In 2022, the customer experience management (CEM) in telecommunication market was projected to be worth US$ 11.34 billion. The market is anticipated to expand at a CAGR of 16.2% between 2022 and 2032 to US$ 50.89 billion by 2032.
| Attributes | Details |
|---|---|
| Market CAGR | 16.2% |
| Market Size (2022) | US$ 11.34 billion |
| Market Size (2032) | US$ 50.89 billion |
Customers are growing more knowledgeable about the services provided to them and are eager to assist businesses in providing better services. Many businesses are becoming more aware of the value that their customers' experiences have and are utilizing this to raise the bar for the items they provide. The market is expanding as a result of this.
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Increased Regulatory Compliance and Data Privacy Worries May Limit Market Expansion.
Data security and privacy issues have become more important as more people use digital platforms. Customers' experiences are significantly impacted by rising cybercrime and data theft. As data breaches and data protection became more prevalent, the government introduced new regulations.
Data security is permitted by these governmental regulations. In order to use customer data effectively, providers of customer experience solutions must address regulatory compliances. The market growth is likely to be hampered by such government regulations.
Due to its increasing investment in R&D activities and thriving start-up ecosystem, North America has seen the highest market-incremental growth. The US. is also a pioneer in the adoption of customer experience management (CEM) in telecommunication.
The Asia-Pacific region is expected to experience a phenomenal growth rate. The market in this region is currently ranked third on the global market. E-commerce's swiftly expanding use has opened up previously unheard-of market opportunities for both consumers and companies.
China is probably going to be the country driving market expansion in the area. E-commerce businesses have adopted a single data platform to target and reach consumers as a result of seamless Internet connectivity, the proliferation of mobile devices, and rising demand for digital payments.
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Players collaborate and invest in businesses that are creating cutting-edge technology to enhance the capabilities of customer experience solutions. In order to increase their market position, the major firms also take part in a variety of acquisitions, partnerships, collaborations, and mergers.
Airkit announced a $40 million Series B fundraising round in May 2021. The organization wants to invest in CX solutions that are future-proof. Reusability shortens development cycles, provides CX for the future, and enhances customer experience in response to the rising demand for CX solutions.
Customers are becoming more aware about the services offered to them, and are equally keen in helping companies to offer better services. Many companies are realizing the importance their customers’ experience hold, and are using this to improve the standards of the products they offer. This is driving the growth of the market.
However, the cost involved in the digitization of the customer experience management is impeding the growth of the market.
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The segmentation of customer experience management can be done on the basis of types of interaction, verticals, organization, application market and region. The types of interaction could be classified into human to human interaction, and machine to human interaction.
Human to human interaction could be further sub segmented on the basis of medium of communication, i.e., in the branch or store, on call, on web chat, on social media, and e-mail. Machine to human interaction can be sub segmented on the basis of medium of communication into, on call, on web chat, on social media, and through interactive applications. On the basis of verticals, it is segmented into telecommunication service providers and companies manufacturing telecommunication devices.
The customer experience management market is expect to grow vastly in the coming years. North America and Europe are the expected upcoming leaders in this market, owing to the fact that their telecommunication industry has long been investing in customer interaction. Whereas, Latin America, Asia Pacific and Middle East and Africa are expected to see a moderate growth in their market.
Some of the key players in the 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.
Recently, McorpCX, Inc., a customer experience software and consulting leader, acquired a leading company in customer experience management called, PersonaDrive, Inc. Companies grow their market by following business strategies like acquisition, partnerships and others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Customer Experience Management (CEM) In Telecommunication Market
