Global Customer Experience Management Market: Overview
A practice followed to respond to the consumer interactions in order to serve their expectation is known as customer experience management. Increasing loyalty and support over customer experience management has led to process change. This strategy has established reduced at-risk revenues and winning over lost customers. The practice is facilitated to the consumer as an important source of progress. Customer experience management minimizes the cost of new customer acquisition. Many companies are implementing customer experience management as a source of productivity. The organization can interact with their customers by using this solution. It is also capable of analyzing customer purchasing patterns, behavior, insights, satisfaction, complaints, and their overall experience. Big organizations aim to reach their customers; hence, customer experience management is the perfect solution for customer-centric approach. This approach will offer organizations to analyze customer insights and assist in rising organizational productivity by enhancing customer experience and customer loyalty.
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To sustain in the cutthroat competition, various companies are introducing this solution, which is expected to boost the global customer experience management market growth. The growth in the global market is augmenting owing to increase in the spending capacity of the major companies where people rely on improved digital channels for office work or personal activities. Conversely, the global customer experience management market growth is hampered by the lack of awareness regarding technology and high cost.
The global customer experience management market is fragmented based on vertical as healthcare, travel & hospitality, telecommunication service providers, consumer goods & retail, public sector, energy & utilities, manufacturing, banking, financial services and insurance, IT communication service providers, media & entertainment, automotive & transportation, and others. Based on touchpoint, the global market is divided into social media, branches/stores, the web, call centers, company website, email, mobile, and others.
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The global customer experience management market is categorized based on geography as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is a leading region in the global market due to overall market growth in customer experience management. In addition, rising need for customer experience management across various industries is expected to propel the global customer experience management market growth. Europe is following the same trend as it is considered to be a major market for customer experience management. However, increasing demand and greater competition among market players also fosters the global market in future. Moreover, rising number of substitutes to analyze customer insights is influencing the global customer experience management market. Furthermore, emerging competitive landscape is boosting the global market growth.
Major players operating in the global customer experience management market are OpenText Corporation, Oracle Corporation, IBM Corporation, and Avaya Inc. Other players influencing the global market are Tech Mahindra, Nokia Networks, and MaritzCX.
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