The global customer experience management market is expected to grow from its current level of $5.06 billion to $13.18 billion by 2021, at a compound annual growth rate of 21.1 percent, according to research firm MarketsandMarkets.
The firm, in its "Customer Experience Management Market - Global Forecast to 2021" report, identified the primary drivers for the CEM market as increasing needs to manage customer experience throughout the customer journey, retain customers, provide competitive differentiation, and increase e-commerce and m-commerce.
Among all touchpoints, MarketsandMarkets expects the mobile segment to grow at the highest rate during the forecast period. Mobile phones are used to access personal account information, conduct purchases, receive service alerts, and request calls. In CEM, mobile phones play an important role in collecting customer feedback.
The research found that the manufacturing sector will see the highest growth during the forecast period, primarily because of a strong need to retain existing customers and acquire new ones. At the same time, this sector faces the challenge of increasing operational costs, economic fluctuations, and price wars.
Among regions, Asia-Pacific< is expected to grow at the highest rate during the forecast period, mainly attributed to the rapid growth in smartphone adoption and increasing e-commerce and m-commerce.
Some of the factors restraining the customer experience management market growth are complexity in data synchronization and subjective expectations of customers.
The report identifies Adobe Systems, Avaya, Clarabridge, IBM, MaritzCX, Medallia, Opentext, Oracle, SAS Institute, SDL, Satmetrix Systems, and Tech Mahindra as leaders in the market.