CX Market to Surpass $100 Billion by 2026, Dash Research Projects
Customer experience (CX) and customer engagement (CE) initiatives will continue to be a major priority for organizations around the world, especially in light of the significant changes and disruptions to customer relationships that emerged as a result of the COVID-19 pandemic, according to a new report from Dash Research.
This level of focus is leading to brisk growth in the market for CX/CE technology platforms, which the research firm expects to surpass $100 billion in annual worldwide revenue by 2026.
"While CX improvements are largely driven by organizational change management, software is increasingly being used to support these initiatives by managing and making available the plethora of customer data that is captured and aggregated from a variety of sources," said Dash Principal Analyst Keith Kirkpatrick. He adds that some of the key drivers of market growth include pandemic-related shutdowns and reopenings, increased focus on omnichannel customer interaction capabilities, the rise of customer centricity, and the elimination of functional silos within organizations.
Dash Research forecasts that global CX/CE revenue will increase from $63.6 billion in 2021 to $100.3 billion by 2026. The market experienced a 13.5 percent decline between 2019 and 2020 due to the economic effects of the COVID-19 pandemic, but spending recovered in 2021 and is projected to reach 2019 levels again by the end of 2022.
The market intelligence firm forecasts that the top five industries in terms of CX/CE spending between 2021 and 2026 will be as follows:
- Financial services and insurance;
- Retail; and