Customer Experience Platforms Market

 

Enterprises from different industry verticals have started facing significant competition, and customer satisfaction is a crucial factor for sustaining in competition. Hence, an increasing number of enterprises are adopting customer experience platforms. The adoption for customer experience platforms is increasing to improve interactions between organisations and customers across all interaction points, which include stores, emails, mobile applications and others. In addition, customer experience platforms help manage interactions through various channels of communication.

The rising need for customer satisfaction for improving brand loyalty is one of the prime factors that is significantly driving the customer experience platforms market. Enterprises are leveraging customer experience platforms for creating brand attachments for their customers by delivering real-time feedback and contact centre facilities.

With the deployment of customer experience platforms, enterprises are able to manage their customers as separate individuals by providing access through interaction points. Moreover, using customer experience platforms, enterprises are managing the problems faced by customers on a case-to-case basis, which is boosting customer satisfaction and brand loyalty.

The increasing penetration of smartphones as well as Internet connectivity is one of the prime factors driving the customer experience platforms market as the online population is growing. Growth in the online population is boosting the number of interactions between enterprises and their customers through mobile applications and social media, owing to which enterprises are able to run customer experience platforms smoothly as they can quickly and easily gather feedback data from their customers.

Moreover, customer experience platforms are playing an important role in the process of converting a new customer into a loyal customer, as these platforms track customer experience and enable enterprises to provide personalized feedback. Improvements in one-on-one communication through different interaction points is another factor responsible for increasing the demand for customer experience platforms.

The global customer experience platforms market is estimated to witness a double-digit CAGR growth rate, and hence, reach US$ 18.97 Bn by 2028. Increasing digitisation due to rapid Internet penetration backed by smart connected devices has significantly driven the global customer experience platforms market.

Moreover, the increasing adoption of customer experience platforms by small, medium and large enterprises to improve customer satisfaction and ultimately customer loyalty has also contributed to the growth of the customer experience platforms market. The global customer experience platforms market is segmented on the basis of interaction points, platforms, enterprise size, industry and deployment.

On the basis of interaction point, the customer experience platforms market is segmented into stores, websites, email, call centre, mobile apps and social media. These are interaction points that are used by enterprises while taking feedback from customers for customer experience platforms.

The revenue contribution from the mobile apps segment in the customer experience platforms market is expected to expand at a CAGR of 15.2% during the forecast period due to the increasing preference for mobile apps by customers to shop as well as surf. Moreover, customer experience platforms provide mobile phone users the ability to give feedback as per their convenience owing to their easy-to-use nature, which is fuelling the growth of the mobile apps segment of the customer experience platforms market.

On the basis of deployment, the customer experience platforms market is segmented into on-premise and cloud deployment. Among the deployment segments of the customer experience platforms market, the cloud deployment segment holds a major market share due to an increase in the preference of enterprises for customer experience platforms deployed over the cloud to implement a secure, fast and efficient feedback process.

On the basis of platforms, the customer experience platforms market is segmented into Windows, iOS and Android. Among the platform segments of the customer experience platforms market, Android has a major market share due to the rapid penetration of Android smartphones.

On the basis of vertical, the global customer experience platforms market is segmented into IT & Telecommunication, BFSI, healthcare, consumer goods & retail, hospitality, transportation & logistics, media & entertainment and government.

The revenue contribution of the consumer goods & retail segment of the customer experience platforms market is expected to expand at a CAGR of 15.1% during the forecast period due to the rapid adoption of customer experience platforms from enterprises in the consumer goods & retail industry vertical for maintaining the quality of products and services offered by them. The adoption of customer experience platforms is also fuelled by increasing competition in the consumer goods & retail industry.

On the basis of enterprise size, the global customer experience platforms market is segmented into small enterprises, medium enterprises and large enterprises. The revenue contribution from the large enterprises segment of the customer experience platforms market is expected to expand at a CAGR of 13.3% during the forecast period as established brands and emerging brands are primarily large enterprises, and these enterprises are increasingly investing in processes to boost customer retention and attraction. This trend is one of the major factors fuelling the demand for customer experience platforms in large enterprises.

On the basis of region, the global customer experience platforms market is segmented into North America, Latin America, Western Europe, Eastern Europe, SEA and others of APAC, China, Japan and MEA. The North America region is expected to dominate the global customer experience platforms market by holding the highest market share by the end of 2018. Increase in the disposable income and the rapid adoption of advanced software, such as customer experience platforms, are some of the key factors driving the North America customer experience platforms market.

Some of the popular vendors of customer experience platforms are:

• Avaya
• IBM Corporation
• Huawei Corporation
• Qualtrics
• Zendesk
• Oracle Corporation
• OpenText Corporation
• SAS Institute
• Adobe Systems Incorporated
• Cisco Systems, Inc.
• Tech Mahindra
• Software AG
• TCS