Global Customer Analytics Market is valued approximately at USD 8.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 18.2% over the forecast period 2020-2026.
Customer analytics is a process in which data or information is collected from customer behavior to make business decision via predictive analytics and market segmentation. The data or information is beneficial for site selection, direct marketing and customer relationship management. Customer analytics helps organization to learn the benefits of cloud-based tools and elements like customer data source, data models, processing application, computing power, analytics model and data storage, which further helps them to improve decision making across operations.
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The need to understand customer buying behavior for a more personalized customer experience, rising competition between businesses and growing demand for improved customer satisfaction and advent of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations are the few factors responsible for growth of the market over the forecast period. Furthermore, the rising advancements and introduction of customer analytics by market key player will create a lucrative demand for this market.
For instance: as per Company’s news release in February 2019, Abbott launched innovative new virtual assistant to support and engage pan-India sales force and its name is Maya. Maya is a BOT with a personality developed by SmartBots AI, and powered by Amazon’s LeX technology, it uses a voice or chat interface to communicate with employees in simple natural language and provides them the assistance as per customer needs. However, data privacy laws and protection of customer data critical for customer analytics is the major factor restraining the growth of global Customer Analytics market during the forecast period.
The regional analysis of global Customer Analytics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising development of customer analytics solution to utilize customer data to stay competition in the market. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026.
Major market player included in this report are:
Google LLC
Adobe Inc.
SAP SE
Microsoft Corporation
Oracle
Salesforce
SAS Institute
Teradata
NICE
Manthan
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Component:
Solution
Services
By Deployment:
Cloud
On-Premise
By Organization Size:
Small and Medium-Sized Enterprises
Large Enterprises
By Application:
Brand Management
Campaign Management
Churn Management
Customer Behavioral Analysis
Product Management
Others
By Data Source:
Web
Social Media
Smartphone
Email
Store
Call Center
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
Other Industry Verticals
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Customer Analytics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Aim of the Report
- This study aims to determine the market size of various segments and countries with forecast values for next ten years.
- Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
- It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
- The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
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