Beancounters at IDC think there are strong prospects for the CX market in Europe, with the analyst house predicting a seven percent CAGR up to 2022.
When 2022 arrives, the market will be worth $128 billion globally.
The analyst outfit said that European verticals spending most on CX this year would be banking, retail and some parts of manufacturing. In the next couple of years, there will be a change in that order with retailers spending more on the technology.
The main drivers of CX spending improving customer care and support, help with digital marketing and order fulfilment. In the longer-term, there will be a growth in omnichannel content with the technology making it easier to make sure that whichever way a business interacts with the customer is kept at the same standard.
Things are not standing still with the analyst house noting that the continued roll-out of AI and ARVR will create more opportunities for customer interaction and the development of further features and services.
Andrea Minonne, senior research analyst, IDC Customer Insight & Analysis in Europe said: “Businesses are moving from traditional ways of reaching out to customers and are embracing more digitised and personalised approaches to delivering empathy where the focus is on constantly learning from customers. As a customer-facing industry, retail spend on CX is moving fast as retailers have fully understood how important it is to embed CX in their business strategy,” he added.
