Customer Experience Management Market to Witness the Highest Growth Globally in Coming Years

The global customer experience management market is driven mainly by rising customer demands across several products and categories. The satisfied clients and customers are the key for the success of an organization as every company wants their customer to come back to them. Dissatisfied customers not only switch their preferences to other companies, but also share their bad experience about the product or service among their groups. The customer experience management approach helps organizations to explore customer understanding which increases the chances of improving loyal customer base. In other words, customer experience management helps an organization to listen to the opinions, suggestions, and experiences of their customers. Customer experience management is the collection of processes that a company uses to organize, track, and oversee every interaction between a customer and the organization throughout the customer life cycle.

The global customer experience management market can be segmented into customer experience management by type, channel, segment and organization. On the basis of type, the global customer experience management market can be divided into enterprise feedback management (EFM), speech analytics, text analytics, web analytics, and others. Based on channel, the market can be segmented into company website, web, call center, branch/store, social media, and mobile. On the basis of organizations, the global customer experience management market can be segmented into enterprises, small and medium businesses (SMBs).  Based on industry verticals, the global customer experience management market can be divided into healthcare, communication, media and entertainment, manufacturing, banking, financial, services and insurance (BFSI), retail  and consumer goods, travel and hospitability, automotive and transportation, and others.

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In 2014, several customer experience management companies started to invest heavily on resolutions that optimize interactions from the customer's perspective and hence, enhance customer loyalty. Customer expectations and behavior are majorly affected by the growth in communication media in any organization, which ultimately has an impact on end user experiences. The usage of social media and mobile touch is rapidly gaining pace for sharing views and ideas. In order to focus on customer-centric approach rather than on company centric, customer experience management companies are adapting new ways to connect users with organizations for systematic feedback.

The major hindrances in the customer experience management market include delivering a consistent customer experience across all channels and reluctance in choosing the right technology to create better experience. Another major restraint for customer experience management market is the unsystematic customer feedback process. This challenge is mainly faced by organizations that don’t have a customer feedback system in place. Other factors obstructing the growth of the customer experience market are the growing number of substitute technologies to analyze customer insights and emerging competitive landscape.

The major competitors in the global customer experience management market include Adobe Systems Software Ireland Ltd., Alcatel-Lucent, Amdocs Inc., Cisco Systems Inc, Ericsson, Hewlett-Packard Development Company, L.P., Huawei Technologies Co., Ltd, International Business Machines Corp, and Nokia Solutions and Networks.