Digital customer experience and service is an exercise done by organizations to track, measure and improve the interactions with their customers online. This provides a good experience every time a customer comes in contact with the brand. This is done through a survey, in order to analyze the responses and make business decisions accordingly. The conventional feedback methods included paper and pen surveys which is time and labor intensive in comparison to new methods that include channels like Email, SMS, website, mobile app, chat bots and social listening. In various organizations there are dedicated customer experience professionals who take care of the Voice of customer. To manage the customer experience, a company needs to create a customer-centric strategy that encompasses all interactions through CRM/Helpdesk/ACD software in their system in order to keep an eye on 360-degree view of the customers. Helpdesk provides support to interact with customers with a simple user interface. With the usage of help desk, one can reduce the cost, response time to customers and increase productivity. Digital Customer Experience is one of the top priorities of modern businesses as improving the customer experience could translate directly to increase in revenue. There are Software for customer experience management that combines technology, analytics and business metrics to help and create a successful optimization strategy. It provides real-time dashboards, reports and a support of a team specialists and analysts. The goal is to identify customer discomfort and minimize that through products, processes, and other resources.
Market Size & Forecast
The global digital customer experience and service automation (DXE) market is anticipated to record a CAGR of 28.5% over the forecast period i.e. 2019-2027. The market is segmented by services into training & consulting, support & maintenance and deployment & integration, out of which, support and maintenance segment accounts for leading market share on the back of increasing number of customer support platform. The market is also segmented on the basis of component into hardware & software and on the basis of application into retail, logistics, BFSI, healthcare, telecom and others. Additionally, automation is to be extremely important in pushing customer service to the next level. The feedback of customer support is expected to become more important of a factor in decision making process.
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Growth Drivers
Increasing Number of Digital Platforms
In this digital age of social media explosion and tech development, customer service can now be delivered through different channels rather than the traditional customer service hotline. Companies across various industries take customers feedback through various digital platform. . The people using social media is rising and digital marketing strategies continue to evolve. This would make social media networks increasingly important for product searches and user reviews. It makes social media platforms a natural place to attract potential buyers. . These factors drive the market over the forecast period.
Need for Optimum Customer Journey
Shaping the customer journey means taking actions and decisions to improve each and every interaction with the user. In order to do this, employees are equipped with adequate tools to give an excellent customer service provided by the company. Quality in customer service builds a strong customer base which further contributes towards creating an attractive brand image. Such factors are expected to boost the market over the forecast period.
Restraints
Data Security & Privacy Concerns
There has been a rise privacy concerns on account of rise in data theft. There is a high number of the fake websites offering customer support and mobile applications which enable data theft through the remote connection. Such concerns are expected to limit the market in near future.
Market Segmentation
Our-in depth analysis of the global DXE market includes the following segments:
By Component
- Software
- Customer Intelligence
- Data Governance
- Process Automation
- Hardware
- Camera
- Sensor Unit
- Smart Digital Display
By Services
- Training & Consulting
- Support & Maintenance
- Deployment and Integration
By Application
- Retail
- Logistics
- BFSI
- Healthcare
- Telecom
- Others
By Region
On the basis of regional analysis, the DXE market is segmented into five regions, North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America is expected to display a strong growth on the back of high demand of CEM software in end-user industries such as retail, marketing, banking and healthcare. Further, the Europe market is anticipated to induce a budding growth with growing emphasis on customer experience. According to 2018 report of Federal Ministry of Economic, Germany, about 40% of companies are digitally advanced and among these 43% are using cloud based technology.
The market in Asia Pacific is estimated to grow at the highest rate during the forecast period on account of broad base of rising use of social media.
The global DXE market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating the Market
- Adobe
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Salesforce
- IBM
- Oracle
- SAP
- Sitecore
- Other Prominent Players
