- By Keith Kirkpatrick
- November 15, 2021
Customer experience (CX) and customer engagement (CE) initiatives continue to be a major priority for organizations around the world, especially in light of the significant changes and disruptions to customer relationships that emerged as a result of the COVID-19 pandemic. According to a new report from Dash Research, this level of focus is leading to brisk growth in the market for CX/CE technology platforms.
“While CX improvements are largely driven by organizational change management, software is increasingly being used to support these initiatives by managing and making available the plethora of customer data that is captured and aggregated from a variety of sources,” says principal analyst Keith Kirkpatrick. He adds that some of the key drivers of market growth include pandemic-related shutdowns and reopening, increased focus on omnichannel customer interaction capabilities, the rise of customer centricity, and the elimination of functional silos within organizations.
Dash Research forecasts that global CX/CE revenue will increase from $63.6 billion in 2021 to $100.3 billion by 2026. The market size experienced a 13.5% decline between 2019 and 2020 due to economic effects of the COVID-19 pandemic, but spending has recovered in 2021 and is projected to reach 2019 levels again by the end of 2022.
The market intelligence firm forecasts that the top 5 industries in terms of CX/CE spending between 2021 and 2026 will be as follows:
- Financial Services & Insurance
- Government/Public Sector
Dash Research’s report, “CX Market Forecasts”, includes a detailed market sizing and forecast model that focuses on the business-to-business (B2B) and business-to-consumer (B2C) software and services opportunity related to CX and CE. The forecast is split into a variety of segments, based on the world region in which the solution is used, the offering itself, functional area, and industry. The impact of the COVID-19 pandemic, the market drivers and barriers, and insights into four industries that are driving the market spending are discussed in the report, along with recommendations for both end users and vendors. An Executive Summary of the report is available for free download on the firm’s website.
About Dash Research
Dash Research, the market intelligence arm of Dash Network, provides in-depth research and insights on the worldwide CX market including a comprehensive assessment of technology solutions, business issues, market drivers, and end-user dynamics across industry sectors. Dash Research’s global market coverage combines qualitative and quantitative research methodologies to provide a complete view of emerging business opportunities surrounding contact center technologies, customer data & analytics, customer data platforms, customer insights & feedback, customer relationship management, personalization & optimization, and employee experience. For more information, visit www.dashresearch.com or call +1.720.603.1700.
Patient Experience Management and Patient Engagement: Best Practices, Key Market Trends, Case Studies, and Market Forecasts
Customer Data & Analytics, Customer Relationship Management, Contact Center, Personalization & Optimization, Customer Data Platforms, Customer Insights & Feedback, and Employee Experience
Market Drivers and Barriers, Key Industry Players, Market Sizing and Forecasts, and Case Studies
- By Alex Gaw September 20, 2022
Pegasystems Deploys Financial Services Software at First Federal Credit Union Pegasystems, the provider of a low-code software platform headquartered in Cambridge, Massachusetts, is reporting success in the deployment of its artificial…Read More
- By Sherril Hanson September 19, 2022
The massive shifts caused by the Covid-19 pandemic have been deeply felt across all industries and at every department level within B2C and B2B companies. The effect on the global workforce has been profound, with companies around the world…Read More
- By Keith Kirkpatrick September 19, 2022
Customer data platforms (CDPs) are software applications that are designed to consolidate and manage customer data across all touchpoints to provide a unified view of the customer and their entire journey. They are designed to help organizations…Read More
- By Keith Kirkpatrick September 19, 2022
Capturing customer feedback through surveys can be extremely useful, particularly when detailed information is provided immediately after an interaction has taken place. But many insights and details about a product, service or brand may not…Read More
Dash Network’s inaugural edition of the CX Technology Guide is an invaluable free resource for Customer Experience practitioners and professionals exploring the CX technology landscape. The primary objective of the guide is to demystify CX…Read More
An animated video showcasing Dash Network’s vision and mission, as an integrated B2B research, events, and digital news media platform focused on the best business practices and technology solutions for the global Customer Experience market.Read More
This case study showcases how Amdocs leverages Alchemer for its global Voice of the Customer program. Benefits include increased response rate and engagement, and savings on Total Cost of Ownership. Download the case study below to learn more….Read More
This case study showcases how healthcare providers can increase communication and understanding between leaders and employees, and improve overall employee engagement with the DaysToHappy platform. Download the case study below to learn more….Read More