Customer Experience Management Market to Top $48 Billion by 2032

Polaris Market Research expects the global customer experience management (CEM) market to reach $48.56 billion by 2032, up from a current value of $13.8 billion.

Several factors are responsible for the market's growth, including the increasing importance of customer satisfaction, advancements in technology, increasing use of social media, and the rising importance of customer data privacy, according to the company.

Companies increasingly realize the importance of customer satisfaction in driving business success, and, as a result, they are investing in customer experience management solutions to improve the customer experience and drive customer loyalty, the company said in the report. It notes that the growth of digital technologies, such as artificial intelligence, big data, and the Internet of Things (IoT) has made it possible for companies to collect and analyze large amounts of customer data in real time to personalize the customer experience and improve customer satisfaction.

With increasing concerns about data privacy, companies are investing in customer experience management solutions that prioritize protecting customer data and ensuring compliance with relevant regulations, according to Polaris.

The firm also noted that customer experience management software has rapidly taken off in response to the growing need for online business channels, such as virtual assistants or bots.

The consumer experience is improved by the quick uptake of augmented reality and artificial intelligence across various industries, including retail, IT, telecom, and financial services, according to Polaris, which also observed greater use of AI and machine learning to predict future consumer behavior and other technologies like facial recognition, biometric identification, chatbots, and digital assistants.

Of all the technologies involved, Polaris expects web analytics and content management to grow substantially over the study period owing to their advantages, such as designing and organizing websites for efficient and effective access.

Other observations in the report include call centers accounting for the largest share of the global market, which is also being dominated by cloud deployments, largely driven by lower costs.

The report identified Adobe, Avaya, Genesys, IBM, NICE, Verint, Sprinklr, SAP, SAS, Oracle, Medallia, OpenText, and Tech Mahindra as leaders in the CEM market.