May 28, 2020
According to a recent study titled ‘Global Customer Analytics Market Size study, by Component (Solution and Services), Deployment Mode (Cloud and On-Premises), by Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), by Application (Brand Management, Campaign Management, Churn Management, Customer Behavioral Analysis, Product Management and Others), by Data Source (Web, Social Media, Smartphone, Email, Store, Call Center and Other Data Sources), by Industry Vertical (Banking, Financial Services, And Insurance, Retail And Ecommerce, Telecommunications And Information Technology, Energy And Utilities, Manufacturing, Transportation And Logistics, Government And Defense, Healthcare And Life Sciences, Media And Entertainment, Travel and Hospitality And Other Industry Verticals) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global customer analytics market was worth USD 8.9 billion in 2019 and is projected to record a y-o-y growth rate of over 18.2% CAGR during the forecast years.
Growing need to understand customer buying behavior for a more personalized customer experience, increasing competition between businesses, enhancing customer satisfaction are propelling the demand for customer analytics. Moreover, growing adoption of Artificial Intelligence (AI), Machine Learning (ML), and automation technologies to streamline marketing operations is further elevating global customer analytics market size.
Customer analytics is a process which is mainly used to make business decisions based on the data or information through predictive analytics and market segmentation. The data acquired from customer’s behavior pattern is beneficial for direct marketing, customer relationship building, and site selection.
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Customer analytics services offer enterprises with a multitude of cloud-based tools and elements like data models, customer data source, processing application, analytics model, computing power, and data storage to improves decision making across various operations, thereby encouraging the product demand.
Citing an instance, in February 2019, the virtual assistant BOT- Maya was launched by Abbott to support the pan-India sales force, it is capable of using simple natural language in a chat or voice interface to communicate with employees and provide them assistance specific to customer needs. Such innovations will present new growth opportunities in the coming years. On the contrary, stringent data privacy laws and concerns regarding protection of customer data critical for customer analytics will hinder the market growth over the forecast period.
As per the regional analysis, the market is split into North America, Europe, Asia Pacific, Latin America and Rest of the World. North America customer analytics market is expected to see substantial growth over the projected timeline, owing to continuous development of customer analytics solutions and high adoption rate of these solutions by enterprises in the region to stay competitive in the industry.
Prominent industry players include Adobe Inc., Google LLC, SAP SE, Oracle, Microsoft Corporation, Salesforce, Teradata, SAS Institute, Manthan, and NICE.