Report : Europe 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 16.1% CAGR, the Europe Customer Experience Management Market is speculated to be worth US$ 8,442.90 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe customer experience management market was valued at US$ 3,438.75 million in 2022 and is expected to reach US$ 8,442.90 million by 2028, registering an annual growth rate of 16.1% from 2022 to 2028. Raising e-commerce industries and fostering adoption of artificial intelligence.
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.
On the contrary, growing concerns regarding data breaching and security.
- Based on component, the Europe customer experience management market is segmented into solution and service. The solution segment held 76.1% market share in 2022, amassing US$ 2,616.45 million. It is projected to garner US$ 6,531.38 million by 2028 to expand at 16.5% CAGR during 2022–2028.
- Based on deployment mode, the Europe customer experience management market is categorized into on premise and cloud based. The cloud based segment held 36.0% market share in 2022, amassing US$ 2,200.34 million. It is projected to garner US$ 5,570.59 million by 2028 to expand at 16.7% CAGR during 2022–2028.
- Based on organization size, the Europe customer experience management market is bifurcated into on small and medium enterprises and large enterprises. The large enterprises segment held 64.5% market share in 2022, amassing US$ 2,218.65 million. It is projected to garner US$ 5,261.69 million by 2028 to expand at 15.5% CAGR during 2022–2028.
- Based on touchpoint, the Europe customer experience management market is segmented into call center, website, mobile application, email, social media, and others. The call center segment held 29.7% market share in 2022, amassing US$ 1,022.51 million. It is projected to garner US$ 2,685.29 million by 2028 to expand at 17.5% CAGR during 2022–2028.
- Based on industry vertical, the Europe 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 27.4% market share in 2022, amassing US$ 942.54 million. It is projected to garner US$ 2,383.14 million by 2028 to expand at 16.7% CAGR during 2022–2028
- Based on country, the Europe customer experience management market has been segmented into Germany, the UK, France, Italy, Russia, and Rest of Europe. Our regional analysis states that the UK captured 30.5% market share in 2022. It was assessed at US$ 1,049.73 million in 2022 and is likely to hit US$ 2,781.09 million by 2028, exhibiting a CAGR of 17.6% during the forecast period.
Key players dominating the Europe 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 2020, Verint has extended its partnership with Adobe for providing support to improve customer experiences via combining Verint Experience Cloud with Adobe Experience Platform.
- In 2021, Zendesk has announced that it is acquiring Momentive, leading agile experience management company and its SurveyMonkey Platform. With this acquisition Zendesk is aiming on developing customer intelligence company.
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