According to a new market research report, “Customer Experience Management Market & Voice of Customer (VoC) Analytics Market - Worldwide Market Size and Forecasts (2012 – 2017)”, published by MarketsandMarkets, the total CEM and VoC Analytics market is expected to reach $6.61 billion by 2017 with a CAGR of 19.8%.
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CEM and VoC concept is getting significant traction in the technology market nowadays. This is one of the hot topic in the market after CRM. The reason behind the market growth is that, enterprises are going to apply customer centric approach and henceforth they have to reach all customer touch points to understand customer feedback, behavior, and expectations and analyze them by using CEM analytics, to derive effective insight for supporting business decisions.
CEM is a solution through which many organizations interact with their customers to understand their experiences related to specific products and services. CEM is done through different tools and techniques such as EFM, web analytics, text analysis, and speech analytics. It is the revolution step to connect the organizations with their customers. CEM blends customer satisfaction, loyalty, retention, relationship management, user experience, experiential marketing, and customer centricity.
CEM metrics are performance indicators which help to understand how the company is adopting different tools to accomplish customer needs. Companies rely on delighted customers to accomplish market growth while unhappy customers defect brand names and negatively impact business. A company that proactively plans for future growth should invest today to understand its customer experiences. CEM, with the ability to collect VOC and measure and report customer experience data, fills this gap effectively.
The global customer experience management market is expected to grow from $2.68 billion in 2012 to $6.61 billion by 2017, at an estimated CAGR of 19.8% between 2012 and 2017.
North America holds the largest share; i.e. 47.6% of the overall customer experience management market in 2012 at $1.28 billion; and is expected to reach $2.98 billion by 2017, at a CAGR of 18.5% between 2012 and 2017.
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