IT & Networking major, Cisco has announced plans to acquire Customer Experience Management company, CloudCherry for an undisclosed amount

United States: Cisco System Inc. voiced intentions to acquire CloudCherry, a customer experience management (CEM) company offering predictive analysis, journey mapping and integrations. Predictive analysis is gaining traction as it assist call centers in making real time modifications such as service modifications, discounts, among others. With the acquisition of CloudCherry, both companies will change their call centers from isolated customer interactions to predictive support. The acquisition is anticipated to be closed in the first quarter of 2020 and the team of CloudCherry will join Cisco’s contact center solution business.

Technologically advanced contact centers made with the collaboration will use artificial intelligence and machine learning for making optimum utilization of information. CloudCherry is known for using real time data extracted from track records and transactions for improving customer satisfaction and loyalty.  

VP of Cisco stated that, “The company is thrilled to add CloudCherry's market leading customer experience management technology to their collaboration portfolio. The company considers this as the next step in realizing vision for cognitive collaboration in the contact center, enabling the delivery of the best, most personalized customer experiences.”

According to TechSci Research, acquisitions have always been among Cisco’s key growth strategies. The buyout of CloudCherry has been a key catalyst. The company’s sustained focus on expanding its business through strategic acquisitions and investments in technology will drive growth in the long run. Cisco collaboration customers already include approximately 95% of Fortune 500 and the company plans to augment its contact center portfolio with rich customer experience, sophisticated survey capabilities and advanced analytics for improved experience.

According to the report published by TechSci Research, “Global Customer Experience Management Market, By Type (Enterprise Feedback Management and Others), By Touch Point (Company Website, Branch/Store, Web and Others), By End User (IT Communication Service Provider, BFSI, Healthcare and Others), By Region, By Company, Competition, Forecast & Opportunities, 2024”, the global customer experience management market is expected to grow at a CAGR of over 25% on account of technological advancements in cloud & big data analytics to design, manage and need to improve end-to-end consumer experience process. Notably, the market is segmented into Asia-Pacific, North America, South America, Middle East & Africa and Europe. North America is expected to continue its dominance as the leading region in the global customer experience management market, owing to increasing popularity of application of tools that are employed for analyzing customer feedback and growth of communication media.

According to another TechSci Research report, “Saudi Arabia CRM Software Market Forecast and Opportunities, 2020”, Saudi Arabia CRM software market is exhibiting significant growth. CRM software is used for various applications like customer service, marketing, and sales, to help businesses manage customer data. To enhance customer experience, enterprises are coming up with solutions such as middleware and management solutions. Organizations are also migrating towards the use of CRM for marketing, and over the next five years, more companies are expected to realize the potential of social marketing. With increasing investment in SMEs, the demand for enterprise software in the country is expected to grow. Other drivers for the market include increasing need for real-time customer engagement and rising use of social media platforms. CRM software is being deployed across various sectors such as government, banking, and IT & telecom, among others. CRM software market in Saudi Arabia is projected to surpass USD146 million by 2020. CRM offers advantages such as providing the best customer experience, along with convenience in accessing information and documents as and when required.