Customer Experience Management Market Growth Prospect, Industry Trends, Value Chain Analysis and Forecast by 2025
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.
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
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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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