Customer experience management (CEM) is the practice of building and reacting to consumer interactions to serve their expectation. In addition to increasing loyalty and advocacy, it involves a strategy that demands process change and an array of technologies to succeed. Emergence of customer experience management services has helped in lowering at-risk revenues and winning over lost customers. The solution further enables business owners to engage their consumer as a sustainable element for progress. CEM further minimizes the cost of new customer acquisition.
There are several drivers, restraints and opportunities shaping the future of the customer experience management market. Growing numbers of consumers and constant pressure faced by companies to sustain competition is responsible for driving this market. The market growth is also favored by the increase in the spending capacity of the companies. High cost and lack of awareness about the technology have hindered market growth to a larger extent. However, user relying on new digital channels at work or for personal activities is expected to create greater opportunities for the CEM market in the future.
The market is segmented in terms touchpoint, industry and geography. In terms of touchpoint, the market is segmented into web, mobile, contact center, social media and others. Industries such as healthcare, media and entertainment, retail, manufacturing and others would experience tremendous growth in the customer experience management market. Regions including North America, Europe, Asia ‐ Pacific and LAMEA are expected to witness rapid growth in the market.
The leading manufacturers indulge in business strategies such as research & development, collaboration, acquisition & mergers and others. Some of the most prominent market players in this sector are Oracle Corporation, IBM, Adobe Systems, Verint Systems, SAP SE, Tech Mahindra, Zendesk, Satmetrix, ResponseTek, ClickTale, Kana and others.
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