Customer Analytics Market

Customer Analytics Market size touched of USD 12.1 billion in 2021 and is projected to reach USD 44.0 billion in 2029, growing at a very high CAGR of 17.5% during the forecast period from 2022-2029 attributed to changing landscape of business intelligence.

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Key Customer Analytics Market Drivers

Major factors driving customer analytics market are growing need to understand customers purchasing behaviour, increasing adoption of advanced technologies such as Artificial Intelligence (AI), Big Data Analytics and Machine Learning (ML) and rising adoption of predictive analytics models. Major companies in the retail sector are increasing using technologies such as AI and Big data and predictive analytics models to leverage customer analytics to provide seamless shopping experience to its customers across different channels such as Online and Store. Worldwide over 245 million people visit 10,900 stores of Walmart, which is an American retail corporation. As Walmart has huge customer base worldwide, it leverages big data analysis for developing predictive capabilities in its mobile applications. This mobile application provides shopping list by analysing customers weekly purchases and gives them information about similar kind of products with discount offers on its website. Further, Walmart uses big data to leverage analytics in real time. In United States, whenever a customer enters a Walmart’s store, geofencing feature in Walmart’s mobile application senses their movement and mobile app asks them to enter in “Store Mode”. When customer enter in store mode, they can scan QE code which provides them special discounts and offers on products that they want to purchase.

Growing social media awareness amongst consumers is one of the major factors propelling the customer analytics market. Companies are increasingly adopting social media analytics to increase brand awareness amongst consumers and expand customer reach through social media platforms like Instagram and Facebook. Amazon displays its products on YouTube and other social media outlets to attract customers to purchase its products. In addition, data breaches worldwide are increasing rapidly. As per recent estimates, in United States, 1862 cases of data compromise were registered in 2021, which indicates an increase of more than 65% as compared to 2020. As the number of data breaches are increasing, architecture of big data in customer analytics is becoming more important for securing data. Furthermore, organizations are focussing to convert information into digital form for collecting insights for strategic decision making, which is augmenting the adoption of customer analytics solutions. However, increase in multi-channel business and marketing, is creating complexities in data synchronization, which is restricting the growth of customer analytics market.

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Based on Deployment Mode, Cloud segment is projected to grow at robust CAGR.

Cloud based solutions are gaining traction in the customer analytics market because it is can be accessed from remote locations as per convenience and it offers numerous benefits to organizations such as increased scalability and adaptability. Small and Medium Enterprises worldwide, are preferring to use cloud-based deployments over on-premises deployment due to its cost-effective features, 24*7 maintenance and support services provided by vendors and its easy deployment.

Based on Application, Product Management segment is forecast to grow at the fastest rate.

Huge volumes of data are generated during customer journey including prices and product features. Organizations are increasing adopting customer analytics solutions for analysing customers purchasing behaviour, to gather information about particular segments, which are not performing as per their expectations which in turn, helps them to taking strategic decisions for improving sales of that segment. In addition, large enterprises invest huge amounts of capital on product management to increase customers satisfaction. Customer analytics solutions allows companies to make strategies in real-time related to product development and pricing, based on data collected through customer journey mapping.

Industry Vertical: Segment Analysis

Major enterprises operating in the retail and e-commerce vertical are increasingly using customer analytics solutions to provide individualized communications to consumers and facilitating their marketing operations. In addition, due to increasing consumers acceptance towards online shopping and, e-commerce platforms have emerged out be one of the major distribution channels worldwide. As per recent estimates, e-commerce sales across United States in 2021 were valued around USD 870 billion, which indicates an increase of more than 14%, as compared to 2020. As the number of online orders are increasing, companies will increase the usage of customer analytics solutions for analysing real-time data, which is expected to have positive impact on the segment’s growth. Furthermore, various banking and insurance organizations are using customer analytics for estimating customers lifetime value to increase their cross-selling.

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According to customer analytics marketing research report, North America is expected to dominate the market.

Major companies across United States and Canada are increasingly adopting customer analytics solutions to meet consumer’s needs. Companies in United States are focussing to raise their marketing expenses, which is increasing the demand for customer analytics. In addition, the adoption of big data in the North American region is increasing, as organizations are using these solutions for analysing trends and patterns, which is propelling the market growth.

