Customer Analytics Market Insights by Leading Companies and Emerging Technologies till 2025
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. 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. Get Sample of Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=250688798 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 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.