Technology

CX market to surpass $100B global revenue by 2026

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November 24, 2021

The customer experience and customer engagement market is projected to surpass $100 billion in annual worldwide revenue by 2026, and global CX software revenue will return to 2019 levels by next year.

Those are top findings of a Dash Research report regarding the marketplaces.

"While CX improvements are largely driven by organizational change management, software is increasingly being used to support these initiatives by managing and making available the plethora of customer data that is captured and aggregated from a variety of sources," principal analyst Keith Kirkpatrick said in a press release on the research findings.

Key market drivers include pandemic-related shutdowns and reopening, increased focus on omnichannel customer interaction capabilities, the rise of customer centricity and the elimination of functional silos within organizations.

Dash Research forecasted global CX/CE revenue will increase from $63.6 billion in 2021 to $100.3 billion by 2026.

The market size experienced a 13.5% decline between 2019 and 2020 due to economic effects of the COVID-19 pandemic, but spending has recovered in 2021 and is projected to reach 2019 levels again by the end of 2022.

Retail is one of the top five industries in terms of CX/CE spending between 2021 and 2026, according to the report.