The customer analytics market size is projected to grow from USD 10.5 billion in 2020 to USD 24.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period. The major factors driving the growth of customer analytics market include the need to understand customer buying behavior for a more personalized customer experience and advent of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations.
The large enterprises segment to hold a larger market size during the forecast period
Large enterprises are one of the early adopters of big data and analytics solutions and services. Large enterprises invest on enhancing customer experiences to take a leading edge in the market. The traditional approach to gain insights through customer journey mapping is inadequate to get the desired outcomes. Thus, large organizations have started adopting customer journey analytics solutions that are able to extract meaningful real-time insights. Also, large enterprise have a huge customer base and managing this voluminous complex customer data being generated across enterprises, to analyze it in real-time. Thus, the adoption of customer analytics in large enterprises is expected to grow, owing to the huge inflow of customer data from multiple channels and the growing need to generate actionable insights from the customer data.
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By application, the retail and eCommerce segment to grow at the highest CAGR during the forecast period
Customer analytics solutions enable companies to send push notifications or emails to profiles that have never made an eCommerce purchase with a discount for an item related to previous purchases, or by displaying a personalized offer. They enable brands to not only deliver personalized offers to consumers based on purchases and engagements, but also display content within apps that are relevant to end users based on what is known about that user. Advanced customer analytics solutions can leverage ML algorithms to take historical purchase data, calculate the next best offer, and identify products that consumers are most likely to purchase
Key market players profiled in this report include Google (US), Microsoft (US), Adobe (US), SAP (Germany), SAS Institute (US), Teradata (US), Oracle (US), Salesforce (US), Mixpanel (US), Manthan System (India), Second Measure (US), Absolute Data (US), NGData (Belgium), Customer Analytics (US), Neustar (US), NICE Systems (Israel), Segment (US), Calibremind (US), Clarity Insight(US), and Amperity (US). These players have adopted various growth strategies, such as partnerships and new service launches to expand their presence further in the customer analytics market and broaden their customer base.
Adobe (US) is one of the leading digital media software service providers. Adobe operates through three business segments, which include digital media, digital experience, and publishing. It offers customer analytics solutions through the Adobe Experience Platform for its clients. With this platform, Adobe aims at helping its clients deliver improved customer experiences by helping them generate insights from data through fast processing, versatile reporting, and predictive intelligence. The company distributes its products and services through a network of distributors, which include Value-Added Resellers (VARs), System Integrators (SIs), Independent Software Vendors (ISVs), and Original Equipment Manufacturers (OEMs). It has operations in various regions, including North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). In January 2020, the company announced Adobe Experience Manager as-a-cloud services to bring together rich out-of-box capabilities and content customization options that marketers and developers demand.
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Microsoft (US) develops and supports software, services, devices, and solutions. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. It offers a range of services, which include such as solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. It also offers online advertising. The company generates revenue by licensing and supporting a range of software products. It offers customer analytics solutions through the Dynamics 365 Customer Insights that helps enterprises build a deeper understanding of customers by connecting data from various transactional, behavioral, and observational sources to create a 360-degree customer view. In January 2020, the company launched Microsoft’s first release of the year for Dynamics 365 that comprised hundreds of new features across the Dynamics 365 applications, including sales, marketing, customer service, field service, finance, supply chain management, Human Resources (HR), commerce, and business central.
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