A New Study Title “Customer Analytics Market Size, Status And Forecast 2027” Has Been Featured On Market Research Future.
The global customer analytics market will touch USD 7.3 billion at a 15% CAGR by 2027, states the latest Market Research Future (MRFR) report.
Advent of Technologies to Boost Market
The advent of technologies like business process automation, machine learning (ML), and artificial intelligence (AI) for streamlining marketing operations will boost market growth over the forecast.
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Growing Need for Personalized Customer Service to offer Robust Opportunities
The growing need for personalized customer service will offer robust opportunities for the market over the forecast period. Customers expect in being considered as people with unique interests that has shifted the emphasis to personalized brand experiences.
Restraints and Challenges
Privacy Concern and Data Security to act as Market Restraint
The privacy concern and data security may act as market restraint over the forecast period.
The COVID-19 outbreak has adversely impacted the global customer analytics market. This is majorly attributed to the government imposed lockdown to stop the spread of the life-threatening virus. The lockdown has resulted to rapid decline in industrial and business operations including the retail business. Several patterns, however, in customer behavior has been witnessed at the time of the lockdown that can aid the leading companies to improve their products.
The global customer analytics market is bifurcated into service, solution, organization size, and vertical.
By service, the customer analytics market is segmented into professional services and maintenance & support services.
By solution, the customer analytics market is segmented Social Media Analytical Tools, Dashboard, Exact Transform Load or Data Management, Web Analytical Tool, Reporting, Voice of Customer (VOC), and Analytical Tools.
By organization size, the medium and small enterprises will lead the market over the forecast period.
By deployment, the cloud segment will dominate the market over the forecast period.
By vertical, the BFSI segment will spearhead the market over the forecast period.
North America to Head Customer Analytics Market
North America will head the customer analytics market over the forecast period. The US & Canada will have utmost market share. The presence of leading customer analytics vendors like SAP, Oracle, Google, Microsoft, and Adobe, the presence of high technology adoption, the presence of several data centers, the adoption of cloud technology, the presence of established automotive industry and IT infrastructure, booming e-Commerce and retail industry, the leading electronic commerce companies like Alibaba and Amazon that need to analyze customer experience regularly and brand management, campaign management, and customer attrition analysis, and the presence of major industry players are adding to the global customer analytics market growth in the region.
Eminent industry players profiled in the global customer analytics market report include Acxiom, Adobe Systems, Salesforce, IBM, Nice Systems, Verint Systems, SAP, Pointillist, Clickfox and Quadient among others.
The global customer analytics market is both fragmented and also competitive due to the presence of several international as well as domestic industry players. These players have utilized innumerable innovative strategies for staying at the vanguard and also sufficing to the surging need of the customers including contracts, partnerships, collaborations, contracts, new product launches, joint ventures, geographic expansions, and more. Further, they are also investing in numerous research and development activities.
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