Global Customer Experience Platforms Market – Industry Trends and Forecast to 2030

 Customer Experience Platforms Market Analysis and Size

Customer experience plays a significant role in today’s competitive world because outstanding experience conveyance results in customer retention, customer satisfaction, and customer loyalty. Moreover, efficient control over customer churn rate is standing out as major performance indicator. The “large enterprises is expected to be the fastest growing enterprise size segment during the forecast period because these enterprises are progressively adopting customer experience platforms to maintain existing customers. Therefore, the growing need for controlling customer churn rate is expected to enhence market growth significantly.

 Data Bridge Market Research analyses that the customer experience platforms market is expected to reach USD 11558.17 million by 2030, which is USD 8777.41 million in 2022, at a CAGR of 3.50% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Customer Experience Platforms Market Scope and Segmentation

Market Definition

Customer experience platforms are software systems used for interacting with the customers and receiving feedback from numerous enterprises. These software platforms gather data from surveys and complaints which has posted by customers of these enterprises. These software platforms also create a database for the improvements that the enterprises can conduct in them so that their customer base surges and also advances their product offerings and service. These platforms also comprise a set of fixed feedbacks they can deliver to the customers to resolve their problems or improve the overall customer satisfaction and experience.

Customer Experience Platforms Market

Drivers

• Increasing availability of virtual interaction points

The interaction points such as social media, mobile phone applications and others are main parameters through which the customers interact with enterprises to share their experience about services or product. The availability of virtual customer interaction points is significantly fueling the customer experience platforms market at global level. These interaction points are made available with the help of laptops, mobile phones, computers or kiosks store locations. These points are decreasing need for individual interaction with customers for feedback. Therefore, the adoption of customer communication platforms is anticipated to be compelled by availability of virtual interaction points.

• Increase in interaction of artificial intelligence (Al)

Artificial Intelligence (Al) is rapidly changing how businesses connect with their customers. Major leading companies have been highly focusing on investing in artificial intelligence (Al) based technologies to increase their customer experience efforts. Businesses are also investing in cloud-based customer service to surge productivity by decreasing call processing times and complaint resolution periods. BFSI, IT & telecom and retail among other industries, are implementing artificial intelligence (Al) enhanced CXM solutions to promote customization and create personalized journeys and gain a better understanding of client preferences. These technical improvements are expected to drive the market growth.

Opportunities

• Surging acquisition and collaborations between major market players

Many providers are inclined to invest greatly in research, development practices, and innovation to uncover augmented applications of customer experience platforms. With the use of advanced technology, market players are also focusing on customer satisfaction for captivating an augmented customer base. For instance, OpenText Corp has signed a contract for acquisition of Liaison Technologies In October 2018. This is a one of the leading cloud based enterprise applications provider and data management solutions. With this acquisition, OpenText Corp. focuses on increasing its application to application integrations and business integration solutions. Also with this acquisition, the company is also focusing on increasing its data management capabilities. Therefore, the surging acquisition and collaborations between major market players offer numerous growth opportunities in the global market during the forecast period.

Restraints

• Rising concern related to cyber-attacks

Cyber-attacks have become sophisticated and more common in recent years. Sensitive data is commonly kept on-premises databases, enabling cybercriminals to undermine important company data and exploit it for illegal purposes. Cybercriminals, for instance, now have several tools at their disposal to get important information. In such cases, IT and marketing teams must collaborate by offering data collection and processing insights. This market's expansion is anticipated to be hindered by such reasons.

This customer experience platforms market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the customer experience platforms market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Customer experience platforms Market Scope

The customer experience platforms market is segmented on the basis of deployment, interaction point, platforms, vertical and enterprise size. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Deployment

• On-Premise
• Cloud Deployment

Interaction Point

• Stores
• Websites
• Email
• Call Centre Mobile Apps
• Social Media

 Platforms

• Windows
• IOS
• Android

 Vertical

• IT & Telecommunication
• BFSI
• Healthcare
• Consumer Goods & Retail
• Hospitality, Transportation & Logistics
• Media & Entertainment and Government

 Enterprise Size

• Small Enterprises
• Medium Enterprises
• Large Enterprises

Customer Experience Platforms Market Regional Analysis/Insights

The customer experience platforms market is analyzed and market size insights and trends are provided by country, deployment, interaction point, platforms, vertical and enterprise size as referenced above.

The countries covered in the customer experience platforms market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the customer experience platforms market in terms of revenue and market owing to increasing digital transformation across numerous industry such as telecom, retail, and banking and increasing investments and also allocating budgets for digital and marketing channels among the enterprises in this region.

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 owing to growing adoption of IoT-based sensors and devices and AI-driven predictive and advanced analytics tools to provide personalized services to both B2C and B2B consumer in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Customer Experience Platforms Market Share Analysis

The customer experience platforms market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to customer experience platforms market.

Some of the major players operating in the customer experience platforms market are:

• Open Text Corporation (Canada)
• IBM (U.S.)
• Oracle (U.S.)
• SAP SE (Germany)
• SAS Institute Inc., (U.S.)
• Adobe (U.S.)
• Cisco (U.S.)
• Software AG (Germany)
• Tata Consultancy Services Limited (India)
• Tech Mahindra Limited (India)
• Huawei Technologies Co., Ltd (China)
• Zoho Corporation Pvt. Ltd. (India)
• Avaya Inc. (U.S.)
• Qualtrics (U.S.)

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