Global CX and CE Software Revenue Will Recover to 2019 Levels in 2022, With a Substantial Growth Trajectory in the Years to Follow
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.
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“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:
- Telecommunications
- Healthcare
- Financial Services & Insurance
- Retail
- 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.
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