Customer analytics provide a complete analysis of customers on how to acquire and retain customers, identify high-value customers, and predict customer behavior. customer analytics applications market analysis considers sales from retail, BFSI, telecom and IT, healthcare, manufacturing, and other end-users. Our analysis also considers the sales of customer analytics applications in APAC, Europe, North America, South America, and MEA. In 2018, the retail segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as growth and expansion of retail and e-commerce companies will play a significant role in the retail segment to maintain its market position. Also, our global customer analytics applications market report also looks at factors such as increasing social media consumers, growing demand for improved customer satisfaction, an increase in the adoption of customer analytics by SMEs. However, data privacy and security issues, availability of open source applications, data integration issues may hamper the growth of the customer analytics applications industry over the forecast period.
Global Customer Analytics Applications Market: Overview
Growing demand for improved customer satisfaction
Customer analytics is highly used in customer-focused industries for the development of personalized communications and marketing programs. This improves customers' experience and their retention rate by analyzing customer buying patterns and customizing marketing campaigns based on the data. Companies collect feedback from customer survey and call center reports and Net Promoter Score (NPS). Based on the feedback, companies analyze the customer behavior patterns through which they gain a unified view and deliver personalized customer experience in real-time. With the increased digitization of businesses, the availability of accurate business data at the right time is essential for companies to achieve their business objectives and avert risks. This demand for improved customer satisfaction will lead to the expansion of the global customer analytics applications market at a CAGR of over 13% during the forecast period.
Al-powered customer analytics
AI has been designed and programmed to think and act like humans. The use of Al is increasing due to its ability to improve productivity and provide accurate results within a short span of time. Combining customer analytics applications with Al enables companies to analyze customer data better and improve customer experiences with personalization, content creation, and chatbots. Al also enables enterprises to implement targeted marketing campaigns to targeted audience segments, thereby providing improved products and offerings to customers. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global customer analytics applications market during the forecast period 2019-2023, click here.
With the presence of a few major players, the global customer analytics applications market is concentrated. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading customer analytics applications manufacturers, that include Adobe Inc., IBM Corp., Oracle Corp., Salesforce.com Inc., and SAS Institute Inc.
Also, the customer analytics applications market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.