Artificial Intelligence
The Customer Analytics Market Is Expected To Grow At A 19% Rate With The Rising Demand For Improved Customer Satisfaction As Per The Business Research Company’s Customer Analytics Global Market Report 2022
LONDON, Sept. 20, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the 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 growth of the customer analytics market.
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The global customer analytics market size is expected to grow from $7.45 billion in 2021 to $8.86 billion in 2022 at a compound annual growth rate (CAGR) of 18.91%. The global customer analytics market size is expected to reach $17.72 billion in 2026 at a CAGR of 18.92%.
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 to improve the overall customer experience. These partnerships also help companies to strengthen their market position. For instance, in May 2022, ADA, a 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.
Major players in the customer analytics market are Adobe Systems Inc., Google, IBM Corporation, Microsoft, Oracle Corporation, Salesforce, SAP AG, SAS Institute, Teradata Corporation, Verint Systems Inc., Actuate Software Corporation, Angoss Software Corporation, Fair Isaac Corporation, Manthan Systems, and Mixpanel.
The global customer analytics market analysis is segmented by solution into social media analytical tools, dashboard, extract transform load or data management, web analytical tool, reporting, voice of customer (VOC), analytical tools; by organization size into large enterprises, small and medium-sized enterprises (SMEs); by deployment mode into on-premises, cloud; by application into brand management, campaign management, churn management, customer behavioral analysis, product management, others; by end-user into BFSI, wholesale and retail, telecommunication and IT, utilities, healthcare, travel and hospitality, others.
North America was the largest region in the customer analytics market in 2021. Asia-Pacific is expected to be the fastest-growing region in the customer analytics market forecast period. The regions covered in the global customer analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Customer Analytics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide customer analytics market overviews, customer analytics market analyze and forecast market size and growth for the whole market, customer analytics market segments and geographies, customer analytics market trends, customer analytics market drivers, customer analytics market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The customer analytics industry report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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