The "Customer Experience Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The customer experience management market was valued at USD 10.23 billion in 2020 and is expected to reach USD 27.13 billion by 2026 and grow at a CAGR of 17.9% over the forecast period (2021-2026).
MaritzCX Research LLC
Open Text Corporation
Verint Systems Inc.
Key Market Trends
Travel and Transportation are Expected to Witness Moderate Growth
According to the WTTC 2019 report, the travel and tourism sector experienced 3.5% growth and outpaced the global economy (2.5%) for the ninth consecutive year. Over the past five years, one in four new jobs were created by the sector and has generated 10.3% of global GDP. This data reflects the sector's significant growth in the coming years.
The travel and transportation sector has experienced a digital transformation over the past few years due to the overwhelming shift of customers from traditional paper to digital solutions. The rapid adoption of mobile and access to internet services across the world has forced all the travel companies to switch to mobile supporting applications to enhance the customer experience.
Modern travelers use technology at every single point, from reaching to the airport, checking in, accessing in-flight entertainment, managing itineraries, unlocking hotel rooms, handling customer service problems, or looking for food to eat. This trend has led to the development of mobile integration solutions that provide personalized data and have ultimately improved customer experience. For instance, Wyndham Hotel Group uses Adobe Analytics to gather data, time-based metrics, geolocation, and personalization data for better application experience to loyalty members.
Emerging technologies like the release of 5G, advancements in Artificial Intelligence, and improved voice search are some of the technological disruptions that will create new ways for travel companies to engage customers and make travel easier, richer, and more convenient. For instance, travel companies use messaging apps and chatbots to integrate the growing power of artificial intelligence into the mobile travel experience.
Asia-Pacific is Expected to Witness Significant Growth
Digital transformation has opened up a plethora of opportunities in the way contact centers have been functioning, and the Asia-Pacific region is experiencing high adoption of a customer experiencing platforms in various industries. For instance, in 2019, Singapore Airlines, one of the world's best airlines, has partnered with Insider to drive its customer satisfaction initiatives. Insider's growth management platform based on the latest artificial intelligence technologies will enable Singapore Airlines to deliver highly personalized, meaningful experiences to each individual based on historical, real-time, and predictive data.
Asia accounts for the maximum number of small and medium-sized enterprises (SMEs) who require technologies to serve the customer in better and smart ways. About 80% of SAP's customers are SMEs who can benefit, backed by learnings and data to become a larger enterprise in the future. Scott Russell, the president for the SAP Asia Pacific Japan (APJ), revealed that Asia-Pacific and Japan would continue to be one of the primary investment markets as the market is not saturated, businesses require technology to enhance customer experience and to gain competitive advantage.
Increasing investment by vendors in the Asian market is also boosting the customer experience management platform. For instance, RateIt, Singapore headquartered, raised USD 5 million in its series A funding round in 2019. It is a startup that provides real-time customer experience management platforms to global brands. More than half of its revenue is generated from Southeast Asia with clients including Metro, Maybank, Lego, and several small and micro-enterprise firms.
Asia-Pacific will experience high growth due to the rapid urbanization and digitalization of the developing countries and increased usage of digital transactions in developing countries, such as India, China, and Singapore.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Value Chain/Supply Chain Analysis
4.3 Porter's Five Forces Analysis
4.4 Assessment of COVID-19 Impact on the Industry
4.5 Market Drivers
4.5.1 Growing Demand for Personalized Customer Experience
4.6 Market Restraints
4.6.1 Privacy and Data Security Issues
5 MARKET SEGMENTATION
5.3 Organization Size
5.6.1 North America
5.6.3 Asia- Pacific
5.6.4 Latin America
5.6.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/wt06wp
View source version on businesswire.com: https://www.businesswire.com/news/home/20210412005702/en/
Laura Wood, Senior Press Manager
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