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Understanding the customer is key to any successful business today. And while businesses can’t be expected to read minds, they can take advantage of customer experience management (CEM) solutions to help paint a clear picture of their customers’ needs, opinions and expectations. CEM is a type of customer service software that pulls from a variety of technologies to collect and analyze customer feedback, and finds ways to improve the overall customer experience through different touch points.

As it stands, companies today employ a wide range of tools, and therefore generate a lot of customer-relevant data from sources like company websites, mobile applications, and social media. Consequently, the value of CEM solutions—which gather all this data in one place and turn it into actionable insights—is becoming more apparent to businesses across just about every vertical.  The CEM market is seeing widespread adoption, and that rate of adoption is on the rise.

A research report by MarketsandMarkets, titled “Customer Experience Management Market (VOC Analytics, Feedback Management, Web Analytics, Text Analytics, Speech Analytics) – Advanced Technologies, Touch Points, Adoption Trends, Market Size & Forecasts (2014 – 2019),” examined the CEM market and found that it is growing at a compound annual growth rate (CAGR) of 17.3 percent. At that rate, the CEM market will reach $8.39 billion by 2019.

In addition to its study of simple CEM in the market, the report also honed in on customer relationship management (CRM), social customer relationship management (SCRM), social customer experience management (SCEM), and telco customer experience management (telco CEM). According to the report, the growing popularity of CEM and related services is due to the fact that CEM “enables companies to serve customers efficiently, thereby creating retention, reducing churn, and improving competitive abilities.”

While CEM solutions are applicable to most industry verticals, the report predicts that the communication service provider vertical will account for the most significant market share between 2014 and 2019. CEM adoption by small- to medium-sized businesses (SMBs) is expected to account for the fastest overall growth during that same period.