in-depth customer analytics.SAP combines CEM capabilities with its extensive ERP offerings to provide customers with an integrated view that can improve services and personalize recommendations based on past interactions. Their in-depth analytics features meet the needs of clients who need actionable insights and are key competitive differentiators.
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Strategic Cooperation and Partnership
In January 2022, Merkle Inc. founded a workshop on data-driven customer experience management (CXM) to help businesses understand the importance of customer experience to business and explore the marketing strategies needed to gain competitive advantage.
In May 2021, AirKit announced a Series A B fundraising round of US$40 million. The organization wants to invest in CX solutions for the long term. Reusing reduces development cycles, provides CX for the future, and enhances customer experience in response to the growing need for CX solutions.
This report covers following segments:
A. Components
- Services (Professional, Managed)
- Solutions
B. Deployment
- Cloud
- On-premises
This report covers following key players:
- Genesys Telecommunications Laboratories, Inc.
- IBM Corporation
- InMoment, Inc.
- Medallia, Inc.
- Nice Systems Ltd.
- OpenText Corporation
- Pitney Bowes Inc.
- Salesforce.com, Inc.
- SAP SE
- Satmetrix Systems, Inc.
- SDL plc
- Tech Mahindra Limited
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Long-Term Growth Driven by AI and Automation
The future of the customer experience management market lies in personalization, with companies striving to deliver the highly customized experiences. Advanced technologies such as AI and predictive analytics will continue to transform the way businesses interact with customers, helping to predict behavior and tailor interactions based on the real-time data. Omnichannel support is important because businesses recognize the importance of delivering consistent, seamless service across all digital touchpoints including mobile, web and the social media.
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