Yahoo Finance Customer Analytics Market Projected to Hit USD 52.61 Billion at a CAGR of 17.8% by 2030 - Report by Market Research Future (MRFR)
Rise in Social Media Awareness to Boost Customer Analytics Market Growth
New York, US, Oct. 05, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Customer Analytics Market, By Solution, By Service, By Deployment - Global Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 52.61 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 17.8% during the assessment timeframe.
Customer Analytics Market Analysis
Key Players
Eminent industry players profiled in the global customer analytics market report include-
Actuate Software Corporation (U.S.)
Angoss Software Corporation (U.S.)
Fair Isaac Corporation (Fico) (U.S.)
IBM Corporation (U.S.)
Oracle Corporation (U.S.)
Pitney Bowes (Germany)
SAS Institute (U.S.)
Teoco Corporation (U.S.)
Verint System (U.S.)
SAP AG (Germany)
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Report Scope:
Report Metric | Details |
Revenue forecast in 2030 | USD 52.61 Billion |
Growth Rate | CAGR of 17.8% from 2020 to 2030 |
Key Market Opportunities | Collect efficient data of customers buying characteristic |
Key Market Drivers | Growth in the social media concern |
Drivers
Rise in Social Media Awareness to Boost Market Growth
The rise in social media awareness will boost market growth over the forecast period. By connecting their product list with e-commerce websites, social media analytics maximizes the advantages of social networking by increasing brand awareness, enhancing brand value, and expanding customer reach through social media platforms, which helps in relationship building and monitoring customers. Popular shops like Amazon & Walmart have advertised their goods on social media sites including Facebook, YouTube, Instagram, and Twitter. Social media sites act as the interface between customers and the products in the present era.
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Opportunities
Increased Need for Improved Customer Satisfaction to offer Robust Opportunities
The market for consumer analytics is expanding significantly as a result of the growing desire for increased customer satisfaction. In order to retain customers, acquire a competitive edge, increase customer loyalty, enhance brand reputation, and promote overall business success, there is an increasing demand for enhanced customer satisfaction. Customer analytics will be in high demand as a result of the desire for increased customer satisfaction because it helps businesses identify actions that make customers happy or unhappy by studying customer behavioral data.
Restraints and Challenges
Privacy Concern to act as Market Restraint
Privacy concern and data security may act as a market restraint over the forecast period.
Customer Analytics Market Segmentation
The global customer analytics market is bifurcated based on deployment, service, and solution.
By solution, the customer analytics market is segmented into reporting, social analysis tool, and web analytical tools.
By service, the customer analytics market is segmented into support & maintenance service and professional service.
By deployment, cloud will lead the market over the forecast period.
COVID-19 Analysis
The COVID-19 pandemic epidemic has had a severe impact on the expansion of the customer analytics sector. Markets were closed as a result of the government's rigorous lockdown during the pandemic. The consumer analytics sector has thus been hindered for a short period of time. The fastest-growing market sector, internet retail, has been severely impacted, but because to government assistance of online shopping sites during the shutdown, this market has slowly begun to recover. The government-imposed lockdown, however, has caused a significant decline in the consumer analytics sector as well as other industrial operations, which also include the retail industry. Throughout the lockout, a number of patterns in the customers' behavior have been discovered, which could aid businesses in expanding their product offerings and pursuing profitability.
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Regional Analysis
North America to Lead Customer Analytics Market
Due to its dominant position in the worldwide consumer analytics market, North America is now the market leader. A significant portion of the customer analytics market's revenue comes from the US and Canada. The presence of numerous customer analytics companies in the North American region, including Adobe, Google, Microsoft, Oracle, and SAP, is what fuels the business there. The consumer analytics market is dominated by the North American area due to stronger network infrastructure, increased digitalization, and greater technological adoption. North American economies have benefited from the development of cutting-edge technology, which is mostly to blame for digitization. Due to the presence of large firms from the region in the customer analytics, the North America region is in the lead. Small and medium businesses are increasingly implementing customer analytics solutions, particularly in the retail industry. Customer analytics is becoming more popular as companies look to boost their business growth by moving from on-premise to cloud-based systems. The market for cloud-based consumer analytics is being driven by the initial cheap cost, cost savings on infrastructure, automatic software upgrades, and easy integration. The US and Canada are the two countries that have the most firms using customer analytics solutions to use consumer data to remain competitive in the market. In order to meet different business and customer objectives, growing customer information from diverse data sources is requiring new development and improved integration in new and existing customer analytics solutions and services. Due to the intense competition and demand that are present throughout the North American region, many businesses are aiming for bigger income and business expansions. North American businesses prioritize innovation to keep up with the most recent market developments.
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APAC to Have Admirable Growth in Customer Analytics Market
Organizations in the Asia-Pacific (APAC) region are making significant investments in the customer analytics market, and as a result, they are anticipated to see the highest CAGR during the forecast period. Because of its ongoing investments in the research and development of the customer analytics industry as well as its expanding e-commerce tendencies to draw in more customers, the Asia-Pacific market is thought to be one of the ones with the fastest growing economies. The market in the area is rising as a result of the region's expanding population and IT industry. Enterprises in the region are using customer analytics technologies very frequently. Due to burgeoning e-commerce industries, competitive advantage, and a thriving retail sector, developing nations like China and India are embracing customer analytics software on a huge scale. Due to the region's rapid technical improvement in cloud, analytics, & mobile technologies, the market for customer analytics is expanding rapidly.
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