The global customer analytics market is projected to exhibit significant growth, at a CAGR of 16.3%, during the forecast period. The major factors contributing to the growth of the market include the rising adoption of big data analytics, increasing deployment of cloud-based services and significant growth in the retail sector. In addition, customer analytics solution along with natural language processing (NLP) technology can support the retail sector to harness a large number of data gathered through mobile and social media platforms coupled with the data from multiple departments, including sales and inventory to deliver a comprehensive shopping experience to its customers.
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The advent of big data and advanced analytics has assisted organizations in identifying the customers’ opinions about the satisfactory services along with the customers’ behavior related to using the organization’s products and services. A significant rise in big data has been contributing to the adoption of big data analytics across industries, such as retail, logistics, manufacturing, and government. With the growing digitalization across the globe, big data is on a continuous rise. According to the World Economic Forum, in February 2017, more than 3 billion people were connected to the internet compared to just 2.3 million in 1990. These 3 billion people have been generating data every second, which has led to the growth of big data analytics, in turn, offering growth to the customer analytics market.
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There is a potential connection between robust data management strategy and companies’ financial performance. This enables businesses to reach the market faster with products and services that are efficiently associated with customer needs. Big data analytics involves the process of gathering, organizing, and analyzing large sets of data to find useful information. It can aid businesses to effectively understand the information contained in the stored data and enables them to identify the most essential data for making business decisions. Big data analytics assists retailers to acquire product-related data by analyzing customer’s behavior, choices, and preferences. Thus, growing big data analytics will contribute to the growth of the customer analytics market.
In addition, big data analytics allows organizations to get to know their customers and understand customer and company relationships better. By eliminating the gaps and disconnects in their marketing strategies, which leads to better engagement through more personalized campaigns and communication. Further, back-office service reports along with behavioral analysis are utilized to find out people are interacting with what kind of services. For instance, a customer chooses to cancel a subscription, without giving a reason. However, by using associated data, organizations may be able to review the experience the customer had. Thus, big data analytics aids in better customer experience management.
Global Customer Analytics Market-Segmentation
By Deployment Mode
• Social Media Analytical Tools
• Web Analytical Tools
• Dashboard and Reporting Tools
• IT & Telecom
• Retail & Ecommerce
• Travel and Hospitality
Others Global Customer Analytics Market– Segment by Region
• United States
• Rest of Europe
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
• AbsolutData Holdings, Inc.
• Adobe Inc.
• Alteryx, Inc.
• Cisco Systems, Inc.
• Google LLC
• HubSpot, Inc.
• Manthan Systems Inc.
• Medallia Inc.
• Microsoft Corp.
• Mixpanel International, Inc.
• Neustar, Inc.
• NGDATA, Inc.
• NICE Ltd.
• Oracle Corp.
• Salesforce.com, inc.
• SAP SE
• SAS Institute Inc.
• Second Measure, Inc.
• Sprout Social, Inc.
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