Customer Experience Management Software Industry size has been growing at a faster pace with substantial growth rates over the last few years.
PORTLAND, PORTLAND, OR, UNITED STATE, November 23, 2021 /EINPresswire.com/ — According to the report, the global customer experience management software industry was pegged at $7.57 billion in 2019, and is anticipated to reach $23.83 billion by 2027, growing at a CAGR of 15.6% from 2020 to 2027.
Increase in prominence of the on-demand business model and surge in adoption of omni-channel shopping behavior have boosted the growth of the global customer experience management software industry.
On the contrary, intricacies in integrating electronic data interchange and data synchronization coupled with bias in operational data leading to an incomplete insight generation hamper the market growth. However, advent of AI integrated customer experience management software and emergence of the cloud-based business model would open lucrative opportunities for the market players in the future.
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• The majority of the companies have been investing in digital channels for business expansion to gain high margins. This has boosted the adoption of customer experience management software.
• Since the Covid-19 outbreak, customers prefer online shopping through e-commerce platforms to avoid physical contact. The analysis of online consumer behavior helped the companies to meet consumer requirements.
The global customer experience management software industry is segmented on the basis of component, deployment type, platform, industry, and region.
Based on component, the services segment is projected to manifest the highest CAGR of 16.9% during the forecast period. However, the software segment held the lion’s share in 2019, accounting for nearly two-thirds of the market.
The global customer experience management software industry is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to portray the highest CAGR of 17.8% from 2020 to 2027. However, the market across North America held the largest share in 2019, contributing to more than one-third of the market.
On the basis of platform, the voice assistants segment would register the highest CAGR of 21.5% during the forecast period. However, the mobile app segment held the largest share in 2019, contributing to two-fifths of the market.
Some of the major companies operating in the market are Adobe Inc., Avaya Inc., IBM Corporation, Nice Ltd., Oracle Corporation, SAP SE, Verint Systems, Zendesk Inc., SAS Institute Inc., and Salesforce.com, Inc. and others.
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