Customer Experience Platform Market to Reach Around $18,972.7 Million by 2028

Customer Experience Platform Market – Analysis, Outlook, Growth, Trends, Forecast

DUBAI, United Arab Emirates, Jan. 17, 2022 (GLOBE NEWSWIRE) — The customer experience platform market revenue totaled ~US$7,753.9 million in 2021, according to Future Market Insights (IMF). The Global Customer Experience Platform Market is Expected to Reach ~€ 18,972.7 Mn by 2028, growing at a CAGR of 13.9% for 2022 – 28.

Market value 2022

US$8,681.0 million

Market value 2028

US$18,972.7 million

CAGR% (2022-2028)

13.9

%

Share of top 5 players

40

%

The growing integration of technologies such as AR/VR, bots, CRM, AI, smart devices and wearables has contributed significantly to the burgeoning landscape of customer experience platforms in recent years. A recently published market study by Future Market Insights also correlates the rampant growth of the consumer goods and retail sector with the strong expansion of the CX platform market globally. According to the report, smartphone penetration is making the status of mobile apps and social media platforms the preferred points of interaction for customers and businesses.

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A senior research analyst says while offering market context, “Enormous competition between industries is driving the critical need for customer retention and necessitating the regulation of customer churn. Enterprises therefore increasingly prefer widespread availability of a range of extension points to connect with their customer bases to survive the competitive scenario in the customer experience platform landscape.” Adding to that, the analyst says, “The approximately US$5 billion market for customer experience platforms is expected to see double-digit year-over-year growth in revenue in 2019.”

In the wheel of fortune, the report categorizes various market segments based on their projected growth rate over the next decade. The majority of market segments are 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 applications occupy the high-growth quadrant.

Main search results at a glance

  • Robust annual revenue growth of around 12% estimated for mobile applications, as the very attractive point of interaction is mainly driven by the exceptional penetration of smartphone technology. About 1/4 of the market’s current revenue share comes from mobile apps.

  • The cloud as a deployment model wins a significant incremental opportunity that results in a larger share of more than 55% over the on-premises segment in the customer experience platform landscape.

  • The consumer goods and retail sector, which currently holds around 1/4 of the market’s total revenue share, is seeing a significant additional opportunity. Hospitality is also rapidly emerging into an attractive end-use vertical for CX platform providers due to the considerable annual growth expected after 2020.

  • Large enterprises continue to reign supreme over small and medium enterprises when it comes to deploying customer experience platforms. The maximum business opportunity lies in the Android segment.

IMF recognizes significant growth potential in developing regional markets for customer experience platforms

North America continues to lead the global pack in the customer experience platform landscape, while substantial growth opportunities are found in Southeast Asia and the rest of the Asia- Peaceful.

A collective revenue share of over 28% from Eastern and Western parts of Europe represents the important position of the European region in the ecology of customer experience platforms.

While the customer-centric approach of CX platform vendors is identified as the major driver of the North American market, ever-increasing digitalization is pushing the scenario in Asia-Pacific, where dramatic growth opportunities are spotted in India and ASEAN countries.

A majority of key market players have a strong presence in developing economies in Japan and the MEA region.

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Maintaining the customer-centric approach helps CX platform vendors deliver customer satisfaction at an enhanced level

Customer experience platform providers are focusing more on end-user needs, in addition to ever-changing business requirements.

Driving the adoption of IoT and connected technologies is fueling the adoption of customer experience platforms based on end-user perceptions.

Centralizing customer data collected from the various points of interaction enables providers to develop a personalized approach to delivering a top-notch customer experience.

CX Platform Vendors to Leverage White Spaces in Predictive Analytics Integration

The Future Market Insights report on the landscape of customer experience platforms reveals that vendors are capitalizing on the opportunities that lie in integrating predictive analytics into their existing CX platform offerings.

“It’s about delivering a more advanced version of current customer experience platforms along with enhanced applications and functional capabilities as additional benefits for customers,” the IMF analyst says, while adding: “It will even help vendors perform benchmarking of past and current CX data and additionally generate accurate predictive data on customer experience trends, customer behavior and actual purchase decision.”

With more than 40% share of current market revenue, Tier 1 players would offer the best deals in the industry in broader portfolios, providing significant regional coverage. Tier 2 companies, on the other hand, include some of the largest companies that have the potential to move into the Tier 1 category. Although Tier 3 players are relatively new entrants and have a limited presence in the globally, they reflect growth at a rapid pace.

About Future Market Insights Technology Division

Future Market Insights’ technology team offers expert analysis, quick research, and strategic recommendations with the aim of delivering authentic insights and accurate results to help clients around the world. With a repository of over 100 reports and over a million data points, the team has been insightfully analyzing the industry in over 50 countries for over a decade. The team provides a brief analysis of key trends including the competitive landscape, profit margin, and research development efforts.

Report scope

Attribute

Details

Market value in 2022

US$8,681.0 million

Market CAGR 2022 to 2028

13.9

%

Share of top 5 players

About 40%

Forecast period

2022-2028

Historical data available for

2013-2021

Market analysis

Million USD for value

Key regions covered

North America, Latin America, Western Europe, Eastern Europe, SEA and other APAC, China, Japan, Middle East and Africa

Main countries covered

United States, Canada, Germany, France, Italy, Spain, United Kingdom, Benelux, Nordic countries, Russia, Poland, India, Australia, New Zealand, China, Japan, South Korea, India, Malaysia, Indonesia, Singapore , Australia and New Zealand, GCC Countries and South Africa

Key Segments Covered

Point of Interaction, Deployment, Vertical, Company Size, Platform, and Region

Profiled Key Companies

Report cover

Market forecasts, company share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives

Customization and pricing

Available on demand

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About Future Market Insights (IMF)

Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. MFI is headquartered in Dubai and has delivery centers in the UK, USA and India. Latest news from the IMF market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity in the midst of fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.

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Reporting: https://www.futuremarketinsights.com/reports/customer-experience-platforms-market
Source of the press release: https://www.futuremarketinsights.com/press-release/customer-experience-platforms-market