Customer Experience: business investment grows by 7% in Europe

Written by Zoé Baillieux on Jul 23, 2019 2:56:27 PM

In Europe, spending on customer experience solutions (CX) is expected to reach $ 128 billion by 2022, according to IDC.

In Europe, spending on customer experience solutions (CX) is driven by business digitization and strong retail demand, IDC reported on a half-yearly basis.

According to the research firm, these expenditures are expected to exceed $100 billion in 2019 and reach $ 128 billion by 2022. The average annual growth of the market would be 7% over the period.

On the sector side, banking, retail, and discrete manufacturing are the biggest investments in customer experience management. These sectors should together account for 33% of European spending in this area this year.

In addition, retail would post the strongest growth in CX investments by 2022.

Conversational Agent and Customer Journey

In Europe, companies are investing primarily in customer service scanning, marketing, and support automation solutions. Not to mention omnichannel content design to deliver an integrated experience on different media (websites, physical stores, social networks, emails, calling ...).

According to IDC, this is "building organizational capacity around the customer experience, leveraging investment in content design. But also reducing the cost of support for new channels [sales] and ensure the consistency of the brand.

Artificial intelligence (AI), the Internet of Things (IoT) and augmented reality and virtual reality (AR / VR) devices are driving investment in customer experience solutions, IDC added.

According to another research company (Gartner), by 2020, 25% of customer and support services worldwide will use virtual assistants or chatbots. The 24/7 support of the user and the reduction of costs are considered as the main assets of these tools.

Good news for suppliers in the CRM and CX markets. Salesforce, SAP, Oracle, Adobe and Microsoft lead.

Article taken from Silicon Newsletter, written by Ariane Beky

Topics: customer experience

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