- By Sherril Hanson
- January 27, 2022
The customer experience (CX) market ecosystem is a broad web of solutions and technologies aimed at smoothing out a customer’s journey from start to finish and providing a personalized and engaging experience. On the technology provider side, these solutions aim to increase loyalty and satisfaction, optimize revenue, and allow for better targeting and retention. According to a new report from Dash Research, this market landscape has been developing at a rapid pace for more than a decade, however recent shifts in industry priorities and business models are now creating a period of significant change as mergers & acquisitions, investment activity, and new business formation reshape the constellation of market participants.
Dash Research’s analysis indicates that COVID-19 in particular has resulted in an abrupt, but sustained move to digital, causing a large increase in the digital customer data stream and a greater focus on housing, analyzing, and interpreting this data. In addition, customers have grown to accept and even look for increased personalization during their customer journey touchpoints, allowing this deluge of data to be leveraged by companies aiming for deeper relationships and more engagement.
“The CX market itself encompasses large players, such as Oracle or Adobe, as well as smaller companies carving out a niche in areas like personalization or customer feedback,” says senior analyst Sherril Hanson. “There are pure play companies included in the ecosystem, but many companies span multiple market segments both within and outside of CX.”
Hanson adds that even established market participants are in the midst of significant change. For instance, contact centers have needed to pivot their technology and workflows to account for increased omnichannel usage and remote agents. And tied to these new demands is a greater focus on employee experience (EX), as support employees and others in the labor force have needed to respond to fast-changing models. Driven by these changes and other emerging trends, Dash Research anticipates that continued consolidation, repositioning, and investment will all continue to make the CX market a rapidly evolving ecosystem for at least the next few years.
Dash Research’s report, “CX Market Ecosystem”, outlines six segments in the CX ecosystem: customer data & analytics, personalization & optimization, customer insights & feedback, contact center, customer relationship management (CRM), and employee experience (EX). The report provides an overview of the market in general and includes a brief discussion of industry trends in each segment. Dash Research has included profiles on 150 companies in the CX space. There is an additional list of 100 other industry participants included in the report, as well as an Excel-based summary of key facts and figures for the companies. 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.
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