North America 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 North America is expected to grow from US$ 4,572.39 million in 2022 to US$ 11,915.36 million by 2028. It is estimated to grow at a CAGR of 17.3% from 2022 to 2028.
Boosting E-commerce Industries
With the development of E-Commerce and digital banking, customers are becoming more and more open to digital channels. Several retailers have moved from physical stores to digital channels over the decade. For instance, Statista said more than 2 billion people purchased products and services online in 2020, with global electronic retail sales exceeding US$ 4.5 trillion. As a result, retailers employ AI-enabled virtual rehearsal rooms, chatbots, and surveillance to capture and analyze customer behavior. Brands use multiple channels such as social media, mobile applications, and websites to increase awareness. Such factors are propelling the growth of the market. Furthermore, the proliferation of social media channels such as Facebook, Instagram, YouTube, Twitter, and Pinterest drives brand awareness, marketing, and direct purchases. Various brands use social media shops to simplify the customer purchasing process. For example, Facebook and Instagram shops help retailers to attract new customers and shop directly on social media platforms. Consumer experience solutions help these retailers to reduce churn, increase lifetime value, and retain customers. Hence, changing consumer buying behavior is boosting market growth. Furthermore, the digitization of healthcare is accelerating the adoption of e-health applications, telemedicine, smart health devices, and wearable devices. The digitization of healthcare is changing customer expectations for 24/7 service and immediate response. Therefore, companies are adopting different digital strategies to improve the customer experience. Thus, the factors mentioned above are driving the market growth.
In North America, the US is one of the primary markets for the customer experience management market players due to their increasing adoption of big data solutions to gain insights into customer behavior and preferences. CEM solutions provide quantifiable metrics and actionable insights into the issues that impact end users and help organizations improve their overall customer experience. In addition, the increasing digitalization of processes and infrastructure in the enterprise sector is fueling the adoption of automated CEM solutions in North America. Further, increasing the adoption of digital channels for interaction will help organizations better understand the underlying needs of their end users through a digital experience. The highly informed and demanding customers increasingly need timely and personalized interaction services. As a result, companies in the region must adopt CEM solutions that ensure consistent service.
North America Customer Experience Management Market Revenue and Forecast to 2028 (US$ Million)
North America Customer Experience Management Market Segmentation
The North America 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 the US, Canada, and Mexico. The US 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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