The global customer analytics market was valued at $6,840.0 million in 2018, and is anticipated to surpass $32,521.6 million by 2026, at a CAGR of 21.9%.
Customer analytics is an emerging field with an aim to optimize the supply chain distribution, and also helps in understanding the buying patterns of the customers. The growth of the market is majorly attributed the adoption of customer analytics solutions in order to understand consumer behavior with the help of predictive analytics. In 2020, the market is expected to witness little decline due to lockdown situation as a preventive measure of COVID-19.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|18.6%||21.9%||322||USD 9,707.1 Million||USD 10,121.5 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Increasing emphasis on digital transformations in developing as well as developed economies with an aim to streamline the supply chain distribution and to maximize profits are playing a considerable part in the growth of the customer analytics market. Additionally, the adoption and acceptance of these software solutions amongst the retailers is accelerating due to rising need for superior customer experience and growth in customer retention. Moreover, new products with superior algorithms are projected to drive the adoption of customer analytics solutions, which will eventually drive the growth of the market.
For instance, in September 2019, Quantzi, one of the significant players in the customer analytics market launched an advanced customer analytics solution for consolidation of retail consumer engagement. Moreover, according to company, the software is anticipated to play a significant role in increased customer retention. Additionally, in September 2016, Absolutedata launched AI based customer analytics software. The newly launched software is incorporated with state-of-the art modules such as predictive analytics, identification of prospects, and communication.
In the last quarter of 2019, coronavirus outbreak emerged as an unprecedented global health crisis. All governments across the globe imposed lockdowns in order to prevent the communal spread of the disease. This lockdown has led to a significant decline in industrial and business operations, including retail businesses. Though, online retailing is marginally operable, the disease has hampered this platform in a significant way. However, during this lockdown period, we got to witness several patterns in consumer behavior, which can help the market players to improvise their products. For instance, during lockdown, the global retail industry observed stockpiling, brand loyalty, huge adoption of ecommerce and digital payment systems, and growing concerns for food safety.
The different shifts or phases of consumers can be utilized to develop modern and intelligent customer analytics solutions which can help the users to maximize their profits. Further, integration of advanced computing technologies such as big data, artificial intelligence, and data analytics can leverage the quality of customer analytics solutions after the pandemic.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
Moreover, according to Research Dive, it is projected that the global customer analytics market shall experience a substantial growth after the COVID-19 pandemic crisis. In the midst of the great viral outbreak, the demand for retail has drastically declined due to lockdowns and quarantine conditions. For instance, according to a data published by Amperity, one of the considerable players in the retail and consumer analytics, the demand for 100 retail brands in the U.S. has declined by an estimated 90.0% during this period. Additionally, according to the Global Web Index, majority of the population has shifted from online retail stores to utilization of social media.
Nonetheless, in order to boost the retail businesses, post COVID-19, the companies have to implement different marketing strategies such as email marketing or regional marketing. This need of customized strategies will create a lucrative opportunity for the adoption of customer analytics solutions during the period, which will eventually drive the growth of the customer analytics market. In addition, new concepts such as crisis management and response and optimization of retail supplies are also prominently anticipated to drive the customer analytics market growth post COVID-19.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Customer Analytics Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity