Report : Asia Pacific 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)
At 18.8% CAGR, the Asia Pacific Customer Experience Management Market is speculated to be worth US$ 7,513.73 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific customer experience management market was valued at US$ 2,291.32 million in 2022 and is expected to reach US$ 7,513.73 million by 2028, registering an annual growth rate of 18.8% from 2022 to 2028. Boosting innovation in omni channel shopping and incorporation of new business models.
The omnichannel shopping structure is primarily aimed at providing the cross-platform sales approach adopted by businesses to provide customers with an enhanced shopping experience in online and physical stores. According to statistics, this buying model offers a customer retention rate of about 89% compared to 33% for companies with weak omnichannel strategies. Hence, various well-known retail brands such as Bed Bath & Beyond, Kohl’s, and DSW are planning to invest approximately US$ 250 million in omnichannel strategies such as click and collect, Omni-inventory management, digital marketing, and personalization over the upcoming years. Therefore, the rapid adoption of this strategy h led companies to scrutinize their operating models by presenting data about products, purchasing processes, and aftermarket services. It will likely create immense opportunities for customer experience management software.
On the contrary, higher concerns regarding data breaching and security.
Based on component, the Asia Pacific customer experience management market is segmented into solution and service. The solution segment held 73.5% market share in 2022, amassing US$ 1,968.51 million. It is projected to garner US$ 5,645.29 million by 2028 to expand at 19.2% CAGR during 2022–2028.
Based on deployment mode, the Asia Pacific customer experience management market is categorized into on premise and cloud based. The cloud based segment held 66.3% market share in 2022, amassing US$ 1,775.03 million. It is projected to garner US$ 5,095.09 million by 2028 to expand at 19.2% CAGR during 2022–2028.
Based on organization size, the Asia Pacific customer experience management market is bifurcated into on small and medium enterprises and large enterprises. The large enterprises segment held 68.1% market share in 2022, amassing US$ 1,821.93 million. It is projected to garner US$ 4,904.86 million by 2028 to expand at 17.9% CAGR during 2022–2028.
Based on touchpoint, the Asia Pacific customer experience management market is segmented into call center, website, mobile application, email, social media, and others. The call center segment held 33.0% market share in 2022, amassing US$ 882.53 million. It is projected to garner US$ 2,633.39 million by 2028 to expand at 20.0% CAGR during 2022–2028.
Based on industry vertical, the Asia Pacific customer experience management market is segmented into IT and telecom, BFSI, energy and utilities, government, retail, manufacturing, and others. The IT and telecom segment held 24.7% market share in 2022, amassing US$ 660.29 million. It is projected to garner US$ 1,913.54 million by 2028 to expand at 19.4% CAGR during 2022–2028
Based on country, the Asia Pacific customer experience management market has been segmented into China, Japan, India, Australia, South Korea, and Rest of Asia Pacific. Our regional analysis states that China captured 31.6% market share in 2022. It was assessed at US$ 845.79 million in 2022 and is likely to hit US$ 2,434.45 million by 2028, exhibiting a CAGR of 19.3% during the forecast period.
Key players dominating the Asia Pacific customer experience management market are Adobe; Avaya Inc.; IBM Corporation; NICE Ltd.; Oracle Corporation; SAP SEl; Verint Systems, Inc.; Zendesk; SAS Institute Inc.; and Salesforce.com, inc. among others.
- In 2022, Salesforce introduced Customer 360 innovations, connected data and automation capacities.
- In 2020, SAP launched "SAP Customer Data Platform" that helps organizations in creation of overall customer profile via use of multiple sources data both from online and social channels.
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