Grand View Research expects the global customer experience management market to reach $12.04 billion this year and $32.87 billion by 2030, expanding at a compound annual rate of 15.4 percent as businesses become more customer-centric and adopt hyper-personalization, artificial intelligence, automation, and social media customer service.
Though many technologies encompass the customer experience management category, Grand View expects the speech analytics segment to witness a significant CAGR of 17 percent, the mobile touchpoint segment to expand at a CAGR of 17.2 percent, and the cloud segment to expand at a CAGR of 17.5 percent. The firm also expects the financial services industry to register the highest growth, at 16.7 percent over the forecast period.
As working from home becomes more common and is facilitated by video conferencing, digital transformation of the employee experience will be critical for growth, it said.
The report identified Adobe, Avaya, Freshworks, Genesys, IBM, Medallia, Open Text, Oracle, Qualtrics, SAP, SAS Institute, Service Management Group (SMG), Tech Mahindra, Verint, and Zendesk as leading vendors of customer experience management solutions.