14 Jan 2019 – Customer Experience Management is expected to witness significant growth over the next seven years on account of increasing demand in next four years. Customer has become increasingly influential to company strategic activities. The customer experience management application manages sales activities, marketing as well as customer services as in today’s world, digitization is taking place at faster pace, and Customer Experience management have become a key to engage with large number of customer. Several companies are spending heavily on solution that optimizes interaction from customer perspective. The increase in demand of customer experience management owing to the fact that companies want to serve their customer effectively and want to retain their customer loyalty. Customer Experience Management is designed in a way, so that they can face challenges in digital marketing brand management, social business and customer communication and feedback of the customer. Customer experience management system should be capable of building loyal customer and maximising cross and up sell opportunities, increase the first contact resolution and reduce the average handle time. Every business organization is focussing on increasing the number of customer it has by providing solution through different channel so that it can retain its customer. Nowadays companies are focussing on providing products and services that can be customized to the specific needs of customer. In simple word customer experience management is about listening suggesting and sharing experiences of their respective customers.
Methodical tools which are used for analyzing customer feedback from different touch points which includes branch, web, mobile, social media and company website are the main drivers of Customer Experience Management market. Customer experience management companies are using new ways to connect users with organization for systematic feedback. The growth in communication media in any organization is effecting customer expectation and behaviour which ultimately affects end user experiences.
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There has been shift in approach of a company from company oriented to customer oriented. The major problem in Customer Experience Management market is maintaining the consistency across all the channels and reluctance in choosing right technology. The other obstruction in Customer experience management is unsystematic customer feedback and growing number of substitute technologies to analyse the competitive landscape.
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The customer experience management market is divided on the basis of touch points, region and by verticals. On the basis of touch points it can be segmented into Email,Social Media, mobile,branch/store,company Website,web and call Centre. On the basis of verticals of industry it can be segregated into following manufacturing, media & entertainment, automotive & transportation,banking, finance & insurance,telecommunication service providers,consumer goods & retail,travel & hospitality,healthcare,public sector, energy & utilities. On the basis of region it can be segregated into North America, Latin America, Asia – Pacific, Europe, Middle East and Africa. On the basis of type it can be segregated into text analytics, speech analytics and enterprise feedback management. The y-o-y Growth rate of text analytics is expected to witness the highest revenue throughout the period. Most of the companies preferably have this software as it is able to identify the general market trend of customer needs discloses the warnings ,product problem and thus give respective suggestion for improvement of product life cycle . On the basis of organizations it can be segregated into small and medium business and enterprises. On the basis of application customer experience management can be segregated into fault management, performance management service monitoring, Service level agreement (SLA) monitoring, Service quality management (SQM).
Customer Experience Management in small and medium business is expected to account for fastest growth in the same period. Economic, social, political technological effect the Customer Experience Management market in different ways. Exchange rates one of the economic factors are expected to have a moderate impact on this market. in this competitive world there are certain trends which are to be kept in mind while Customer Experience Management market is increasing that are as follows competitors of your company are spending heavily on customer experience management, giving much importance to employee experience as customer experience, competition for customer experience management will grow ,customer expectation with respect to customer experience management are likely to increase, Physical web will continue to increase, mapping of customer journey will gain importance , integration of physical and digital channel will increase, importance of emotions in customer experience will increase., innovation in designing customer experience management will increase. When we think of building internal customer experience management system we will have to cover range of disciplines such as to contribute to the process of customer centric design and to help in planning the customer experience organisation. To stand uniquely different from your competitors, you need to set a new standard of Customer Experience, you need to understands customer needs and wants so that these information can be used to build stronger relationships, eradicate all the data silos and distribute the information internally. One should try to solve customer problem remotely so that need of call is minimized, with the help of customer experience management segregate your customer on the basis of nee and want, anticipation of the needs of the customer is more important. The key players in Customer Experience Management market are Adobe Systems Inc, Tech Mahindra, SAP SE,, Medallia, IBM, Oracle Corporation, Verint Systems, Amdocs Inc., Hewlett-Packard Development Company, Huawei Technologies Co., Ltd, Ericsson, Cisco Systems Inc and Clarabridge . The global Customer Experience Management market is expected to grow to its double of present value by 2020.There are number of acquisition that is done by these companies to sustain their growth in competitive market of customer experience management. The key factor in defining company success is their ability to engage with their customers.
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