The Customer Analytics Global Market Report 2023 by The Business Research Company, provides customer analytics market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Customer Analytics Global Market Report 2023, the global customer analytics market size will grow 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 market size of the customer analytics is expected to grow to $21.07 billion in 2027 at a CAGR of 18.8%.
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.
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Major Players:
- Adobe Systems Inc.
- Google, IBM Corporation
- Microsoft, Oracle Corporation
- Salesforce, SAP AG, SAS Institute
- Teradata Corporation
The customer analytics market is segmented:
1) By Solution: Social Media Analytical Tools, Dashboard, Extract Transform Load or Data Management, Web Analytical Tool, Reporting, Voice of Customer (VOC), Analytical Tools
2) By Organization Size: Large Enterprises, Small and Medium-Sized Enterprises (SMEs)
3) By Deployment Mode: On-Premises, Cloud
4) By Application: Brand Management, Campaign Management, Churn Management, Customer Behavioral Analysis, Product Management, Other Applications
5) By End-User: BFSI, Wholesale and Retail, Telecommunication and IT, Utilities, Healthcare, Travel and Hospitality, Others End Users
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.
The customer analytics market report table of contents includes:
1. Executive Summary
2. Customer Analytics Market Characteristics
3. Customer Analytics Market Trends And Strategies
4. Customer Analytics – Macro Economic Scenario
5.Customer Analytics Market Size And Growth
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26. Africa Customer Analytics Market
27. Customer Analytics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Customer Analytics Market
29. Customer Analytics Market Future Outlook and Potential Analysis
30. Appendix
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