Customer Analytics Market Scope
Today many of the companies are feeling the heat from more discerning and often less loyal consumers. The globalization, social media, economic uncertainty, or product commoditization are challenges to these companies. Customer Analytics is used as a powerful strategy by the companies that enables them to translate interactions and transactions about their customers. These analytics has potential benefits that include increase sales to new and existing customers, lower customer acquisition and retention costs, reduce customer churn and increase loyalty, improve the channel mix to lower cost to serve, and increase sales force effectiveness by targeting. The demand for cloud-based tools and the need to improve customer satisfaction has increased the growth of the global customer analytics market.
According to AMA, the Global Customer Analytics market is expected to see growth rate of 19.51%The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. The app providers are advancing the feature of the app for competitive advantage. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Customer Analytics market throughout the predicted period.
Google (United States), Microsoft (United States), Adobe (United States), SAP (Germany), SAS Institute (United States), Teradata (United States), Oracle (United States), Salesforce (United States), Mixpanel (United States), Manthan System (India), Second Measure (United States), Absolute Data (United States), NGData (Belgium), Customer Analytics (United States), Neustar (United States), NICE Systems (Israel), Segment (United States), Calibremind (United States), Clarity Insight(United States) and Amperity (United States) are some of the key players that are part of study coverage.
Segmentation Overview
The study have segmented the market of Global Customer Analytics market , by Application (Brand Management, Campaign Management, Churn Management, Customer Behavioral Analysis, Product Management and Other) and Region with country level break-up.
On the basis of geography, the market of Customer Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Adoption of Technologies such as Artificial Intelligence, Machine Language, and Business Process Automation
Market Growth Drivers:
Rising Demand for Improved Customer Satisfaction and Increase in Social Media Concern to Address Customer Behavior
Challenges:
Inability to Understand Customer Journey
Restraints:
Data Security and Privacy Concern
Opportunities:
Reduced Advertising, Campaigning, and Marketing Costs and Greater Collaboration Between Departments for Better and Faster Decision Making
Market Leaders and their Expansionary Development Strategies
In September 2023, Cognizant, announced a partnership with Oracle, an American multinational computer technology corporation, to expand its customer analytics offerings. The partnership will integrate Cognizant's customer data platform with Oracle's cloud-based analytics solutions, providing businesses with a unified view of their customer data.
In October 2023, Microsoft unveiled its new Customer Lifecycle Analytics platform, designed to help businesses gain a comprehensive understanding of their customer journeys across all touchpoints. The platform leverages Microsoft's Dynamics 365 customer data platform (CDP) to collect, unify, and analyze customer data from various sources, providing insights into customer behavior, preferences, and engagement patterns.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.