IMARC Group, a leading market research company, has recently releases report titled “SQM and CEM Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the SQM and CEM market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the SQM and CEM Market?

The global SQM and CEM market size reached US$ 4.42 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.28 Billion by 2028, exhibiting a growth rate (CAGR) of 8.6% during 2023-2028. 

What is SQM and CEM?

Service Quality Management (SQM) and Customer Experience Management (CEM) are integral frameworks that businesses deploy to ensure optimal service delivery and enhance customer satisfaction. SQM focuses on the processes, metrics, and methodologies that measure and manage the quality of services offered. CEM, on the other hand, takes a holistic approach, encompassing every interaction between a customer and a business to provide a comprehensive view of the customer journey. Both frameworks leverage data analytics, real-time monitoring, and advanced software tools to analyze performance and guide improvements.

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What are the growth prospects and trends in the SQM and CEM industry?

The rising consumer expectations for quick, seamless, and personalized services are driving the market growth for SQM and CEM solutions. Technological advancements in data analytics, artificial intelligence (AI), and machine learning (ML) enable these frameworks to offer predictive insights, allowing for proactive measures that enhance customer satisfaction and operational efficiency.

These advancements significantly contribute to market growth. Another catalyst for growth is the growing need for businesses to differentiate themselves in competitive markets, which can be effectively achieved through superior service quality and customer experience. Additionally, the focus on cost reduction and resource optimization further propels the market growth. SQM and CEM technologies allow businesses to identify inefficiencies and bottlenecks in their service delivery and customer interactions, enabling corrective actions that can save time and resources.

The ability to monitor performance metrics in real-time ensures timely interventions, thereby reducing errors and improving overall service quality. Alongside these factors, the ease of procurement through digital platforms specializing in business technologies simplifies the adoption process for SQM and CEM solutions. This not only makes it more accessible for businesses but also fosters competition among providers, driving innovation and market growth. Regulatory initiatives focusing on data protection and customer rights also promote the responsible and effective use of these technologies, thereby further supporting the market growth across the globe.

Who are the key players operating in the industry?

The report covers the major market players including: 

• Adobe Inc.
• Amdocs
• eGain Corporation
• Medallia Inc.
• Microsoft Corporation

What is included in market segmentation?

The report has segmented the market into the following categories:

Type Insights:

• Enterprise Feedback Management
• Web Analytics
• Text Analytics
• Speech Analytics

Application Insights:

• Small and Medium Businesses
• Larger Enterprises

Regional Insights:

• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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