Customer Analytics Applications Market to grow by USD 13.94 billion from 2022 to 2027 | An increase in the adoption of customer analytics by SMEs drives the market - Technavio
NEW YORK, Nov. 26, 2023 /PRNewswire/ -- The "Customer Analytics Applications Market by End-user (Retail, BFSI, Telecom and IT, Healthcare, and Others ), Deployment (On-premise and Cloud ), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the customer analytics applications market between 2022 and 2027 is USD 13.94 billion.
An increase in the adoption of customer analytics by SMEs is notably driving market growth. Achieving organizational goals heavily relies on enhancing the efficiency and performance of business operations. A customer-centric approach entails dealing with massive amounts of customer data that need to be stored, managed, and processed in real-time. Small and medium-sized enterprises (SMEs) generate different types of customer data, such as customer demographics, sales, marketing campaigns, website usage, and conversations.
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Data integration issues on customer analytics applications are a significant challenge hindering market growth. Enterprises use customer analytics applications to analyze customer data generated from various types of systems. With the proliferation of smart devices and internet usage, data is being generated at an unprecedented rate, leading to cluttered data types. Companies store data on-premises infrastructure, on the cloud, or using a combination of both, depending on the sensitivity of the data. However, these IT architectures can create complexities while migrating in-house data from on-premises infrastructure t cloud-based software programs due to differences in protocols, resulting in interoperability issues as data can be stored in various formats.
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The customer analytics applications market has segmented by End-user (Retail, BFSI, Telecom and IT, Healthcare, and Others ), Deployment (On-premise and Cloud ), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
· The market share growth by the retail segment will be significant during the forecast period. The retail sector is experiencing a surge in the adoption of customer analytics applications, thanks to the proliferation of retail and e-commerce companies worldwide. Retail companies are leveraging customer analytics applications to analyze customer data more effectively, build stronger customer relationships, and improve their performance in the marketplace.
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Key Companies in the customer analytics applications market:
Adobe Inc., Alphabet Inc., Alteryx Inc., Exigent Group Ltd., International Business Machines Corp., LatentView Analytics, Microsoft Corp., Oracle Corp., QlikTech international AB, Qualtrics LLC, Salesforce Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Tata Consultancy Services Ltd., Telefonaktiebolaget LM Ericsson, Teradata Corp., Thales Group, TikaMobile Inc., and Zoho Corp. Pvt. Ltd.
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Deployment
Market Segmentation by Geography
Drivers, Challenges, & Trends
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