Top Market Players

Leading players operating in the customer analytics market are Google LLC, Adobe, Inc., SAP SE, Microsoft Corporation, SAS Institute, Oracle Corporation, Salesforce.com, Inc., Teradata Corporation, Manthan Systems, and Mixpanel, among others.

Key Developments:

• • In March 2022, Adobe, a leading computer software company announced the launch of new customer journey analytics feature under its Adobe’s Experience Cloud. This new feature will help companies to test real-world scenarios and analyse for understanding how small changes in their products can impact customer journey.
  • In July 2021, Microsoft, a leading developer of software products based out of United States, completed the acquisition of Suplari. Through this acquisition Microsoft plan to develop insight driven solutions, which will help enterprises in strengthening their finance and procurement department.
  • In February 2020 Salesforce announced that it has acquired Evergage, a major customer data platform enterprise. Through this acquisition Salesforce leveraged Evergage’s cross-channel personalization capabilities for increasing customer satisfaction at every touchpoint through customer journey.

Segments covered in the Report:

The Global Customer Analytics market has been segmented based on the component, deployment mode, organization size, application, data source, industry vertical, and region. Based on the component, the market is segmented into solutions and services. The solution is further segmented into Data Management/Extract, Transform, Load, Voice Of Customer, Analytical Tools, Social Media Analytics, and Dashboard And Reporting. Service is further segmented into Professional Services and Managed Services. Professional services are further segmented into Consulting, Integration and Deployment, Support and Maintenance, and Education and Training. Based on Deployment Mode, the market is segmented into Cloud and On-Premises. Based on organization size, the market is segmented into Large Enterprises and Small and Medium Enterprises. Based on Application, the market is segmented into Brand Management, Campaign Management, Churn Management, Customer Behaviour Analysis, Product Management, and Others. Based on the data source, the market is segmented into Web, Smartphones, Social Media, Email, Store, Call Center, and other Data Sources. Based on industry vertical, the market is segmented into Banking, Financial Services, and Insurance, Retail and Ecommerce, Telecommunications and Information Technology, Energy and Utilities, Manufacturing, Transportation and Logistics, Government and Defense, Healthcare and Life Sciences, Media and Entertainment, Travel and Hospitality, and Other Industry Verticals.

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Market Segmentation

Global Customer Analytics Market by Component   

• • Solutions
    • Data Management/Extract, Transform, Load
    • Voice of Customer
    • Analytical Tools
    • Social Media Analytics
    • Dashboard And Reporting
  • Services
    • Professional Services
      • Consulting
      • Integration and Deployment
      • Support and Maintenance
      • Education and Training
    • Managed Services

Global Customer Analytics Market by Deployment Mode      

• • Cloud
  • On-Premises

Global Customer Analytics Market by Application                   

• • Brand Management
  • Campaign Management
  • Churn Management
  • Customer Behaviour Analysis
  • Product Management
  • Others

Global Customer Analytics Market by Data Source                  

• • Web
  • Social Media
  • Smartphone
  • Email
  • Store
  • Call Center
  • Other Data Sources

Global Customer Analytics Market by Industry Vertical                         

• • Banking, Financial Services, and Insurance
  • Retail and Ecommerce
  • Telecommunications and Information Technology
  • Energy and Utilities
  • Manufacturing
  • Transportation and Logistics
  • Government and Defense
  • Healthcare and Life Sciences
  • Media and Entertainment
  • Travel and Hospitality
  • Other Industry Verticals

Global Customer Analytics Market by Region

• • North America Customer Analytics Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Data Source
    • By Industry Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Customer Analytics Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Data Source
    • By Industry Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Customer Analytics Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Data Source
    • By Industry Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • ROW Customer Analytics Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Data Source
    • By Industry Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Customer Analytics Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • Google LLC
  • Adobe, Inc.
  • SAP SE
  • Microsoft Corporation
  • SAS Institute
  • Oracle Corporation
  • Salesforce.com, Inc
  • Teradata Corporation
  • Manthan Systems
  • Mixpanel