What Has Been the Growth of the Customer Analytics Market So Far?
The customer analytics market has seen considerable growth due to a variety of factors.
• In recent times, the customer analytics market size has expanded swiftly. The forecast predicts an increase from $11.88 billion in 2024 to $13.93 billion in 2025, representing a compound annual growth rate (CAGR) of 17.2%.
The historical growth has been linked to an influx of data from numerous channels, alterations towards personalization, the significance of customer retention, the rise of social media influence, and an emphasis on customer journey mapping.
What Is The Forecast For The Customer Analytics Market By 2029?
The customer analytics market is expected to maintain its strong growth trajectory in upcoming years.
• In the ensuing years, the customer analytics market size is predicted to experience a swift growth, expanding to a value of $28.82 billion by 2029 with a compound annual growth rate (CAGR) of 19.9%.
This growth during the forecast period can be credited to the utilization of real-time analytics for immediate responses, ethical handling of customer data, amalgamation across various channels, extreme customization on a personal level, and the implementation of Voice of the Customer (VOC) analytics. The predicted trends in this period include the emergence of cooperative customer analytics platforms, a surge in e-commerce and digital channels, the application of predictive analytics for further personalization, the incorporation of artificial intelligence (AI) and machine learning (ML), and real-time customer analytics.
What Are the Critical Driver Fuelling the Customer Analytics Market's Growth?
The need for enhanced customer satisfaction, which is increasingly becoming an essential factor for business growth and competitiveness, is fostering the expansion of the customer analytics market. This rise in demand for enhanced customer satisfaction can be attributed to the endeavors to maintain customer base, assert competitive edge, promote customer loyalty, uplift brand image, and escalate overall business development. This prerequisite for superior customer satisfaction will stimulate significant demand for customer analytics as it aids in pinpointing actions contributing to satisfied or displeased customers by scrutinizing customer behavior data. Businesses that employ customer analytics can discern patterns causing discontent and implement strategies to keep existing customers. For example, in January 2022, the UK Customer Satisfaction Index (UKCSI) saw a rise of 1.6 points from the preceding year, making it 78.4 (on a scale of 100). There is a remarkable upsurge in people ready to shell out more for superior service - an increase of 8.1% points since the inception of the COVID-19 pandemic. This indicates the escalating necessity for improved customer satisfaction and its prioritization in organizations. Hence, the burgeoning demand for enhanced customer satisfaction will propel the growth of the customer analytics market.
How Is The Globa Customer Analytics Market Divided Into Key Segments?
The customer analytics market covered in this report is segmented –
1) By Solution: Social Media Analytical Tools, Dashboard, Extract Transform Load Or Data Management, Web Analytical Tool, Reporting, Voice Of Customer (VOC), Analytical Tools
2) By Organization Size: Large Enterprises, Small and Medium-Sized Enterprises (SMEs)
3) By Deployment Mode: On-Premises, Cloud
4) By Application: Brand Management, Campaign Management, Churn Management, Customer Behavioral Analysis, Product Management, Other Applications
5) By End-User: BFSI, Wholesale and Retail, Telecommunication and IT, Utilities, Healthcare, Travel and Hospitality, Others End Users
Subsegments:
1) By Social Media Analytical Tools: Sentiment Analysis Tools, Social Listening Tools, Social Media Engagement Tracking, Influencer Tracking And Analytics
2) By Dashboard: Interactive Dashboards, Real-Time Data Visualization Dashboards, KPI Dashboards, Customizable Reporting Dashboards
3) By Extract Transform Load (ETL) Or Data Management: Data Extraction Tools, Data Transformation Tools, Data Loading Tools, Data Integration and Cleansing Tools
4) By Web Analytical Tool: Website Traffic Analysis Tools, User Behavior Tracking Tools, Conversion Rate Optimization Tools, A/B Testing Tools
5) By Reporting: Automated Reporting Tools, Customizable Report Generation, Ad-Hoc Reporting Tools, Performance And ROI Reporting Tools
6) By Voice Of Customer (VOC): Survey Tools, Customer Feedback And Review Analysis, Customer Satisfaction And NPS Tools, Text Analytics For VOC Data
7) By Analytical Tools: Predictive Analytics Tools, Machine Learning-Based Analytics Tools, Data Mining Tools, Real-Time Analytics Tools
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What Trends Are Reshaping The Customer Analytics Market?
Strategic alliances have emerged as a prime trend in the customer analytics market, with leading companies opting for such partnerships to amplify their customer analytics solutions. This is accomplished by tapping into each partner's unique skills, technological capabilities, and resources, with the ultimate aim of enhancing customer experience. These collaborations also prove beneficial in consolidating the companies' presence in the market. This trend was apparent in May 2022 when a Malaysia-based analytics, data and artificial intelligence (AI) company, ADA, establish a strategic partnership with Treasure Data, an American global customer data platform (CDP) company. The pair aspires to deliver comprehensive, business-focused and customer-driven solutions to a total of 10 markets in South and Southeast Asia, South Korea included. Thus, allowing organizations to revamp and customize their customer journey while bridging communication and data gaps effectively. This collaborative initiative will merge Treasure Data's advanced CDP features with ADA's data analysis, data handling, and AI capabilities alongside consumer patterns. The solution will employ a CDP that provides a unified view of the customer, facilitating the creation and integration of data across various platforms, from media to mobile to web and to CRO (conversion rate optimization). Additionally, full technical support will be made available.
Who Are the Key Players in the Customer Analytics Market?
Major companies operating in the customer analytics market include:
• Alphabet Inc.
• IBM Corporation
• Oracle Corporation
• Microsoft Corporation
• SAP SE
• Salesforce.Com Inc.
• Clarity Insight
• Adobe Systems Inc.
• Pitney Bowes Inc.
• SAS Institute Inc.
• NICE Systems Ltd.
• NGData NV
• Teradata Corp.
• Snowflake Inc.
• Infogain Corporation
• Neustar Inc.
• Databricks Inc.
• Amplitude Inc.
• ContentSquare
• Segment.io Inc.
• Mixpanel
• Customer Analytics LLC
• Amperity Inc.
• Perfios Pvt. Ltd.
• Manthan System
What are the Regional Insights into the Customer Analytics Market?
North America was the largest region in the customer analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
