MarketsandMarkets forecasts the global Service Analytics Market to reach USD 1,056.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period. The major growth drivers of the service analytics market include the rising need to improve the client customer interaction for better performance and quality improvement. With the increasing availability of advanced technologies, numerous organizations are leveraging the benefits of data to achieve operational excellence for driving the business growth. The data is the new asset for an organization, thus the data generated from customers and service systems helps in analyzing and improving the overall services rapidly. The service analytics solution collects, processes, and analyzes the captured system data. Furthermore, the solution analyzes the historical data to identify and rectify the potential issues that may lead to breakdown. Furthermore, the customer-focused support team assists organizations to reap maximum benefits from their service analytics investments. Vendors provide various levels of support and maintenance programs, such as standard and extended support, designed to meet customer needs.
An increase in the adoption of the service analytics solution across various industries have been observed to ensure better and optimized business productivity. The growing importance to understand customer behavior to expand customer engagement through service enhancement is one of the major factors that is driving service analytics practices across industries. Furthermore, with the developments made in the regulations, such as the General Data Protection Regulation (GDPR), and other data protection acts are expected to attract new customers in the coming years. The emergence of Artificial Intelligence (AI) in the service analytics solution offers a responsive customer support by adapting to the customer’s behavior while interacting with the customer. AI benefits the customer service industry by predicting the customer’s behavior using the historical data and accordingly responding to the customer behavior. Available technologies coupled with the rapid adaptive capabilities of SMEs are further expected to drive the adoption of the service analytics solution worldwide.
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Some of the major business applications of service analytics include field service analytics, customer service analytics, and IT service analytics. The customer service analytics segment is expected to witness the highest growth rate, followed by the field service analytics segment during 2018–2023. The service analytics solution is widely used by industries, such as BFSI; retail and eCommerce; healthcare; telecommunications; government and defense; and others comprising automotive, education, media and entertainment, and travel and hospitality. The retail and eCommerce industry vertical is expected to grow at the highest CAGR during the forecast period.
The region-specific market analysis includes industry trends, market potentials, and market forecasts on the basis of components, business applications, deployment models, organization size, and industries. The market is witnessing a rapid growth in various emerging regions, such as Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America is expected to account for the largest market share for the next 5 years, followed by Europe during the forecast period. APAC is projected to be the fastest-growing region in the service analytics market during the forecast period. Globally, the adoption of the service analytics solution is increasing due to the growing amount of business-critical data and the increasing number of SMEs in the emerging economies, such as APAC and Latin America. Companies, such as Oracle (US), SAP SE (US), and Salesforce (US), and other major vendors offer a competitive product portfolio across these regions.
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The service analytics market includes an expansive number of vendors providing solutions and services, such as Oracle (US), Salesforce (US), ServiceNow (US), SAP (Germany), SAS (US), Tableau (US), Microsoft (US), ClickSoftware (US), Centina Systems (US), Paskon (US), Numerify (US), Field Squared (US), Helpshift (US), Aureus Analytics (Singapore), NetEnrich (US), BlueFletch (US), mobi corp (US), DataHero (US), Agile CRM (US), Sisense (US), and MicroStrategy (US). The other stakeholders of the service analytics market includes research organizations, network and system integrators, and service providers. The players in the service analytics market have embraced different strategies to extend their worldwide presence and market shares. Partnerships, new product launches, product upgradations, mergers and acquisitions, joint ventures, and business expansions are observed to be the significant strategies embraced by the market players in the service analytics market.
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