CEM Market to Triple by 2022, Research Firm Reports
The global customer experience management market is currently estimated at $5.98 billion and projected to grow to $16.91 billion by 2022, at a compounded annual growth rate (CAGR) of 23.1 percent, according to a market research report from MarketsandMarkets.
The market is primarily driven by increasing adoption of customer experience management solutions to reduce customer churn, the research firm found.
Continued adoption of smartphones and digitization are also contributing to the growth. In fact, the mobile segment is expected to see the highest growth through 2022. MarketsandMarkets attributes this to the prompt response that companies can deliver over smartphones, which also help analyze customer behavior.
Based on vertical, MarketsandMarkets expects the travel and hospitality segment see the highest CAGR as travel companies continue to adopt new business models to address the diversified demands of potential consumers.
Geographically, the market research firm expects the Asia Pacific region, particularly India, China, Russia, Australia, and Japan, to see the highest CAGR during the forecast period, due largely to the increasing use of mobile devices in this region.
The report identifies Adobe Systems, Oracle, IBM, Tech Mahindra, Avaya, OpenText, NICE, Verint Systems, MaritzCX, Medallia, Qualtrics, and InMoment as some of the leading vendors in this market.
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