Technology Services in the Customer Experience Space

Goals

To better support a client that provides a suite of services to a wide
variety of B2C companies to improve their customer experience (CX), it is necessary to better understand the customer experience space. Specifically, information is needed on the leading players, their services and presentation; the needs of the client organizations; the industries that are investing the most and performing the best or worst in the space; and industry predictions for 2020 and beyond.

Early Findings

Industry Analysis

  • Technologies allowing businesses to be successful in implementing their customer experience strategic initiatives are the so called innovation accelerator technologies such as artificial intelligence and data analytics.
  • There a total of 16 use cases over which customer spending is distributed in the customer experience space. The top 5 use cases are AI driven engagement that will see a spending growth of 10.5% from 2017-2022, interaction management with a spending growth of 10.3%, ubiqutous commerce with a spending growth of 10.1%, omnichannel content with a spending growth of 9.9%, digital asset management with a spending growth of 9.8%.
  • The retail industry will be the largest spender on CX technologies. They will spend on digital marketing, AI-driven engagement, and order fulfillment.
  • Discrete manufacturing and banking will respectively have the second and third largest spend and customer care and support will be the use case they primarily invest in.
  • Retail and healthcare are expected to have the fastest spending growth in CX between 2017 and 2022 (13.1% and 11.5% respectively).
  • Per region the industries that lead in spending differ. The US is expected to lead in spending on CX and the main industries spending here are retail and discrete manufacturing. Western Europe follows where banking and retail are the top industries. China is the third where healthcare and retail will spend the most on CX.
  • Services is expected to be the largest area of CX spending (this will predominantly be divided between business services and IT services), followed by software (CRM applications and content applications) and hardware (infrastructure and devices).
  • In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.

Summary of Findings

  • During the initial hour of research an article was found which described which industries are investing the most in technology in the CX space and what the predictions are for the industry beyond 2020.
  • It was not possible to research the other areas mentioned.
  • The article mentions that there are sixteen use cases in the customer experience space, therefore, instead of focusing the complete CX industries, it is suggested the focus be on the top players for the different use cases.

Proposed next steps:

You need to be the project owner to select a next step.