Customer Experience Management Market Size to Reach USD 70.20 billion by 2032; Use of Advanced Technologies in Retail and Healthcare Industries to Spur Adoption of CEM Solutions

The customer experience management market size touched USD 16.91 billion in 2021 and is predicted to be valued at USD 19.34 billion in 2024. The market size is anticipated to reach USD 70.20 billion by 2032, recording a CAGR of 17.5% over 2024-2032.

Fortune Business Insights™ displays this information in its latest report titled “Customer Experience Management Market Size, Share and COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (On-Premises and Cloud), By Enterprise Size (Large Enterprises and SMEs), By Touchpoint (Call Center, Website, Mobile Applications, Email, Social Media, and Others), By End-user (BFSI, Retail and Consumer Goods, IT and Telecom, Healthcare, Automotive, Media and Entertainment, Government, and Others), and Regional Forecast 2024 – 2032”.

COVID-19 Pandemic Caused Changes in Customer Buying Patterns, Boosting Market Growth

The COVID-19 pandemic played a vital role in boosting the customer experience management market share as the trend of online shopping grew considerably during this period. Many customers opted for online shopping platforms over physical stores, prompting companies to use virtual assistants or bots to improve customers’ experiences. Since payment applications gained significant momentum as they facilitated contactless shopping and payments, they enhanced customer satisfaction, further boosting the demand for CEM solutions.

Use of Advanced Technologies in Retail and Healthcare Industries to Spur Adoption of CEM Solutions

Constant improvements in digital banking and e-commerce applications have encouraged customers to switch to online platforms to fulfill their shopping and other needs. Many retail stores have also increased their presence in the digital space by opening virtual shops. They have also started using AI-enabled chatbots and virtual trial rooms to analyze customers’ buying behavior. These developments are likely to surge the demand for customer experience management tools in the coming years.

The healthcare sector is also witnessing robust adoption of a wide range of advanced technologies. This scenario has accelerated the usage of telemedicine, e-health applications, wearable devices, and smart medical equipment. Since digitization is said to improve the overall functioning of an industry vertical, the healthcare sector is also trying to increase its efficiency by catering to customers’ requirements of instant replies to medical queries and 24x7 availability of vital services. These factors will improve the adoption of customer experience management solutions across the healthcare industry.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/customer-experience-management-cem-market-101661

Competitive Landscape

The key players of customer experience management continuously engage in collaboration and acquisition strategies to position them better in the global market. These key players are utilizing this strategy to cater to the changing requirements of the users effectively.

Notable Industry Development:

• February 2022: Reliance Jio introduced a 5G Network Slicing Platform over its fifth-generation network, enabling Network Slicing-as-a-Service (NSaaS).

List of the Companies Profiled in the Report:

• Zendesk Inc. (U.S.)


• SAP SE (Germany)


• Oracle Corporation (U.S.)


• Adobe Inc. (U.S.)


• Medallia Inc. (U.S.)


• OpenText Corporation (Canada)


• Microsoft Corporation (U.S.)


• Salesforce.com, Inc. (U.S.)


• Genesys (U.S.)


• Freshworks Inc. (U.S.)

Further Report Findings

• Asia Pacific is predicted to display a commendable growth rate during the forecast timeline. The region is witnessing large-scale usage of e-commerce platforms due to rapid internet penetration and growing number of online shopping channels. These factors have bolstered the customer experience management market growth. The market’s expansion in the region will likely be led by China. Factors, such as high usage of mobile devices, seamless internet connectivity, and growing demand for digital payment platforms have prompted e-commerce firms to use a unified data platform to target new consumers and expand its customer base.


• The solution segment captured the largest share in the market in 2022. Some of the major factors contributing to the segment’s growth are the growing establishment of call centers to enhance customer service and experience and increasing usage of mobile applications. These solutions can play a vital role in supporting companies in managing their daily interactions with customers.


• The large enterprises segment is anticipated to account for the largest market share during the forecast period of 2023-2030. Since these companies have a huge capital base, they are increasing their investments in a wide range of innovative technologies to boost customer satisfaction. Moreover, large-scale organizations are focusing on the development of customized and innovative customer services. They are also heavily investing in a reliable and robust IT infrastructure. Also, since these companies have a vast workforce, they can engage more people in using CEM solutions to improve customer experience, thereby boosting the segment’s growth.

Table of Segmentation