The global Customer Experience Management (CXM) market is expected to reach $37.8 billion in 2030, according to a new report by GlobalData Plc. Organizations across industries are undergoing digital transformation initiatives, aiming to increase customer loyalty, and putting the customer at the heart of business decisions and processes. The need for CXM stems from the growing recognition that exceptional customer experiences are crucial for businesses’ success and long-term sustainability.
Customer Experience Management (CXM) Market By Region, 2020 – 2030 ($B)
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CXM Market FAQs
- What was the global CXM market size in 2023?
The global CXM market size will be valued at $14.0 billion in 2023.
- 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).
- What is the key CXM market driver?
AI integration in CXM brings numerous benefits and capabilities that enrich the overall customer journey.
- 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, and
- 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
- 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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CXM Market Dynamics
CXM offers numerous benefits and has seen significant advancements. CXM helps build strong customer relationships, leading to increased loyalty and reduced churn as satisfied customers are more likely to remain with a brand. CXM enables businesses to identify and resolve customer issues proactively, preventing escalations and negative experiences. Effective CXM strategies lead to increased customer engagement, as personalized experiences resonate better with customers.
While CXM has made significant strides in improving CX and enhancing brand perception, it still needs to handle data management and privacy to cater to an evolving customer base. In addition, CXM often involves multiple systems and departments, making integration and breaking down data silos a challenge. Addressing the challenges requires a strategic approach, continuous improvement, and a commitment to delivering exceptional customer experiences at every touchpoint for the companies.
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Customer Experience Management (CXM) Market Report Highlights
- The global CXM market is projected to witness a CAGR of 15.2% from 2023 to 2030. In today’s competitive landscape, customers have higher expectations when interacting with businesses. CXM ensures that companies meet or exceed these expectations, leading to increased customer satisfaction and loyalty. Companies that excel in CXM gain a competitive advantage by attracting and retaining customers, leading to sustainable business growth.
- The US is the leading market in terms of revenue generation, driven by factors such as a large customer base, advanced technology adoption, and a competitive business environment, where companies strive to excel in CX to gain a competitive edge and retain their customer base.
- The Asia-Pacific market is anticipated to grow at a CAGR of over 16% over the forecast period. This growth projection highlights the increasing importance of CXM in the region as businesses recognize the value of delivering exceptional customer experiences to drive success and maintain a competitive edge.
- CXM is extensively used in retail sector as it plays a pivotal role in creating personalized and seamless shopping experiences for customers. In the telecom industry, CXM is vital for reducing customer churn and increasing brand loyalty.
- CXM technology has evolved significantly, leveraging advancements in artificial intelligence. AI technologies enable CXM platforms to process vast amounts of customer data and gain valuable insights. In addition, AI algorithms can predict customer behavior, identify patterns, and segment customers based on their preferences, enabling personalized interactions and targeted marketing strategies.
- Companies operating in the CXM space offer a variety of solutions for CX improvements such as customer data platforms (CDPS), omnichannel engagement platforms, voice of the customer (VOC) solutions, customer journey mapping tools, and customer feedback management platforms, among others. These solutions encompass a range of tools, platforms, and services designed to enhance customer experiences and drive customer-centric strategies.
- 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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Customer Experience Management (CXM) Market Segmentation
Global Customer Experience Management (CXM) Regional Outlook (Revenue, $ Million, 2020-2030)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South & Central America
- Rest of South & Central America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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