89% of Enterprises Seek to Redefine Customer Experience Using Digital Technologies—Everest Group

Everest Group reports that 89% of enterprises are adopting digital technologies to redefine their customer experience (CX) strategy. The CX services market is expected to expand at a compound annual growth rate (CAGR) of 20-22% through 2025.

Although the current focus remains on CX, employee experience (EX) is taking center stage, driven by the pandemic and evolving expectations of millennials and Gen-Z. As enterprises grapple with post-pandemic business models, addressing employee experience to solve for productivity in a remote work-first world will be crucial. Everest Group projects that EX will experience an even higher CAGR (28-30%) through 2025.

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“Although the current focus remains on CX, employee experience (EX) is taking center stage, driven by the pandemic and evolving expectations of millennials and Gen-Z.”

In fact, enterprises are increasingly focusing on delivering enhanced experience to all of their stakeholders—including customers, employees, partners and society. Everest Group projects the overall Digital Interactive Experiences (IX) Services market to grow CAGR of up to 22% through 2025, reaching US$94 to $96 billion.

New-age technologies are playing a significant role in accentuating and transforming stakeholder experience. Among the technologies enterprises are actively using today are augmented reality (AR), virtual reality (VR) and mixed reality (MR), advanced machine learning (ML), connected things, conversational systems, and wearables.

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These findings and more are discussed in Everest Group’s newly published research, “Digital Interactive Experience (IX) Services State of the Market Report 2021 – Moving from Persuasive to Purpose Driven Experiences.” The report explores the trends governing the interactive experience design market, examines the impact of the pandemic on experience design, and presents a framework for the future of experience design.

“The pandemic has had a profound impact on the way enterprises think about and deliver experiences to their stakeholders,” said Nitish Mittal, vice president at Everest Group. “At-home experiences are extremely important now, with consumers demanding digital channels and employees having special needs for working from home. It’s amazing how quickly enterprises have shifted to touchless experiences, as exemplified by the increased adoption of ‘Buy Online, Pick Up In Store,’ curbside collection, telehealth, touchless payments, self-service kiosks and more. The pandemic has also brought about new expectations placed on brands, forcing companies to focus on social responsibilities and values in order to resonate with consumers and the general public. Going forward, enterprises will have to continually evolve their offerings and messaging to design sustainable, responsible, and inclusive experiences for all their stakeholders.”