Customer Experience Platforms Market is projected to reach ~US$ 18,972.7 Mn by 2028

Published January 27, 2023

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. Due to the growing demand for bettering connections between companies and their customers, the market for customer experience platforms will continue to expand at an accelerated rate.

This market is expected to grow due to a number of factors, including the quick integration of multichannel touchpoints, the growing demand for customer engagement strategy planning, the growing adoption of customer experience management to boost customer engagement and lower customer churn rates, and the growing demand for customer data analysis to boost business revenue.

A customer experience platform (CXP) is a software solution that helps businesses manage and optimize interactions with their customers across various channels, such as email, social media, phone, and web. These platforms often include features such as customer relationship management (CRM), analytics, and automation tools that allow businesses to better understand and engage with their customers, improve customer satisfaction, and increase sales and revenue. Some examples of CXP providers include Salesforce, Adobe, and Oracle.

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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.

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.

“It’s all about delivering a more advanced version of current customer experience platforms along with improved applications and functional capabilities as added advantages to customers,” says the FMI analyst, while adding further, “It will even help vendors conduct the comparative analyses of past and current CX data and further generate an accurate predictive data about customer experience trends, customer behavior, and the actual purchasing decision”.

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Customer Experience Platforms Market Outlook By Category

By Interaction Point:

  • Stores
  • Websites
  • Email
  • 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)

Table of Content

1. Executive Summary

1.1. Market Overview

1.2. Market Analysis

1.3. FMI Analysis and Recommendations

1.4. Wheel of Fortune

2. Market Introduction

2.1. Market Definition

2.2. Market Taxonomy

2.3. Analyst Credentials

2.4. About FMI

3. Market Background

3.1. Macro-Economic Factors

3.2. Forecast Factors – Relevance & Impact

3.3. Value Chain

3.4. Market Dynamics

3.4.1. Drivers

3.4.2. Restraints

3.5. Opportunity Analysis

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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