Customer Experience Platforms Market is expected to grow at high CAGR of 14.8% 2023 to 2033

According to Future Market Insights (FMI), the customer experience platforms market is to reach US$ 9,826.9 million in 2023. The customer experience platforms industry is expected to be worth US$ 39,182.5 million by 2033. 

Market Players find Drivers Outweighing the Restraints in the Market 

Sales are boosted by the expanding use of the omnichannel shopping experience and the on-demand business model. Companies are focused on taking strategic actions to accelerate market expansion and increase profit margins. However, difficulties in integrating electronic data interchange and bias problems in operational data may impede market expansion. 

Growth has Never Been More Real in the Market – Virtual Interaction Points come to the Resort 

The primary criteria by which customers interact with businesses to share their service-related experiences are called interaction points. The availability of virtual consumer interaction points is a key driver for customer experience systems. 

Mobile devices, PCs, and laptops are used to make engagement points available, which eliminates the requirement for face-to-face interactions to obtain feedback. 

Businesses can interact with customers in real time by leveraging their connected devices to enquire about experiences and other problems. The availability of virtual engagement is a driving force behind the adoption of customer experience platforms. 

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Positive Traits  Extremely adaptable software  Integration with other applications  Flexibility and scalability

Obstacles  Expensive implementation  Limited vendor support  Issues with compatibility

Opportunities  Increasing popularity of customer experience platform   Cloud-based solution adoption

Threats  Rising competition  Threat of cyber-attacks

Interaction Point Segment Analysis  

The customer experience platforms market is expected to be dominated by the call center sector based on interaction points. Demand from customers for immediate help and specialized attention for their issues has increased noticeably in recent years.  

The call center is under intense pressure to deliver first-rate services in order to satisfy consumers query. Businesses are using call center analytics more because of its wonderful and outstanding customer experience management capabilities.

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Regional Analysis of the Customer Experience Platforms Market 

North America controls the customer experience platforms industry due to growing expenditures in digital transformation across diverse industries. North America dominates in terms of revenue share. Due to enterprises increasing their budget allocation for digital and marketing channels. 

Asia Pacific is seeing an increase in the adoption of IoT-based sensors, devices, and AI-driven predictive and advanced analytics solutions. Throughout the predicted period, the Asia Pacific customer experience platforms industry has maintained a significant CAGR. These tools make it possible for consumers in the Asia Pacific, both B2C and B2B, to receive customized services. 

Key Takeaways 

• The mobile application segment accounted for around 23.6% of the customer experience management market share by 2023. 
• In 2023, the consumer goods and retail segment accounted for 26.1% of the share in the verticals category. 

• Through 2033, India to register a CAGR of 20.1% for the customer experience management market. 
• The customer experience management market in the United States is estimated to account for 16.2% of the market by 2033. 
• Sales in China customer experience platforms market are to expand at a CAGR of 15.3% by 2033. 
• The North America customer experience management market is to capture 26.2% of the market by 2033. 
• By 2033, the Europe customer experience platforms industry recorded 24.2% of the market share. 

• By 2033, 11.2% of the German market share to be devoted to customer experience management. 
• By 2033, customer experience platform sales in Japan to expand at a CAGR of 8.4%. 

Industry Overview of Customer Experience Platforms 

The customer experience platform manufacturers have been observed investing resources in research and development initiatives to support growth. Companies can be observed participating in mergers and acquisitions and collaborations. In order to improve their products and obtain a market competitive advantage.  

They are actively developing new items and improving existing ones to get new clients and increase market share. 

Acquisition 

• Due to expanding work-from-home trend, Tech Mahindra bought Activus Connect Customer Experience Management Services and Solutions Company in September 2021. This acquisition enables Tech Mahindra to offer advanced CEM services to remote organizations. 

Launch 

• IBM Corporation’s Watson debuted AI-based Intelligent Watson Assistance with automation features in September 2021, assisting organizations in transforming customer service. IBM Watson Assistant is intended to assist enterprises in setting up voice agents using IntelePeer to provide a smooth customer experience. It uses advanced analytics technologies to handle consumer issues with increased phone volumes. 
• SAP SE deployed a customer data platform in October 2021. Organizations can develop individual client profiles using this new platform. This platform improved its customer experience (CX) software and its function in the development of intelligent organizations. 
• NICE Ltd debuted CXone, an advanced AI-based CEM solution, in April 2021. The company is a leading provider of on-premises and cloud corporate software solutions. Customers seeking self-service can access personalized material using the CXone software. 

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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