Market overview

Due to the increase in the demand for customer satisfaction in various organizations, the global customer analytics market is estimated to reach USD 52.61 billion at a CAGR of 17.8% during the ongoing forecast period. Customer analytics refers to the information of the customers' behavior collected to help the business make critical decisions with the help of market segmentation and analytics. Customer analytics mainly helps the organization by providing them with a proper chart based on the customers' behavior while interacting with the organization. This, in turn, helps the organization respond and change its products accordingly.

Customer Analytics is considered the backbone or the main structure in all organizations and is essential for all marketing activities. Customer satisfaction is critical when it comes to marketing products. Nowadays, customers are more connected as they know where to buy and pay. Hence, understanding and gaining customer insight becomes important. The deeper an organization understands its customers, the more their chances of achieving customer satisfaction.

The key driver responsible for enhancing the customer analytics market share is the insight into the customers' purchasing behavior. Recently, there has been a particular growth in social media concern, which is also considered a vital driver of the customer analytics market. Social media analytics is a combination of measurement, analytics tools, and monitoring that is helped to uncover the sentiments of the users and the businesses with customers through various social media platforms. Well-established retailers have successfully managed to pull over the benefits offered by the different social media platforms.

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Competition Analysis

Some players in the market are as follows:

Adobe Systems Incorporated (US), HP Inc. (US), Oracle Corporation (US), IBM Corporation (US), Avaya Inc. (US), Nokia Networks (Finland), Open Text Corporation (Canada), Tech Mahindra Limited (India), SDL (UK), SAS Institute Inc (US)

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Market segmentation

The customer analytics market size is segmented based on five category heads. These categories are by service, solution, organization size, deployment, and vertical:

By Service,

• Maintenance and Support Services
• Professional Services

By Solution,

• Social Media Analytical Tools
• Dashboard
• Exact Transform Load or Data Management
• Web Analytical Tool
• Reporting
• Voice of Customer (VOC)
• Analytical Tools

By Organization Size,

• Large Enterprises
• Medium and Small Enterprises
• By Deployment,
• On-Premise
• Cloud

By Vertical,

• Healthcare
• Hospitality and Travel
• Media and Entertainment
• Government and Defence
• Telecommunication and IT
• Manufacturing
• BFSI
• Transportation and Logistics
• Retail
• Others

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Regional Analysis

According to the customer analytics market analysis, the market for customer analytics is estimated to show massive growth in the coming years. Among these five regions, the North American region is currently leading the market as it holds the largest market share in the global market of customer analytics. The US and Canadian regions contribute significant revenue to customer analytics. The Asia-Pacific (APAC) region organizations are also investing a considerable amount in the customer analytics market. Hence, they are expected to grow at the highest CAGR during the forecast period.