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Customer Analytics Market Size, Trends, Share, Growth Analysis 2024-2033
Customer Analytics Market
As per the report, 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 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%.
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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.
Strategic Partnerships Drive Enhanced Customer Analytics Solutions
The strategic partnership is a key trend in the customer analytics market. Key companies enter strategic partnerships to enhance customer analytics solutions by leveraging each other's expertise, technology, and resources for improving the overall customer experience. These partnerships also help companies to strengthen their market position. For instance, in May 2022, ADA, Malaysia-based analytics, data, and artificial intelligence (AI) company, and Treasure Data, a US-based global customer data platform (CDP) company announced a strategic collaboration. The strategic alliance seeks to offer end-to-end enterprise customer-centric solutions to 10 South and Southeast Asian markets, including South Korea. This collaboration will assist organizations in improving and personalizing the customer journey while communicating effectively and managing data gaps. This will be enabled by combining Treasure Data's smart CDP capabilities and ADA's analytics, data, and AI solutions with consumer models. It will use a CDP with a single customer view, supporting the design and unifying data, activating platforms from media to mobile to web to CRO (conversion rate optimization), and providing full technical support.
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
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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
Contents of the report:
1. Executive Summary
2. Customer Analytics Market Report Structure
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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