Once a simple process of surveying customers, customer experience has exploded in recent years to include entire CEM solution platforms designed to provide the most efficient and effective interactions throughout the entire customer journey. Some regions, however, are still playing catch-up in terms of customer experience investment. That is according to a new report from Research and Markets, titled “Customer Experience Management Market by Touch Points, by Regions, by Vertical – Global Forecast to 2020.”
According to the research, the customer experience management market is forecast to continue growing at a rapid rate through 2020, at a predicted 19.9% CAGR (compound annual growth rate). This would bring the industry from its current value of $4.36 billion to an estimated $10.77 billion in five years.
The report finds that North America and Europe are ahead in CEM implementation, having already invested into CEM tools to design customer experience elements that offer highest ROI. The Asia-Pacific and Middle-East Africa regions are a step behind, understanding the importance of CEM and beginning to invest more into related solutions that focus on customer retention and customer experience transformation.
No longer simply an effort to improve the customer’s happiness while interacting with an organization, customer experience management platforms now offer a comprehensive perspective on the customer journey with a focus on which practices will most impact profitability. Through data gathered both on-site and in the cloud, customer experience management solutions enable companies to look at customer-related decisions from a point of view that had previously been little more than guided speculation.
In addition to sorting customer experience management data by region and touchpoint, the report looks at how the technology is used across industries. Among the verticals are: IT communication, telecommunication, public sector energy, and utilities; banking, financial services, and insurance; healthcare, automotive & transportation, consumer goods & retail, media & entertainment, and more. Touchpoints include website, call center, mobile engagement, social media, and email.
The report demonstrates, among other things, that customer experience management will be an absolute necessity in the near future. Companies that fail to keep up with evolving CEM platforms risk falling behind in providing customers with the experiences they have come to expect from brands.