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Global Customer Analytics Market – Industry Trends and Forecast to 2029

ICT

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Global Customer Analytics Market – Industry Trends and Forecast to 2029

  • ICT
  • Upcoming Report
  • Oct 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Customer Analytics Market – Industry Trends and Forecast to 2029

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2021–2029
Diagram Market Size (Base Year) USD 9.63 Billion
Diagram Market Size (Forecast Year) USD 37.19 Billion
Diagram CAGR %

Global Customer Analytics Market, By Component (Solution and Services), Data Source (Web, Social Media, Smartphone, Email, Store, Call Centre, Others), Application (Brand Management, Campaign Management, Churn Management, Customer Behavioural Analysis, Product Management and Others), Deployment Mode (Cloud and On-Premises), Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), End User Industry (Banking, Financial Services, and Insurance (BFSI), Retail and e-commerce, Telecommunications and IT, Energy and Utilities, Manufacturing, Transportation and Logistics, Government and Defence, Healthcare and Life Sciences, Media and Entertainment, Travel and Hospitality and Others) – Industry Trends and Forecast to 2029.

Customer Analytics Market

Customer Analytics Market Analysis and Size

The customer analytics market is gaining traction as many organizations shift from on premise to cloud-based services to improve business growth. Insurance companies, banks, and many other industries are using customer analytics to better evaluate customer lifetime value and increase cross-selling, among other things. In contrast to telecoms, which focus on reducing churn, verticals such as e-commerce and retail strongly emphasize customer purchasing behaviour.

Data Bridge Market Research analyses that the customer analytics market was valued at USD 9.63 billion in 2021 and is expected to reach the value of USD 37.19 billion by 2029, at a CAGR of 18.40% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Customer Analytics Market Scope and Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD billion, Volumes in Units, Pricing in USD

Segments Covered

Component (Solution and Services), Data Source (Web, Social Media, Smartphone, Email, Store, Call Centre, Others), Application (Brand Management, Campaign Management, Churn Management, Customer Behavioural Analysis, Product Management and Others), Deployment Mode (Cloud and On- Premises), Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), End User Industry (Banking, Financial Services, and Insurance (BFSI), Retail and e-commerce, Telecommunications and IT, Energy and Utilities, Manufacturing, Transportation and Logistics, Government and Defence, Healthcare and Life Sciences, Media and Entertainment, Travel and Hospitality and Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Dell Inc. (U.S.), Cognizant (U.S.), Google LLC (U.S.), Siemens (Germany), IBM Corporation (U.S.), Microsoft (U.S.), Hewlett Packard Enterprise Development LP (U.S.), SAP SE (Germany), Oracle (U.S.), Adobe. (U.S.), Axis Communications AB (Sweden),  Cisco Systems, Inc. (U.S.), Honeywell International Inc. (U.S.), Intellivision (U.S.), Intuvision Inc., (U.S.), Puretech Systems (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), NEC Corporation (Japan), Huawei Technologies Co., Ltd. (China)

Market Opportunities

  • Rising spending on customer analytics research and development
  • Rising demand for streamlining business operations

Market Definition

Analytics is simply the examination or analysis of data. This is accomplished through advanced techniques and tools such as artificial intelligence, data mining, machine learning, semantic analysis, neural networks, and multivariate statistics. Analytics enables better decision making and increases operational efficiency. Thus, consumer analytics can be defined as collecting information about a customer's purchasing behaviour to make informed decisions and forecasts for the future.

Global Customer Analytics Market Dynamics

Drivers

  • Growing focus on customer experience and satisfaction

Due to the rising demand for improved customer satisfaction, the global customer analytics market is growing at a faster rate. Customer analytics is widely used in retail to create personalized communications and marketing campaigns. This may aid in improving customer experience and loyalty by determining which buyers are purchasing which products and personalizing marketing based on shopper data. According to Accenture, a good shopping experience increased customer satisfaction, repeat purchases, customer loyalty, customer referrals, revenues, and engagement.

  • High prevalence of social media

Increased interest in social media is a key driver for the market under consideration. Social media analytics combines measurement, monitoring, and analysis tools to uncover user sentiments and businesses with customers via social media platforms by associating their product list with e-commerce sites, assisting in monitoring people and developing relationships. Leading retailers, such as amazon and walmart have successfully tapped into the benefits of various social media platforms, such as Facebook and Twitter.

Opportunities

  • High investments on R&D activities

Rising spending on customer analytics research and development is creating lucrative growth opportunities for the market. Rising demand for streamlining business operations and making decisions based on consumer consumption and purchasing behaviour will drive growth in the customer analytics market.

