Massive incremental opportunity is projected for mobile apps, followed by social media, as the favored interaction points.
Increasing integration of technologies such as AR/VR, bots, CRM, AI, smart devices, and wearables has been contributing significantly to the flourishing landscape of customer experience platforms, in recent years. A newly published market study by Future Market Insights also correlates the rampant growth consumer goods and retail industry to the robust expansion of CX platforms market worldwide. Smartphone penetration is pushing the status of mobile applications and social media platforms as the most preferred points of interaction among customers and businesses, according to the report.
A senior research analyst says while offering the market background, “Tremendous competition across industries is driving the critical need for customer retention and necessitating the regulation of customer churn rate. Businesses are thus increasingly preferring an extensive availability of a range of extension points to connect with their customer bases in an effort to survive the competitive scenario in the customer experience platform landscape”. Adding further to it, the analyst says, “The approximately US$ 5 Bn market for customer experience platforms is likely to demonstrate over 10% year on year growth in revenue in 2019”.
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In the wheel of fortune, the report categorizes various market segments on the basis of their rate of growth projected for the next decade old period. A majority of market segments fall in the high and medium growth quadrants. End use verticals such as consumer goods and retail, and hospitality, in addition to IP segments such as social media and mobile apps occupy the high growth quadrant.
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.
FMI Recognizes Significant Growth Potential in Developing Regional Markets for Customer Experience Platforms
North America continues to lead the pack globally in customer experience platforms landscape, whereas substantial growth opportunities lie in the South Eastern Asia and rest of Asia Pacific region.
A collective revenue share of over 28% from the eastern and western parts of Europe represent the significant position of European region in customer experience platforms ecology.
While customer centric approach of CX platform vendors is identified to be the key driver for North America’s market, ever-growing digitization is pushing the scenario in Asia Pacific, wherein spectacular growth opportunities are spotted in India and ASEAN countries.
A majority of key market players have strong presence across developing economies in Japan and MEA.
Maintaining the Customer Centric Approach Helps CX Platform Vendors Deliver Customer Satisfaction at an Improved Level
Vendors of customer experience platforms are focusing more on end user requirements, in addition to ever-evolving business requirements.
Fostering adoption of IoT and connected technologies is fueling adoption of customer experience platforms based on end user perceptions.
Centralization of customer data that has been collected from the various points of interaction is enabling vendors to develop a personalized approach to delivering top notch customer experience.
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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”.
With more than 40% share of the current market revenue, Tier 1 players are reportedly delivering best-in-industry offerings in wider portfolios, imparting significant regional coverage. Tier 2 companies on the other side include some of the highly important companies that hold the potential to transit to the Tier 1 category. Although Tier 3 players are relatively new entrants and hold limited presence at a global level, they reflect growth at a rapid pace.