Global Customer Analytics Market – Industry Trends and Forecast to 2029

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

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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