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Customer Analytics Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033|Alphabet Inc., IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, Salesforce.Com Inc.
Customer Analytics
The Business Research Company offers in-depth market insights through Customer Analytics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The customer analytics market size has grown rapidly in recent years. It will grow from $10.25 billion in 2023 to $12.14 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to data explosion from multiple channels, shift towards personalization, importance of customer retention, emergence of social media influence, focus on customer journey mapping.
The customer analytics market size is expected to see rapid growth in the next few years. It will grow to $23.89 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to real-time analytics for immediate action, ethical use of customer data, cross-channel integration, hyper-personalization and individualization, and voice of the customer (VOC) analytics. Major trends in the forecast period include collaborative customer analytics platforms, rise of e-commerce and digital channels, predictive analytics for personalization, integration of artificial intelligence (AI) and machine learning (ML), real-time customer analytics.
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Market Segmentation:
The customer analytics market covered in this report is segmented -
1) By Solution: Social Media Analytical Tools, Dashboard, Extract Transform Load or Data Management, Web Analytical Tool, Reporting, Voice of Customer (VOC), Analytical Tools
2) By Organization Size: Large Enterprises, Small and Medium-Sized Enterprises (SMEs)
3) By Deployment Mode: On-Premises, Cloud
4) By Application: Brand Management, Campaign Management, Churn Management, Customer Behavioral Analysis, Product Management, Other Applications
5) By End-User: BFSI, Wholesale and Retail, Telecommunication and IT, Utilities, Healthcare, Travel and Hospitality, Others End Users
Major Driver - Enhanced Customer Satisfaction Propels Growth In Customer Analytics Market
The rising demand for improved customer satisfaction is significantly contributing to the growth of the customer analytics market. The demand for improved customer satisfaction is rising due to the need to retain customers, gain a competitive advantage, enhance customer loyalty, boost brand reputation, and overall business growth. This need for improved customer satisfaction will lead to significant demand for customer analytics as it assists in identifying activities that result in pleased or unsatisfied customers by analyzing customer behavioral data. Companies undertaking customer analytics may identify tendencies creating unhappiness and execute strategies to retain current customers. For instance, the January 2022 UK Customer Satisfaction Index (UKCSI) increased by 1.6 points from the previous year, which is now 78.4 (out of 100). There has been a massive increase in individuals willing to pay more for better service - up 8.1% points since the COVID-19 pandemic began. This signifies that the need for improved customer satisfaction is growing, and it is a priority for organizations. Therefore, the rising demand for improved customer satisfaction will drive the customer analytics market growth.
Competitive Landscape:
Major companies operating in the customer analytics market report are Alphabet Inc., IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, Salesforce.Com Inc., Clarity Insight, Adobe Systems Inc., Bloomberg Inc., Pitney Bowes Inc., SAS Institute Inc., NICE Systems Ltd., NGData NV, Teradata Corp., Snowflake Inc., Infogain Corporation, Aledade Inc., Neustar Inc., Databricks Inc., Amplitude Inc., ContentSquare, Segment.io Inc., Mixpanel, Customer Analytics LLC, Amperity Inc., Perfios Pvt. Ltd., Featurespace Ltd., Manthan System, Charles River Analytics Inc., Calibremind
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Top Trend - Revolutionizing Customer Analytics With Integration Of AI For Enhanced Customer Service Transformation
Major companies operating in the customer analytics market are adopting advanced technologies like integration of AI in customer analytics to sustain their position. The integration of AI in customer analytics empowers businesses with advanced capabilities, enabling them to better understand, engage, and meet the evolving needs of their customers. For instance, in February 2023, Bharti Airtel, an India-based multinational telecommunications services company, deploys AI-powered speech analytics solutions for customer service transformation in collaboration with NVIDIA a US-based multinational technology company. With the help of Triton Inference Server and NVIDIA's NeMo conversational AI framework, the system can automatically recognize speech on 84% of incoming calls made by Airtel to its contact centers. By identifying opportunities for improvement in agent-customer interactions, this cutting-edge technology helps Airtel, which serves over 360 million customers, improve their entire customer experience.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Customer Analytics Market Characteristics
3. Customer Analytics Market Trends And Strategies
4. Customer Analytics Market - Macro Economic Scenario
5. Customer Analytics Market Size And Growth
…..
27. Customer Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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