New York, USA, June 14, 2021 (GLOBE NEWSWIRE) — As per a recent report by research Dive, the global customer analytics market is expected to cross $32,521.6 million by the end of 2026, increasing from market revenue of $6,840.0 million in 2018, at a considerable CAGR of 21.9% during 2019-2026 estimated timeframe. The market report includes numerous facets such as the Covid-19 impact, current driving factors & restrains, forecasts, and trends. The market report is based on primary and secondary research methodologies which include acquiring information from authentic websites, conducting interviews, and reading journals or periodicals.
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Customer analytics is based on processes and technologies that give the organizations customers’ outlook which is essential to offer deliveries that are relevant, estimated, and timely. Furthermore, it encompasses methods such as data visualization, predictive modeling, segmentation, and information management. Also, customer analytics is becoming crucial as customers are becoming empowered and connected. Nowadays, consumers have access to information and data any time & anywhere – shopping places, prices of commodities, what to buy, and much more. Therefore, the need to acquire customers’ perspective becomes increasingly vital to understand their behavior patterns.
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Aspects Impacting the CAGR Figures
The global market was registered to augment at a CAGR of 18.6% before the onset of the dangerous coronavirus disease. However, the market is expected to surge rapidly at a considerable growth rate of 21.9% during the Covid-19 pandemic period. In 2020, all the government bodies had to impose lockdown across countries to prevent the spread of the novel coronavirus infection. The lockdown resulted in a decline of various businesses, industrial, and retail operations worldwide. Although, digital retailing is operable during the coronavirus outbreak phase, the pandemic has affected the market significantly. Nevertheless, the lockdown conditions put forth several consumer behavior patterns that are estimated to aid the key players to improve their products drastically. For example, during the lockdown, the retail sector saw brand loyalty, stockpiling, adoption of ecommerce, and rises in the digital payments, along with increase in the concerns for food safety. All these aspects are projected to boost the market growth during the coronavirus outbreak.
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Aspects Affecting the Revenue Figures during the Coronavirus Outbreak
The global market witnessed a significant rise during the Covid-19 crises and garnered a revenue of $10,121.5 million in 2020. The market was estimated to record $9,707.1 million before the outbreak of the deadly coronavirus. Numerous consumer shift patterns can be used by key participants of the market to generate intelligent and modern customer analytics solutions that can aid in expanding their profits by ten folds. Moreover, implementation of advanced computing technologies like artificial intelligence, big data, and data analytics is estimated to leverage customer quality after the pandemic phase. All these factors are estimated to fuel the growth of the global market during the coronavirus pandemic.
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Future Scope and Key Players of the Market
The global market is expected to surge in the post-Covid-19 pandemic period due to lifting of the lockdown worldwide. Rise in the digital transformations in the developed and developing countries with the aim to streamline the distribution chain and to enhance profits are projected to uplift the market in the forthcoming years. Also, acceptance and adoption of the software solutions in the retail sector is augmenting due to an increase in the need for better customer experience and rise in the need for customer retention. Furthermore, novel products with advanced algorithms are predicted to fuel the growth of the market in the coming years.
1. Clarity Insights
3. Customer Analytics.
7. NGDATA, Inc.
8. Neustar, Inc.
10. Manthan Software Services Pvt. Ltd.
These prominent players of the market are concentrating on several business strategies like investments in the research & development and technological advances for the market growth. For example, in September 2019, Quantzi, a software company, introduced customer analytics solution for the engagement of retail consumers. This new launch is supposed to augment customer retention.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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