CX Today’s State of CX 2024 report is live and causing a stir.
In speaking to some of the most renowned names in the CX tech space, the publication’s latest research uncovered a number of illuminating statistics on the challenges and opportunities in the sector.
While a statistic might not be able to emulate a picture in its ability to paint a thousand words, it can still be highly useful in outlining the trends and patterns prevalent within a piece of research.
Mark Twain may have lambasted stats in his infamous “lies, damned lies, and statistics” remark, but we here at CX Today would politely disagree with Mr Twain – particularly when the stats in this report are taken from such a deep and diverse selection of global CX professionals and leaders.
So, without further ado, let’s take a look at the three defining statistics from The State of CX 2024: Insights from the Customer Experience Technology Sector.
Download your full complimentary copy of the research today.
61 Percent of Vendors, Agents, & Resellers Are More Confident Than 12 Months Ago
One of the most illuminating statistics unearthed from the report was the drastic increase in business confidence in the last year.
Of those professionals surveyed, 61 percent stated that they were ‘more confident’ than they had been 12 months ago, with 33 percent reporting that they were ‘about the same’, and just three percent feeling ‘less confident’.
Like any bout of confidence, it can always be tracked back to a source.
Whether it’s an athlete having pulled off a miraculous game-winning feat the week before, or a student receiving praise and reassurance from a considerate teacher, confidence rarely comes from nowhere – and it’s no different in the CX tech space.
Undoubtedly, a strong contributor to the respondents’ confidence boost is the significant revenue growth experienced in the past 12 months.
Indeed, when asked about revenue changes over the past year, only three percent reported a decrease, while 87 percent saw increases, including 17 percent who experienced growth of over 50%.
They’re Investing in Sales and R&D to Seize the Day
Discovering where companies are planning to invest is always a helpful way of discerning which direction the industry is heading.
The report revealed two overwhelmingly popular areas of investment, with over 80 percent of respondents listing either sales (42 percent) or R&D (39 percent).
The emphasis on these two departments reflects a proactive strategy for driving revenue and fostering innovation.
Prioritizing sales helps expand market reach and boost customer acquisition, fueling growth, while strong R&D investment underscores the importance of innovation in developing new CX technologies to stay competitive and meet customer needs.
As seen in the above graphic, none of the other areas mentioned received any significant backing, suggesting a combination of focusing on different priorities and contentedness with existing infrastructure.
But… Economic Headwinds Are a Thorn in the Side
In something of a surprise, when you consider the business confidence and strong revenue discussed earlier, economic headwinds were outlined by 78 percent of respondents when questioned on what they consider to be their biggest challenge in the next 12 months.
This statistic highlights how the instability of broader economic and political conditions is impacting the CX tech sector.
Uncertainty can reduce customer spending and investment in new technologies, making it essential for organizations to show clear value and return on investment (ROI).
Don’t forget that these are just a selection of some of the statistics and insights available in the report. You can read the full copy for free by following this link.