The CEM Market Is Expected to Reach $32.5 Billion by 2025
Grand View Research expects the global customer experience management (CEM) market to reach $32.5 billion by 2025, progressing at a compounded annual growth rate (CAGR) of 22.9 percent. Growing focus of businesses on retaining customers by providing consistent and enhanced customer experiences across multiple channels is one of the key trends stimulating market growth, the research found.
Cloud-based implementations of customer experience management, particularly in contact centers, are expected to gain traction as more companies seek to engage customers across channels, such as mobile, email, social media, and chat.
Though the financial services and insurance sector is anticipated to cross the $7.33 billion mark by 2025, the retail sector is one of the largest end-users segment of customer experience management software, according to the research, which found that retailers are actively focusing on delivering enhanced customer experiences by using structured analytics CEM technology to maintain detailed information about customers.
On the basis of touch point, the call center segment was the largest segment in 2016 and is anticipated to generate revenue of more than $1.7 billion by 2025.
Based on analytical tools, speech analytics is estimated to be at the forefront of the market
Asia Pacific is projected to witness substantial growth over the forecast period, rising at a CAGR of 24.7 percent through 2025.
Key players identified in the report include IBM, Oracle, Adobe Systems, Nokia Networks, and Avaya.