CEM Market to Double by 2024, Research Suggests

Research firm MarketsandMarkets expects the global customer experience management market to grow from $7.8 billion today to $14.5 billion by 2024, at a compound annual rate of 13.3 percent.

The major growth drivers for the market include increasing need to improve customer engagement and reduce customer churn, growing deployment of cloud-based solutions, and rising demand for big data analytics.

MarketsandMarkets expects the services segment to grow at a higher rate than the solutions segment. Among services, the managed services segment is expected to witness higher growth than the professional services segment.

The research firm expects the United States to remain the largest market for customer experience management.

The major players in the market, according to the report, are Adobe Systems, Oracle, SAP, IBM, Avaya, NICE Systems, Nokia, OpenText, Tech Mahindra, Verint Systems, Zendesk, SDL, MaritzCX, Medallia, InMoment, SAS Institute, Clarabridge, and Sitecore.