Restraints

  • Lack of skilled labour

The shortage of skilled professionals or trained personnel will be a major impediment to the growth of the analytics market. Data security and privacy concerns will create additional roadblocks to market growth.

This customer analytics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the customer analytics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Customer Analytics Market

The COVID-19 pandemic has significantly impacted the growth of the customer analytics market. Due to the government's strict lockdown during the pandemic, markets were closed. As a result, the customer analytics sector has been hampered for a short time. Online retail, the fastest-growing market sector, has been severely impacted, but thanks to government assistance to online shopping sites during the shutdown, this market has slowly recovered.

Recent Development

  • In March 2022 Adobe announced a new Customer Journey Analytics feature under Adobe's Experience Cloud. Adobe introduced a new experimentation feature in Journey Analytics that allows businesses to test real-world scenarios and analyze their results to better understand how even minor changes can affect the overall customer journey across their various products. For Adobe's ability to discover customer segments, the Adobe Customer Data Platform [CDP] and Customer Journey Analytics have also been integrated.
  • In January 2022 SAS Customer Intelligence 360 automatically discovered better options for looking for common attributes among customer data. This embedded customer analytics improves customer insights using Artificial Intelligence and Machine Learning. It also offers out-of-the-box analytical automation support to assist customers in making decisions.

Global Customer Analytics Market Scope

The customer analytics market is segmented on the basis of component, data source, application, deployment mode, organization size and end user industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

  • Solution
  • Social media analytical tools
  • Web analytical tools
  • Dashboard and reporting tools
  • Voice of customer (VOC)
  • ETL (extract, transform, and load)
  • Analytical modules/tools
  • Others
  • Services
  • Consulting services
  • Support and maintenance
  • Education and training
  • Integration and deployment

Data Source

  • Web
  • Social Media
  • Smartphone
  • Email
  • Store
  • Call Centre
  • Others

Application

  • Brand Management
  • Campaign Management
  • Churn Management
  • Customer Behavioural Analysis
  • Product Management
  • Others

Deployment Model

  • On-premise
  • Cloud-based

Organization Size

  • Small and Medium Enterprises (SMEs)
  • Large Enterprises

End User Vertical

  • Banking, Financial Services, and Insurance (BFSI)
  • Retail and e-commerce
  • Telecommunications and IT
  • Energy and Utilities
  • Manufacturing
  • Transportation and Logistics
  • Government and Defence
  • Healthcare and Life Sciences
  • Media and Entertainment
  • Travel and Hospitality
  • Others

Customer Analytics Market Regional Analysis/Insights

The customer analytics market is analyzed and market size insights and trends are provided by country, component, data source, application, deployment mode, organization size and end user industry as referenced above.

The countries covered in the customer analytics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America has a significant share of the global customer analytics market because of its early adoption of advanced technological solutions such as artificial intelligence and machine learning. Furthermore, the dominance is due to the presence of major key players spread across countries in this region. The United States and Canada have emerged as the major contributors.

Asia-Pacific, on the other hand, is expected to grow at the fastest rate during the forecast period, owing to increased adoption of customer analytics solutions by various end user industries.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Customer Analytics Market Share Analysis

The customer analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to customer analytics market.

Some of the major players operating in the customer analytics market are:

  • Dell Inc. (U.S.)
  • Cognizant (U.S.)
  • Google LLC (U.S.)
  • Siemens (Germany)
  • IBM Corporation (U.S.)
  • Microsoft (U.S.)
  • Hewlett Packard Enterprise Development LP (U.S.)
  • SAP SE (Germany)
  • Oracle (U.S.)
  • Adobe (U.S.)
  • Axis Communications AB (Sweden)
  • Cisco Systems, Inc. (U.S.)
  • Honeywell International Inc. (U.S.)
  • Intellivision (U.S.)
  • Intuvision Inc., (U.S.)
  • Puretech Systems (U.S.)
  • Hangzhou Hikvision Digital Technology Co., Ltd. (China)
  • NEC Corporation (Japan)
  • Huawei Technologies Co., Ltd. (China)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The current market value is USD 9.63 billion in 2021.
The market is expected to grow at a rate of market is 18.40% during the forecast period of 2022 to 2029.
North America has a significant share of the global customer analytics market because of its early adoption of advanced technological solutions such as artificial intelligence and machine learning.
Asia-Pacific, on the other hand, is expected to grow at the fastest rate during the forecast period, owing to increased adoption of customer analytics solutions by various end user industries.
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