The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Customer Analytics Market.
It was estimated prior to this unanticipated outbreak Customer Analytics Market will reach CAGR of 17.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Customer Analytics Market Insights
Customer Analytics market is likely to witness an impressive CAGR of 17.8% during the forecast period. Advancements in consumer experience into digital and virtual platforms with the development of technologies such as Artificial Intelligence and Machine Learning coupled with the increasing number of individuals using social media, web portals, and smartphones, supported by the rising storage capacity of these databases is the major factor driving the high growth of the customer analytics market over the next five years.
Segment Analysis
Customer Analytics Market Share: By Deployment Mode Type
Based on the deployment mode type, the market is segmented as on-premises and cloud. The cloud segment is expected to grow at a higher pace during the forecast period, owing to its various benefits, such as ease of deployment, cost-effectiveness, adaptability, and easy & quick maintenance provided by software providers through cloud-based platforms.
Customer Analytics Market Share: By Application Type
Based on the application type, the customer analytics market is segmented as brand management, campaign management, churn management, customer behavioral analysis, product management, and others. The product management segment is projected to witness the highest growth during the forecast period, driven by its increasing usage in the large enterprises to enhance their customer experience to improve reliability.
Customer Analytics Market Share: By Region
In terms of regions, North America is estimated to be the largest market and is also projected to register the highest growth in the market, during the forecast period, fueled by the high demand from the USA. The dominance of the region is attributed to the large customer base in the region including small, medium, and large enterprises. Presence of a large number of customer analytics solution providers in the region is another factor indicating dominance of the region in the market.
