Latest News- Customer Experience Management (CEM) Market: Solution is expected to lead the Component segment during 2025-2029

The Customer Experience Management (CEM) Market is being driven by Increasing focus on customer-centricity among organizations

The Customer Experience Management (CEM) Market is expected to grow at a CAGR of 15.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 17102.9 million. The global Customer Experience Management (CEM) market is experiencing significant growth, fueled by technological innovations and forward-thinking business strategies. Companies are prioritizing the enhancement of customer interactions and service delivery through the implementation of integrated platforms and AI-driven solutions. In June 2024, Nextiva introduced its Unified Customer Experience Management (UCXM) solution at Customer Contact Week. This platform was engineered to foster strong business-customer relationships by seamlessly integrating advanced AI technologies and extensive toolsets. UCXM distinguishes itself from conventional Contact Center as a Service (CCaaS) solutions by offering a comprehensive, all-in-one communication and customer engagement solution. Key features of UCXM include personalized experiences, real-time interaction management, and data-driven decision-making capabilities. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Solution
  • Service
• Deployment
  • On-premises
  • Cloud
• End-user
  • BFSI
  • IT and telecom
  • Retail
  • Healthcare
  • Others
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing focus on customer-centricity among organizations
• Growing digital transformation in retail and healthcare industries are increasing demand for CEM solutions
• Growing changes in consumer behavior

However, the market also witnesses some limitations, which are as follows:

• Privacy and security concerns associated with CEM solutions
• Availability of free and open-source CEM software
• Issues related to integration of CEM software

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Market Scope in Customer Experience Management (CEM) Market Research Report

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Research Analysis Overview

The Customer Experience Management (CEM) market is experiencing significant growth due to the adoption of digital technology tools such as Cloud technology, Machine Learning, Artificial Intelligence, Internet of Things, and Social networking platforms. Digital transformation and optimization are key drivers, with businesses focusing on enhancing customer relationships through social customer relationship management and supply chain disruptions. Text analytics, call centers, web services, and CRM software are essential components, with the On-premises and Cloud segments catering to Large Enterprises. Tools like Augmented Reality, Customer feedback, User satisfaction, and Digital touchpoints, including Engagement tools, Chatbot support, and Personalized service, are shaping the future of CEM. Real-time analytics, Sentiment analysis, Omnichannel support, Interaction tracking, and Customer journey mapping are crucial for understanding the emotional connection and improving response time. Voice assistants, Mobile apps, and Survey tools are also integral to the CEM landscape. Verint Systems and other leading providers offer advanced solutions in this space.

Market Research Overview

The global IT software market encompasses businesses specializing in the development and production of application and system software, including database management software. Notably, the application software market focuses on creating software for specific business or consumer applications, such as enterprise and technical software, as well as cloud-based solutions. Technavio determines the market size by aggregating the revenues of companies providing various IT software offerings, including cloud solutions. Key technologies driving growth in this sector include cloud technology, work collaboration tools, machine learning, artificial intelligence, Internet of Things, digital transformation, digital optimization, social networking platforms, and social customer relationship management. Industries significantly impacted by these advancements include the B2C market, life sciences, and telecom industries. Supply chain disruptions have further accentuated the need for IT software solutions to ensure business continuity.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/