The Customer analytics is a procedure in which data or information is gathered from customer behavior to create business decision via prognostic analytics and market segmentation. The data or information is advantageous for site selection, direct marketing and consumer relationship management. Customer analytics assists organization to learn the assistances of cloud-based tools and elements such as customer data source, data models, processing application, computing power, analytics model and data storage, which further assists them to advance the decision making across functions.
According to the report analysis, ‘Global Customer Analytics Market to reach USD 28.7 billion by 2026’ states that in the wide-ranging customer analytics market there are numerous organized companies which presently functioning more actively for leading the highest market growth and dominating the handsome value of market share around the globe during the short span of time while implementing the profit making strategies, delivering the better consumer satisfaction, employing the young work force, developing the specifications of the technologies, analyzing and witnessing the strategies and policies of the government as well as competitors, establishing the several research and development programs and spreading the awareness related to the applications of such includes Google LLC, Adobe Inc., SAP SE, Microsoft Corporation, Oracle, Salesforce, SAS Institute, Teradata, NICE, Manthan and several others.
Global Customer Analytics Market is worth approximately at USD 8.9 billion during 2019 and is anticipated to increase with a healthy growth rate of more than 18.2% over the review period of 2020-2026. In addition, the requirement to understand customer purchasing behavior for a more modified customer experience, increasing competition between businesses and augmenting the demand for advanced customer satisfaction and initiation of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business procedure automation to streamline marketing functions are the few aspects accountable for growth of the market over the review period. Furthermore, the growing advancements and establishment of customer analytics by market key player will generate a lucrative requirement for this market. For instance: as per Company’s news release during February 2019, Abbott established innovative fresh virtual assistant to support and employ pan-India sales force and its name is Maya. Maya is a BOT with a personality advanced by Smart Bots AI, and powered by Amazon’s LeX technology, it optimizes a voice or chat interface to communicate with employees in simple natural language and delivers them the assistance as per consumer’s needs. However, data privacy laws and safety of customer data critical for consumer analytics is the foremost factor restraining the growth of worldwide Customer Analytics market throughout the forecast duration.
However, based on the region the global Customer Analytics market is measured for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The North America is the leading/significant region around the world in terms of market share due to the rising advancement of customer analytics solution to optimize the customer data to stay competition in the market. Whereas, the Asia-Pacific is also projected to exhibit greatest growth rate / CAGR over the forecast period of 2020-2026. Therefore, in the near years, it is probable that the market of customer analytics will increase around the globe more effectively over the inflowing duration.
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Ankur Gupta, Head Marketing & Communications