Overview and Scope
The customer analytics refer to the tools and processes that firms employ to derive customer insights and make business choices by analyzing customer behavior data. It is used to improve customer conversion, engagement, and retention.
Sizing and Forecast
The customer analytics market size has grown rapidly in recent years. It will grow from $10.25 billion in 2023 to $12.14 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to data explosion from multiple channels, shift towards personalization, importance of customer retention, emergence of social media influence, focus on customer journey mapping.
The customer analytics market size is expected to see rapid growth in the next few years. It will grow to $23.89 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to real-time analytics for immediate action, ethical use of customer data, cross-channel integration, hyper-personalization and individualization, and voice of the customer (VOC) analytics. Major trends in the forecast period include collaborative customer analytics platforms, rise of e-commerce and digital channels, predictive analytics for personalization, integration of artificial intelligence (AI) and machine learning (ML), real-time customer analytics.
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Segmentation & Regional Insights
The customer analytics market covered in this report 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
North America was the largest region in the customer analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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 customer analytics market growth.
Key Industry Players
Major companies operating in the customer analytics market report are Alphabet Inc., IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, Salesforce.Com Inc., Clarity Insight, Adobe Systems Inc., Bloomberg Inc., Pitney Bowes Inc., SAS Institute Inc., NICE Systems Ltd., NGData NV, Teradata Corp., Snowflake Inc., Infogain Corporation, Aledade Inc., Neustar Inc., Databricks Inc., Amplitude Inc., ContentSquare, Segment.io Inc., Mixpanel, Customer Analytics LLC, Amperity Inc., Perfios Pvt. Ltd., Featurespace Ltd., Manthan System, Charles River Analytics Inc., Calibremind
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 Market – Macro Economic Scenario
5. Global Customer Analytics Market Size and Growth
…………….
32. Global Customer Analytics Market Competitive Benchmarking
33. Global Customer Analytics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Customer Analytics Market
35. Customer Analytics Market Future Outlook and Potential Analysis
36. Appendix
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