New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Customer Analytics Global Market Report 2023" - https://www.reportlinker.com/p06319490/?utm_source=GNW
, Actuate Software Corporation, Angoss Software Corporation, Fair Isaac Corporation, Manthan Systems, and Mixpanel.
The global customer analytics market grew from $8.88 billion in 2022 to $10.57 billion in 2023 at a compound annual growth rate (CAGR) of 19.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The customer analytics market is expected to grow to $21.07 billion in 2027 at a CAGR of 18.8%.
The customer analytics market includes revenues earned by entities providing predictive analytics services, data visualization, information management, and segmentation, used in customer analytics for direct marketing, site selection, and customer relationship management.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The customer analytics refer to the tools and processes that firms employ to derive customer insights and make business choices by analyzing customer behaviour data. It is used to improve customer conversion, engagement, and retention.
North America was the largest region in the customer analytics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the customer analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main solutions in customer analytics include social media analytical tools, dashboard, extract transform load or data management, web analytical tool, reporting, voice of customer (VOC), and analytical tools.Social media analytical tools refer to a tool that tracks, evaluates, and subsequently improves the performance of social media.
It comprises of graphical dashboard and data visualization techniques that provide the users a clear knowledge of the performance of their social media presence.These solutions are used by enterprises such as large enterprises, small and medium-sized enterprises (SMEs) and are deployed on-premises and cloud.
They are applied on brand management, campaign management, churn management, customer behavioral analysis, product management, and others. These solutions are used by industries ranging from BFSI, wholesale and retail, telecommunication and IT, utilities, healthcare, travel and hospitality, and others.
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 growth of the customer analytics market.
The strategic partnership is a key trend in the customer analytics market.Key companies enter into 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.
In February 2020, Salesforce, an American cloud-based software company that provides complete cloud solutions to its customers to enhance their personalization and CDP platforms acquired Evergage for an undisclosed amount.The acquisition helps Salesforce fill gaps in marketing cloud offerings and adds a real-time focus on the web and applications.
Evergage is an American cloud-based software company that allows its users to collect, analyze and respond to user behavior on websites.
The countries covered in the customer analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The customer analytics market research report is one of a series of new reports that provides customer analytics market statistics, including Customer analytics industry global market size, regional shares, competitors with a customer analytics market share, detailed customer analytics market segments, market trends and opportunities, and any further data you may need to thrive in the customer analytics industry. This customer analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06319490/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
