Europe Customer Experience Management Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Solution and Service), Deployment Mode (On Premise and Cloud based), Organization Size (Small and Medium Enterprises (SMEs) and Large Ent

Europe Customer Experience Management Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Solution and Service), Deployment Mode (On Premise and Cloud based), Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), Touchpoint (Call Center, Website, Mobile Application, Email, Social Media, and Others), and Industry Vertical (IT and Telecom, BFSI, Energy and Utilities, Government, Retail, Manufacturing, and Others)

The customer experience management market in Europe is expected to grow from US$ 3,438.75 million in 2022 to US$ 8,442.90 million by 2028. It is estimated to grow at a CAGR of 16.1% from 2022 to 2028.
Fostering Adoption of Artificial Intelligence
The growing adoption of artificial intelligence (AI) in verticals such as retail, IT & telecom, automotive, and healthcare is helping to improve the customer experience. The companies are analyzing future customer behavior by integrating AI and machine learning into consumer experience solutions. These predictive analytics and AI-enabled solutions help companies extract meaningful insights from customer data. Therefore, companies are increasingly focusing on implementing advanced technologies to improve the customer experience. For instance, in December 2021, TPG launched Anna, an AI-based customer experience platform. It evaluates more interactions with high accuracy. Anna Chatbot can evaluate customer interactions 100% and provide a sample-based analysis of customer chats and voice communications. Furthermore, companies are using advanced AI applications such as facial recognition, biometrics, chatbots, and digital assistants to improve the customer experience. For instance, the Facebook Messenger bot uses AI and machine learning to help shoppers find what they are looking for through simple conversations, which helps improve the customer experience and increase profitability. Similarly, adopting augmented reality across retailers is expected to help improve the shopping experience. For example, IKEA integrates augmented reality to show furniture in real-time, helping customers make purchase decisions and reduce returns. Therefore, the rapid adoption of virtual assistants/bots is stimulating the demand for consumer experience solutions.

Market Overview

The growing e-commerce industry is driving the customer experience management market in Europe. For instance, according to a recent report by The Paypers, e-commerce across Europe grew by 10% to US$ 757 billion from 2019 to 2020 and reached US$ 844 billion in 2021. Furthermore, the studies claim that Western Europe is the leading the sales with 64% of total sales, while Southern Europe accounted for 16%. The regions with the highest sales growth rates from 2019 to 2020 were Eastern Europe (36%), Central Europe (28%), and Southern Europe (24%). Hence, the growing e-commerce industry is likely to boost the CEM market in Europe, as e-commerce and managing customer experience are affected by the online experiences of people who find and visit a website or product page, from the start of the checkout process to the post-purchase confirmation email in the inbox. Hence, the companies are progressively adopting the CEM tools to maintain their dominance in the market.
Europe Customer Experience Management Market Revenue and Forecast to 2028 (US$ Million)

Europe Customer Experience Management Market Segmentation

The Europe customer experience management market is segmented into component, deployment mode, organization size, touch point, industry vertical, and country.
Based on component, the market is segmented into solution and service. The solution segment registered the largest market share in 2022.
Based on deployment mode, the market is segmented into on premise and cloud based. The cloud based segment held a larger market share in 2022.
Based on organization size, the market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held the largest market share in 2022.
Based on touch point, the market is segmented into call center, website, mobile application, email, social media, and others. The call center segment held the largest market share in 2022.
Based on industry vertical, the market is segmented into IT and telecom, BFSI, energy and utilities, government, retail, manufacturing, and others. The IT and telecom segment held the largest market share in 2022.
Based on country, the market is segmented into Germany, the UK, France, Italy, Russia, and Rest of Europe. The UK dominated the market share in 2022.
Adobe; Avaya Inc.; IBM Corporation; NICE Ltd.; Oracle Corporation; SAP SEl; Verint Systems, Inc.; Zendesk; SAS Institute Inc.; and Salesforce.com, inc. are the leading companies operating in the customer experience management market in the region.

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