Customer Experience Analytics Market Overview:
Customer experience analytics is a section of customer experience management which critically important for the business organization to understand customers feedback. The customer experience analytics offers the business entities to analyse the focussed group and allows to identify the potential customers to become more loyal to their products and services.
Customer experience analytics is a type of consumer data, which is generated when a customer interact with a particular brand. Customer experience analytics is becoming crucial to understand consumer behaviour. In most cases, date collected for customer experience analytics is obtained from multiple touch points, which helps marketers to understand consumer problems and needs. Businesses today are making a greater effort to track each move of their customers right from their purchase pattern to shopping frequency. Customer experience analytics allow brands to analysis their products and services from the customer’s point of view and discover new opportunities. Therefore, customer experience analytics is gaining a tremendous momentum. As per the latest report published by Market Research Future (MRFR), the global market for customer experience analytics will soar at a sound CAGR of 14% during the forecast period (2017-2023) to reach a valuation of around USD 12 Bn.
Increasing importance of customer data and availability of new-age analytic technologies is providing an impetus to the global market for customer experience analytics. Moreover, service providers are actively focusing on the developing more effective analytic platforms that allow business entities to monitor their target audience as well as identify potential customers. These analytic platforms collect customer experience insights from various channels in a cohesive manner. They also help marketers to make smarter and informed marketing decision. Many on the service providers are integrating AI (Artificial Intelligence) and big data analytic capabilities to their platforms. In addition, deployment of touchpoint notification systems in stores and shopping centres is further increasing the efficacy of customer experience analytics. Increasing importance of maximising lifetime customer values and boost customer interaction is driving the adoption of Customer Experience Analytics Market.
Global Market for Customer Experience Analytics Competitive landscap:
Leading companies mentioned in MRFR’s report include OpenText Corporation (Canada), Oracle Corporation (U.S.), Nokia Networks (Finland), Avaya Inc. (U.S.), HP Inc. (U.S.), Adobe Systems Incorporated (U.S.), IBM Corporation (U.S.), Tech Mahindra Limited (India), SAS Institute Inc. (U.S.), and SDL (U.K.).
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Latest Industry Highlights:
- IBM and Apple have recently announced an improvement to their existing partnership. This will see IBM’s Watson Service support Core ML. The partnership also allows Apple to utilise IBM’s newly developed cloud developer console.
- American multinational information technology company HP recently launched a range of industry-leading machine learning (ML) solutions along with HP Z8, which is reportedly the most powerful workstation for ML development.
Global Market for Customer Experience Analytics Segmental Analysis:
MRFR in its report has segment the market on the basis of solution (Voice of Customer, Data Management, Social Media Analytical Tools, Web Analytical Tools, and Dashboard and Reporting), touch points (branch, company website, web, and call center), vertical and region (Europe, Asia Pacific, North America, and Rest of the World (ROW)).
North America is projected to command for the dominant market share in 2017 and beyond. The region is homes of the leading market players, which remains an underling factor driving the market in the region. Meanwhile, the market in Asia-Pacific is also anticipated to reflect a healthy growth rate during the assessment period. Increasing penetration of smartphones and enhanced network connectivity is contribution to the growth of the market in the region.
Moreover, the boom in the e-commerce sector is creating growth opportunities for market players. In Europe, countries such as the U.K. France and Germany are likely to remain important markets for customer experience analytics. Countries such as Mexico, Brazil and Argentina are expected to play an important role in propelling the customer experience analytics market in South America.
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- Technology investors
- Integrated device manufacturers (IDMs)
- Original equipment manufacturers (OEMs)
- Research/Consultancy firms
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