“The customer analytics market was valued at USD 3.74 billion in 2019 and is expected to reach USD 10.2 billion by 2025, at a CAGR of 18.2% over the forecast period 2020 – 2025.“
Customer Analytics – A Market Overview and Forecast 2020 – 2025, This report presents a profound evaluation of basic elements of Customer Analytics industry such as production scale and profit generation. Market driving factors, newly adopted technologies, latest business methodologies have been discussed in this report. The report also forecasts the potential of the market and reviews thorough analysis of vital segments and regional markets.
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Cloud will continue its reign with more and more companies moving towards it as a result of the proliferation of cloud-based tools available on the market. Moreover, firms will learn how to embrace the power of cloud analytics, where most of the elements like customer data sources, data models, processing applications, computing power, analytic models and data storage will be located in the cloud, which will help in integrating intelligence into existing workflows and improves decision-making across operations.
– Due to the rising demand for improved customer satisfaction, the market is growing faster. Customer analytics is highly used in the retail industry in the development of personalized communications, offers, and marketing programs. This will help to enhance customer experience and loyalty, by knowing precisely which buyers are buying which products, and personalizing marketing based on shopper data. According to Accenture, delivering a good shopping experience enhanced customer satisfaction, repeat purchases, customer loyalty, customer referrals, revenues, and customer engagement.
The customer analytics market is highly fragmented with strong competition among the well-established and new emerging players. These players aim to gain an edge over the other players through innovative product development by investing high in R&D along with player acquisitions. Key players in the market are Adobe Systems Inc., IBM Corporation, Oracle Corporation, etc.
Scope of the Report
Customer analytics market is gaining momentum, as many organizations are seeking to improve their business growth, by shifting from on-premise to cloud-based services. Insurance companies, banks, and pension funds are making use of customer analytics in order to understand customer lifetime value, increasing cross-sales, etc. Verticals such as e-commerce and retail, focus significantly on customer buying behavior, while telecommunications focuses on reducing the churn probability.
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Furthermore, this study will help to solve the following issues:
- Cyclical dynamics-Report foresees dynamics of industries by using core analytical and unconventional market research approaches.
- Identifying key cannibalizes– Strong substitute of a product or service is that the most prominent threat. Report includes key cannibalizes of a market, by procuring marketing research. This helps in aligning new product development/launch strategies before.
- Spotting emerging trends– Report helps to identify upcoming hot market trends. Report also track possible impact and disruptions which a market would witness by a specific emerging trend.
- Interrelated opportunities–This report will allow making decisions based on data, thereby increasing the chances that the strategies will perform better.
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The report could be customized according to the client’s specific research requirements. No additional cost will be required to pay for limited additional research.
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