Market Forecast Report on Customer Experience Management (CEM) In Telecommunication
CEM can be defined as a management technique that acquires relevant information about the customer, through different types of interactions. This acquired data is useful for improving the customer’s experience in the future. Customer’s experience develops over a period of time, influenced by the services offered to them. When a customer is ready to purchase more than one service, it becomes essential for the company to generate a complete profile of its customers. Having the clear understanding of customers’ experiences, will help telecom providers to offer improved services that meet an individual’s needs. Many companies are coming up with interactive ways to better understand their customer’s experience. This transformation is helping the telecommunication industry grow tremendously. The major drawback here is investing time and money to cater to every individual customer’s requirements. Developing a virtual agent to tackle the issues generated by the customer, also calls for large investments for developing and training. Even after putting in a huge amount of money, the customer might not be satisfied with the response.
Customer Experience Management (CEM) in Telecommunication Market: Drivers
Customers are becoming more aware about the services offered to them, and are equally keen in helping companies to offer better services. Many companies are realizing the importance their customers’ experience hold, and are using this to improve the standards of the products they offer. This is driving the growth of the market. However, the cost involved in the digitization of the customer experience management is impeding the growth of the market.
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Customer Experience Management (CEM) in Telecommunication Market: Segmentation
The segmentation of customer experience management can be done on the basis of types of interaction, verticals, organization, application market and region. The types of interaction could be classified into human to human interaction, and machine to human interaction. Human to human interaction could be further sub segmented on the basis of medium of communication, i.e., in the branch or store, on call, on web chat, on social media, and e-mail. Machine to human interaction can be sub segmented on the basis of medium of communication into, on call, on web chat, on social media, and through interactive applications. On the basis of verticals, it is segmented into telecommunication service providers and companies manufacturing telecommunication devices.
Customer Experience Management (CEM) in Telecommunication Market: Regional Outlook
The customer experience management market is expect to grow vastly in the coming years. North America and Europe are the expected upcoming leaders in this market, owing to the fact that their telecommunication industry has long been investing in customer interaction. Whereas, Latin America, Asia Pacific and Middle East and Africa are expected to see a moderate growth in their market.
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Customer Experience Management (CEM) in Telecommunication: Competition Landscape
Some of the key players in the market are, Adobe Systems Inc., Tech Mahindra, SAP SE, Medallia, IBM, Oracle Corporation, Verint Systems, Amdocs Inc., Hewlett-Packard Development Company, Huawei Technologies Co., Ltd, Ericsson, Cisco Systems Inc. and Clarabridge. Recently, McorpCX, Inc., a customer experience software and consulting leader, acquired a leading company in customer experience management called, PersonaDrive, Inc. Companies grow their market by following business strategies like acquisition, partnerships and others.