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Global Service Analytics Market to 2023 - Emergence of AI Powered Customer Services & High Adoption of Analytics Among SMEsDUBLIN, Oct 2, 2018 /PRNewswire/ -- The "Service Analytics Market by Business Application, Component, Deployment Model, Organization Size, Industry, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.  The service analytics market is expected to grow from USD 546.4 million in 2018 to USD 1,056.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period. Factors, such as the rise in the need for constant and effective interaction with customers to ensure prompt and proficient services and competitive pressure to become more data-driven are expected to drive the growth of the global market. The report provides detailed insights into the global service analytics market, which is segmented by business application, component, deployment model, organization size, industry, and region. Among business applications, the customer service analytics segment is expected to continue to dominate the market during the forecast period. With the growing business competition, it has become mandatory to capture new and retain the old customers; customer satisfaction is at the top of every organization's check-list. Crucial industries, such as retail and eCommerce, travel and hospitality, healthcare, and BFSI, are investing in augmenting their customer services. Furthermore, due to the wide adoption of the service analytics solution by large enterprises, as well as SMEs which is helping them to understand customer interests and preferences. With the advanced service analytics capabilities, organizations can identify the causes of customer service issues in real time. Customer service analytics is followed by the field service analytics in terms of market share, as field service companies can predict failures and take proactive maintenance, resulting in the reduced cost in the long run and increased customer experience by using advanced analytics. In the component segment, the solution segment is expected to account for the larger market share during the forecast period. The demand for the service analytics solution is rising, as organizations need to capture and analyze the service system data for enhancing the customer experience and maintaining the business continuity. Among deployment models, the cloud segment is expected to witness a higher CAGR during the forecast period, owing to its cost-effectiveness, scalability, and ease of deployment. The large enterprises segment is projected to dominate the market in terms ofmarket share during the forecast period, as these enterprises are keenly focusing on efficient data management to drive the business growth. However, the Small and Medium-sized Enterprises (SMEs) segment is expected to exhibit a higher CAGR, due to the easy availability and scalability of cloud-based deployment models. The retail and eCommerce industry is expected to account for the largest market size during the forecast period. This industry is exhibiting new growth opportunities coupled with the rapid digital initiatives. Moreover, companies operating in this industry greatly rely on the past data to analyze any customer behavior for delivering the required level of customer satisfaction. The service data generated is used to predict and avoid any future breakdowns, thereby enhancing the customer experience. Additionally, deploying service analytics over the cloud helps in cutting excessive costs while providing improved agility and scalability, and overcoming the operational challenges. Moreover, it is expected to witness the highest CAGR during the forecast period, due to the need for consolidation of customer data generated across various touchpoints during the customer's lifecycle. Key Topics Covered: 1 Introduction For more information about this report visit https://www.researchandmarkets.com/research/jfc47s/global_service?w=5 Media Contact: Research and Markets
SOURCE Research and Markets 
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