Increasing integration of technologies such as AR/VR, bots, CRM, AI, smart devices, and wearables has been contributing significantly to the flourishing landscape of customer experience platforms, in recent years. A newly published market study by Future Market Insights also correlates the rampant growth consumer goods and retail industry to the robust expansion of CX platforms market worldwide.
According to the survey, the increased use of smartphones is elevating social media and mobile applications to the position of the most popular points of contact between consumers and companies. According to Future Market Insights, the customer experience platforms market will generate $7,753.9 million in sales in 2021. (FMI). The market for customer experience platforms as a whole is anticipated to develop at a CAGR of 13.9% from 2022 to 2028, reaching approximately US$ 18,972.7 Mn.
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Offering background information on the market, a senior research analyst states that “extreme competition across industries is pushing the crucial requirement for client retention and mandating the control of customer turnover rate. So, in an effort to survive the competitive environment in the customer experience platform landscape, businesses are progressively favouring a wide range of extension points to engage with their consumer bases.
The analyst continues, “The about US$ 5 billion market for customer experience platforms is projected to display over 10% year over year increase in sales in 2019.” The research classifies numerous market categories according to the expected rates of growth over the following ten years in the wheel of fortune.
A majority of market segments fall in the high and medium growth quadrants. End use verticals such as consumer goods and retail, and hospitality, in addition to IP segments such as social media and mobile apps occupy the high growth quadrant.
Key Research Findings At A Glance
- Robust yearly revenue growth of around 12% estimated for mobile apps as the highly attractive interaction point is primarily driven by exceptional penetration of smartphone technology. Around 1/4th share of the current market revenue is contributed by mobile applications.
- Cloud as a deployment model is winning a heavy incremental opportunity translating further into a larger share of more than 55% over on premise segment in the customer experience platforms landscape.
- Consumer goods and retail sector, currently holding around 1/4th share of the total market revenue, is observing a hefty incremental opportunity. Hospitality is also rapidly emerging attractive end use vertical for CX platform vendors owing to the considerable yearly growth anticipated post 2020.
- Large enterprises continues to reign supreme over small and medium sized enterprises in terms of deployment of customer experience platforms. Maximum business opportunity resides in the Android segment.
FMI Recognizes Significant Growth Potential in Developing Regional Markets for Customer Experience Platforms
North America continues to lead the pack globally in customer experience platforms landscape, whereas substantial growth opportunities lie in the South Eastern Asia and rest of Asia Pacific region.
A collective revenue share of over 28% from the eastern and western parts of Europe represent the significant position of European region in customer experience platforms ecology.
While customer centric approach of CX platform vendors is identified to be the key driver for North America’s market, ever-growing digitization is pushing the scenario in Asia Pacific, wherein spectacular growth opportunities are spotted in India and ASEAN countries.
A majority of key market players have strong presence across developing economies in Japan and MEA.
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Maintaining the Customer Centric Approach Helps CX Platform Vendors Deliver Customer Satisfaction at An Improved Level
Vendors of customer experience platforms are focusing more on end user requirements, in addition to ever-evolving business requirements.
Fostering adoption of IoT and connected technologies is fueling adoption of customer experience platforms based on end user perceptions.
Centralization of customer data that has been collected from the various points of interaction is enabling vendors to develop a personalized approach to delivering top notch customer experience.
CX Platform Vendors to Tap into the White Spaces in Predictive Analytics Integration
Future Market Insights report on customer experience platforms landscape reveals that the vendors are leveraging the opportunities residing in the integration of predictive analytics into their existing CX platform offerings.
With more than 40% share of the current market revenue, Tier 1 players are reportedly delivering best-in-industry offerings in wider portfolios, imparting significant regional coverage. Tier 2 companies on the other side include some of the highly important companies that hold the potential to transit to the Tier 1 category. Although Tier 3 players are relatively new entrants and hold limited presence at a global level, they reflect growth at a rapid pace.
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Customer Experience Platforms Market Outlook By Category
By Interaction Point:
- Stores
- Websites
- Call Centre
- Mobile Apps
- Social Media
By Deployment:
- Cloud
- On-Premise
By Vertical:
- IT & Telecommunication
- BFSI
- Healthcare
- Consumer Goods & Retail
- Hospitality
- Transportation and Logistics
- Media and Entertainment
- Government
By Enterprise Size:
- Small Enterprises
- Medium Enterprises
- Large Enterprises
By Platform:
- Windows
- iOS
- Android
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- SEA and other of APAC
- Japan
- China
- Middle East and Africa (MEA)
About Us:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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