The global customer analytics applications market is expected to post a CAGR of more than 13% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled global customer analytics applications market 2019-2023. (Graphic: Business Wire)
Customer-focused industries are increasingly using customer analytics for the development of personalized communication and marketing programs. This is mainly due to the growing demand for personalized experience from consumers. Customer analytics analyzes customer buying patterns, which helps in customizing marketing campaigns based on the data, thereby, improving customer experience and their retention rate. Thus, the growing demand for improved customer satisfaction will stimulate the demand for customer analytics applications during the forecast period.
As per Technavio, AI-powered customer analytics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global customer analytics applications market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Customer Analytics Applications Market: AI-Powered Customer Analytics
The use of artificial intelligence (AI) is increasing significantly, owing to its ability to improve customer experience concerning personalization, content creation, and chatbots. Thus, the emergence of AI-powered customer analytics will be a key trend that will boost market growth during the forecast period.
“Apart from the emergence of AI-powered customer analytics, other factors such as the use of IoT data in customer analytics, and the growing number of partnerships and acquisitions will have a significant impact on the growth of the customer analytics applications market value during the forecast period,” says a senior analyst at Technavio.
Global Customer Analytics Applications Market: Segmentation Analysis
This market research report segments the global customer analytics applications market by end-user (retail, BFSI, telecom and IT, healthcare, manufacturing, and others), and geographic regions (APAC, Europe, North America, South America, and MEA).
The North America region led the customer analytics applications market in 2018, followed by Europe, APAC, South America, and MEA, respectively. The dominance of North America can be attributed to factors such as the rise in the adoption of public cloud services and the presence of established vendors in the region.
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