The Customer Analytics market is expected to register a CAGR of over 18.02% during the forecast period (2018 - 2023). The report is segmented by Deployment Type (On-premises, Cloud-based), Solutions (Social Media Analytical Tools, Web Analytical Tools, Dashboard and Reporting Tools, Voice of Customer, ETL, Analytical Modules), Services (Managed Services, Professional Services), End-user Industry, and Region. —
Customer analytics is the most powerful enabler that companies have for translating information and signals into useful insights about their customers. Growing investment in analytics and rising demand for improved customer satisfaction are the key factors driving the growth of customer analytics market. The market is witnessing the adoption of customer analytics tools across BFSI, Healthcare, Retail, and other end user industries.
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The customer analytics is gaining momentum as many organizations are seeking to improve their business growth by shifting from on-premise to cloud-based services. Besides, the increase in social media consumers and changing landscape of big data and business intelligence is further boosting the growth of the market. However, Data security & privacy concerns and lack of skilled workforce over analytics are hampering the growth of customer analytics market.
Growing Investments in Analytics Fueling the Growth of the Customer Analytics Market
Customer analytics have taken a significant role in improving the customer experiences. Both prescriptive and predictive analytics are necessary for a thorough understanding of the customer experience. With the growing trend towards investment in customer analytics in full swing, this business function is expected to rank high on the management agenda. In recent years, many organisation have invested in analytics technology related to customer experience. Customer experience is one of the primary application areas of Big Data analytics. There is a change in enterprises perception of data usage, collection, and analysis, as there is an increase in demand for Big Data projects to improve the customer experience. Verticals, like e-commerce and retail focus significantly on customers buying behavior, while telecommunications are focusing on reducing the churn probability.
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According to Forbes, Big data adoption reached 53% in 2017 for all the companies interviewed with financial services and telecom leading early adopters. American and British companies are investing heavily in advanced analytics capabilities in the race to harness full advantage of big data. Britain is currently behind the United States regarding investment, with spending on beefing up analytics capabilities hitting EUR 12 billion in 2017, compared with EUR 58 billion in the United States. With the growing investment in big data analytics and business intelligence tool, a large number of advanced customer analytics solutions would be in demand for numerous end users boosting the market growth.
North America is the Major Contributor
North America region dominated the customer analytics market in 2017 where United States is leading the market. The region accounts for higher share due to the presence of significant analytics players in the region and adoption of customer analytics solution by numerous small and big enterprises. The region is the earliest adopters of cloud technologies and has an advanced infrastructure capability leading to the largest revenue generator for the market. Additionally, the digitization in the region is due to the invention of advanced technology and economies benefiting. This has boosted the growth of customer analytics market in the region.
Key Developments in the Customer Analytics Market
February 2018: TEOCO Corporation, the leading provider of analytics, assurance and optimization solutions to over 300 communication service providers (CSPs) and OEMs worldwide, has upgraded the analytics capabilities of Mentor, its network optimization and analytics solution, and added support for Big Data infrastructure
January 2018: Manthan Software Services Pvt. Ltd, a global leader in AI-powered advanced analytics solutions and a well-recognized innovator in bringing path-breaking solutions to retailers worldwide, would be showcasing its technology innovations, vital for retailers to operate customer-obsessed businesses, at National Retail Federation (NRF)
Customer Analytics Market Major Players: ADOBE SYSTEMS INC, ALTERYX INC, ANGOSS SOFTWARE CORPORATION, AXTRIA, INC, BRIDGEI2I ANALYTICS SOLUTION, FAIR ISAAC CORPORATION, IBM CORPORATION, MANTHAN SOFTWARE SERVICES PVT. LTD, MICROSOFT CORPORATION, NGDATA, INC, ORACLE CORPORATION, PITNEY BOWES INC, SALESFORCE.COM INC, SAP SE ADR, SAS INSTITUTE INC, TEOCO CORPORATION, TIBCO SOFTWARE, INC and VERINT SYSTEMS, among others.
Reasons to Purchase Customer Analytics Market Report
Current and future customer analytics market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players.
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Adobe Systems Inc, Alteryx Inc, Angoss Software Corporation, Axtria, Inc, Bridgei2i Analytics Solution, Fair Isaac Corporation, IBM Corporation, Manthan Software Services Pvt. Ltd, Microsoft Corporation, NGDATA, Inc, Oracle Corporation, Pitney Bowes Inc, Salesforce.Com Inc, SAP SE ADR, SAS Institute Inc, Teoco Corporation, TIBCO Software, Inc and Verint Systems
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