LONDON, April 05, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the customer analytics market identifies the growing demand for improved customer satisfaction as a major driver for the growth of the customer analytics market. The need to retain customers, gain a competitive advantage, enhance customer loyalty, boost brand reputation, and overall business growth is driving the demand for improved customer satisfaction. This increased demand for customer analytics will result from the need to improve customer satisfaction, as it assists in identifying activities that result in pleased or dissatisfied customers by analysing customer behavioural data. Companies that conduct customer analytics may identify patterns of dissatisfaction and implement strategies to retain current customers. For example, the January 2022 UK Customer Satisfaction Index (UKCSI) rose by 1.6 points from the previous year to 78.4 points (out of 100). Individuals willing to pay more for better service have increased by 8.1% points since the COVID-19 pandemic began. This indicates that the need for increased customer satisfaction is growing, and it is a top priority for businesses. As a result, rising demand for improved customer satisfaction will propel the customer analytics market forward.
The global customer analytics market size grew from $8.8 billion in 2022 to $10.5 billion in 2023 at a compound annual growth rate (CAGR) of more than 19%. 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 customer analytics market size is expected to grow to $21 billion in 2027 at a CAGR of more than 18%.
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.
Strategic collaboration is a key trend in the customer analytics market. Key companies form strategic alliances to improve customer analytics solutions by combining their expertise, technology, and resources to improve the overall customer experience. These collaborations also assist businesses in strengthening their market position. For example, in May 2022, ADA, a Malaysia-based analytics, data, and artificial intelligence (AI) company, announced a strategic collaboration with Treasure Data, a US-based global customer data platform (CDP) company. The strategic alliance aims to provide comprehensive enterprise customer-centric solutions to ten South and Southeast Asian markets, including South Korea. This collaboration will help organisations improve and personalise the customer journey while effectively communicating and managing data gaps. The combination of Treasure Data's smart CDP capabilities and ADA's analytics, data, and AI solutions with consumer models will enable this. It will employ a CDP with a single customer view, assisting with design and data unification, activating platforms ranging from media to mobile to web to CRO (conversion rate optimisation), and providing full technical support.
As per the customer analytics market analysis, North America was the largest region in the customer analytics market in 2022. 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, the Middle East, and Africa.
The global customer analytics market 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, other applications; by end-user into BFSI, wholesale and retail, telecommunication and IT, utilities, healthcare, travel and hospitality, others end users.
Customer Analytics Global Market Report 2023 by The Business Research Company provides insights on the customer analytics market size, customer analytics market segments, customer analytics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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