Customer Analytics Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Alphabet Inc., IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE

The Customer Analytics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Customer Analytics Global Market Report 2024, The customer analytics market size has grown rapidly in recent years. It will grow from $10.25 billion in 2023 to $12.14 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to data explosion from multiple channels, shift towards personalization, importance of customer retention, emergence of social media influence, focus on customer journey mapping.

The customer analytics market size is expected to see rapid growth in the next few years. It will grow to $23.89 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to real-time analytics for immediate action, ethical use of customer data, cross-channel integration, hyper-personalization and individualization, and voice of the customer (VOC) analytics. Major trends in the forecast period include collaborative customer analytics platforms, rise of e-commerce and digital channels, predictive analytics for personalization, integration of artificial intelligence (AI) and machine learning (ML), real-time customer analytics.

The rising demand for improved customer satisfaction is significantly contributing to the growth of the customer analytics market. The demand for improved customer satisfaction is rising due to the need to retain customers, gain a competitive advantage, enhance customer loyalty, boost brand reputation, and overall business growth. This need for improved customer satisfaction will lead to significant demand for customer analytics as it assists in identifying activities that result in pleased or unsatisfied customers by analyzing customer behavioral data. Companies undertaking customer analytics may identify tendencies creating unhappiness and execute strategies to retain current customers. For instance, the January 2022 UK Customer Satisfaction Index (UKCSI) increased by 1.6 points from the previous year, which is now 78.4 (out of 100). There has been a massive increase in individuals willing to pay more for better service – up 8.1% points since the COVID-19 pandemic began. This signifies that the need for improved customer satisfaction is growing, and it is a priority for organizations. Therefore, the rising demand for improved customer satisfaction will drive the customer analytics market growth.

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The customer analytics market covered in this report is segmented –

1) By Solution: Social Media Analytical Tools, Dashboard, Extract Transform Load or Data Management, Web Analytical Tool, Reporting, Voice of Customer (VOC), Analytical Tools
2) By Organization Size: Large Enterprises, Small and Medium-Sized Enterprises (SMEs)
3) By Deployment Mode: On-Premises, Cloud
4) By Application: Brand Management, Campaign Management, Churn Management, Customer Behavioral Analysis, Product Management, Other Applications
5) By End-User: BFSI, Wholesale and Retail, Telecommunication and IT, Utilities, Healthcare, Travel and Hospitality, Others End Users

Major companies operating in the customer analytics market are adopting advanced technologies like integration of AI in customer analytics to sustain their position. The integration of AI in customer analytics empowers businesses with advanced capabilities, enabling them to better understand, engage, and meet the evolving needs of their customers. For instance, in February 2023, Bharti Airtel, an India-based multinational telecommunications services company, deploys AI-powered speech analytics solutions for customer service transformation in collaboration with NVIDIA a US-based multinational technology company. With the help of Triton Inference Server and NVIDIA’s NeMo conversational AI framework, the system can automatically recognize speech on 84% of incoming calls made by Airtel to its contact centers. By identifying opportunities for improvement in agent-customer interactions, this cutting-edge technology helps Airtel, which serves over 360 million customers, improve their entire customer experience.

The customer analytics market report table of contents includes: