Early Impacts of COVID-19 on Customer Analytics Market - Exclusive Report by MarketsandMarkets™
CHICAGO, April 9, 2020 /PRNewswire/ -- The ongoing COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.
At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Customer Analytics Market. We are working diligently to help companies take rapid decisions by studying:
- The impact of COVID-19 on the Customer Analytics Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market.
- The rapid shifts in the strategies of the Top 50 companies in the Customer Analytics Market.
- The shifting short-term priorities of the top 50 companies' clients and their client's clients.
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According to a market research report "Customer Analytics Market by Component, Deployment Mode, Organization Size, Application (Campaign Management, Customer Behavioral Analysis, and Churn Management), Data Source, Industry Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Customer Analytics Market is projected to grow from USD 10.5 billion in 2020 to USD 24.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period.
Browse in-depth TOC on "Customer Analytics Market"
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The major factors driving the growth of Customer Analytics Market include the need to understand customer buying behavior for a more personalized customer experience and advent of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations.
The large enterprises segment to hold a larger market size during the forecast period
Large enterprises are one of the early adopters of big data and analytics solutions and services. Large enterprises invest on enhancing customer experiences to take a leading edge in the market. The traditional approach to gain insights through customer journey mapping is inadequate to get the desired outcomes. Thus, large organizations have started adopting customer journey analytics solutions that are able to extract meaningful real-time insights. Also, large enterprise have a huge customer base and managing this voluminous complex customer data being generated across enterprises, to analyze it in real-time. Thus, the adoption of customer analytics in large enterprises is expected to grow, owing to the huge inflow of customer data from multiple channels and the growing need to generate actionable insights from the customer data.
By application, the retail and eCommerce segment to grow at the highest CAGR during the forecast period
Customer analytics solutions enable companies to send push notifications or emails to profiles that have never made an eCommerce purchase with a discount for an item related to previous purchases, or by displaying a personalized offer. They enable brands to not only deliver personalized offers to consumers based on purchases and engagements, but also display content within apps that are relevant to end users based on what is known about that user. Advanced customer analytics solutions can leverage ML algorithms to take historical purchase data, calculate the next best offer, and identify products that consumers are most likely to purchase
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North America to hold the largest market size during the forecast period
The US and Canada both have heavily invested in Research and Development (R&D) activities, contributing to the development and growth of technologies. In 2020, North America is estimated to account for a 32.5% share of the overall Customer Analytics Market. Increasing customer data through sources, such as clickstream, web server logs, subscriber data, Customer Relationship Management (CRM), and Enterprise Resource Planning (ERP) is compelling companies, such as Adobe and Oracle to launch customer analytics solutions and services to cater to various business and customer needs. Owing to the cost-effectiveness and scalability of customer analytics solutions, companies in this region have shown significant adoption rates. Numerous development such as Oracle's acquisition of DataScience.com, a leading data science platform provider, to provide customers with a single data science platform that leverages the benefits of Oracle's cloud infrastructure and the integrated Software as a Service (SaaS) model.
These solutions offers more flexible, scaleable, and cheaper data storage solutions than traditional data warehousing solutions, along with offering improved analytics capacity. Many customer analytics solution providers in North America are experimenting in the market by integrating advanced big data and analytics technologies with their existing customer analytics solutions. They are also adopting various growth strategies to strengthen their positions in the overall market.
Major North American vendors in the Customer Analytics Market are Google (US), Microsoft (US), Adobe (US), SAP (Germany), SAS Institute (US), Teradata (US), Oracle (US), Salesforce (US), Mixpanel (US), Manthan System (India), Second Measure (US), Absolute Data (US), NGData (Belgium), Customer Analytics (US), Neustar (US), NICE Systems (Israel), Segment (US), Calibremind (US), Clarity Insight(US), and Amperity (US).
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