The global Customer Experience Management (CEM) Market is set to grow at a significant CAGR during the forecast period. Customer experience management and customer relation management involves a diverse set of processes. CRM methods and processes have resulted in minimizing turnaround time and costs for companies whereas CEM dynamics revolve around customer expectations and loyalty with the companies they do business with. The basic recipe for a good customer experience management is to turn customers from satisfied to loyal. In addition, the customer experience solutions operate as cross-channel, cross-touchpoint and cross-lifecyle.

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CEM market is driven by increase in use of personalization technology to enhance customer service in the service industries. CEM represents a set of technologies to enable a constant transformation within organizations in order to meet and determine customer expectations. Business organizations have acknowledged the essential need for customer experience since it helps organizations to leverage the brand value and help in customer loyalty, in turn reduces customer turnaround time. Moreover, rise in complexity in IT & Telecom sector involves challenges and complexity

Deployment segment for customer experience management (CEM) market comprises cloud and on-premises. End-user category for CEM industry entails healthcare, BFSI, IT & Telecom, manufacturing & government and energy & utilities. Touch point segment comprises social media, Email and call centers.

Geographical segmentation for customer experience management (CEM) market spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. North American and European markets are more likely to outgrow in the global market owing to constantly evolving business models and use of digital technology for customer empowerment. In addition, technological advances in cloud and big data analytics enhance end-to-end customer experience process. The key players profiled in the customer experience management (CEM) industry report are IBM Corporation, Oracle Corporation, Adobe Systems, Nokia Networks and Avaya Inc.

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Market Segment:

Customer Experience Management (CEM) Analytical Tool Outlook (Revenue, USD Million, 2014 - 2025)
    • Enterprise Feedback Management (EFM) software
    • Speech analytics
    • Text analytics
    • Web analytics
    • Other analytics

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17-sep-19 The North America customer experience management  Market registering a CAGR of 17.1% from 2019 to 2025, according to a new report. Owing to the intensifying competition across industries, organizations are steadily shifting from the traditional strategy of chasing sales targets and marketing to providing enhanced customer experience as a way of building long-term relationships with customers.

As a result, it has become essential for an organization to understand the changing needs of customers. Thus, the continuous evaluation of customer feedbacks to fetch valuable customer insights as a way of adding business value is becoming one of the top priorities across industries. Moreover, the rising focus of companies on integration with social media and mobile platforms to connect with customers and deliver enhanced customer service is also expected to drive the adoption of CEM tools in the near future. In addition, big data analytics is transforming business operations and customer interaction, necessitating it for companies to adopt advanced customer experience management solutions.

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In terms of deployment, the adoption of cloud-based CEM tools has been on the rise in recent years. Cloud-based CEM solutions help organizations to address customer needs while providing a personalized experience. The cloud facilitates organizations to easily and quickly upgrade features across different channels to accelerate business transformation and, in turn, gain a competitive edge. A notable trend observed in the market is the migration of companies from large CEM vendors to small CEM vendors who offer industry-specific tailor-made solutions. This process is driven by two major factors, including pricing strategies of smaller vendors and their ability to offer customizable solutions. Large vendors are expected not to relinquish their share but witness slow growth.

Another key trend observed in the North America market is the increasing emphasis of large and medium-sized companies on providing multichannel services to deliver a seamless experience to customers across all touch points channels. Organizations are adopting business analytics tools such as sentiment analytics, speech analytics, and text analytics. Such efforts are expected to help enterprises understand the critical insights from unstructured data gathered from interactions with customers to provide enhanced digital services.

Further key findings from the report suggest:

• The web services touch point segment is anticipated to witness the highest CAGR of 18.8% over the forecast period

• The speech analytics analytical tools segment is anticipated to grow at the highest CAGR of 19.2% over the forecast period. The rising number of contact centers and need for real-time cloud analytical solutions to enhance customer experience is anticipated to strengthen the growth prospects of the segment

• The cloud deployment segment is anticipated to register at the highest CAGR over the forecast period. The promising rate of advancement of cloud computing technologies is expected to create a steady demand for cloud deployment

• Key players in the North America CEM market include Oracle, SDL Plc, Verint, Tech Mahindra Limited and Zendesk.

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