Service analytics solution helps in collecting and analyzing the generated data through various service systems, such as the Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), and Product Lifecycle Management (PLM), as well as real-time data sources. The service analytics technology aims to optimize and improve enterprise operations through enhanced quality services. The ervice analytics solution helps in scheduling the service procedures in a rapid and precise manner, thus an organization can deliver a high level of customer satisfaction through continuous service support. Additionally, this solution enables organizations to fully leverage their business data to meet the customer demands, streamline processes, and maximize resources. With the help of the service analytics solution, service teams can predict, protect, and avoid customer’s pain points. Moreover, organizations are struggling to generate optimal insights through data analysis in data-driven decision-making. Hence, the increasing need to analyze service data has driven the need to find solutions from raw data for making critical decisions. Service analytics provides tools, which can be used to analyze and process data for generating insights that are helpful for decision-making. The service analytics market is expected to grow from USD 546.4 million in 2018 to USD 1,056.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period. Factors, such as the increasing business need for better client and customer interactions and the need to become more data-driven are accelerating the growth of the global service analytics market.
The retail and eCommerce industry is expected to account for the largest market share during the forecast period
Among industries, the retail and eCommerce industry is expected to continue to account for the largest market share during the forecast period. The major factors driving the retail and eCommerce industry is the increasing eCommerce industry and rising retail stores going digital, which has led to the generation of huge services and customer data for performance improvement. The need to understand the customer behavior for delivering customized services is supporting the adoption across this industry.
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The cloud segment is expected to grow at a higher CAGR during the forecast period
The cloud segment is expected to account for a higher growth rate, as compared to the on-premises segment, due to the advancements in cloud technologies. Moreover, cloud-based solutions provide agility and flexibility in use. The cloud deployment model is witnessing an increasing demand, due to its cost-effectiveness and easy availability. Moreover, these solutions require less physical setup, incur low maintenance costs, and provide 24/7 accessibility even from the remote location.
The service analytics market includes an expansive number of vendors providing solutions and services, such as Oracle (US), Salesforce (US), ServiceNow (US), SAP (Germany), SAS (US), Tableau (US), Microsoft (US), ClickSoftware (US), Centina Systems (US), Paskon (US), Numerify (US), Field Squared (US), Helpshift (US), Aureus Analytics (Singapore), NetEnrich (US), BlueFletch (US), mobi corp (US), DataHero (US), Agile CRM (US), Sisense (US), and MicroStrategy (US). The other stakeholders of the service analytics market includes research organizations, network and system integrators, and service providers. The players in the service analytics market have embraced different strategies to extend their worldwide presence and market shares. Partnerships, new product launches, product upgradations, mergers and acquisitions, joint ventures, and business expansions are observed to be the significant strategies embraced by the market players in the service analytics market.
Microsoft was founded in 1975 and is headquartered in Washington, US. It is a multinational technology company, which develops, licenses, and supports a wide range of software products, services, and devices. In January 2017, Microsoft announced a strategic alliance with Ernst & Young to develop and deliver innovative, high-performance intelligence and analytics advisory services in India. These services are powered by Microsoft’s comprehensive digital and cloud technologies, including Azure Analysis Services, Machine Learning, Power BI, and Cortana Intelligence Suite. Earlier in July 2015, the company acquired FieldOne Systems, a field services management software solution provider. FieldOne Systems’ FieldOne Sky platform provides capabilities, such as scheduling and dispatch, automated routing, inventory management, and customer communications. Additionally, it is investing a large amount of its annual revenue in R&D to deliver an innovative set of products and make a strong foothold in the untapped markets. For instance, in 2018, the company invested USD 14.73 billion in R&D.
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ServiceNow, a publicly held company, was founded in 2004 and is headquartered in California, US. The company is among the established players in the service management industry catering to the diverse requirements of various departments, including IT and customer services, in an enterprise. ServiceNow continues to enhance its products with new features and functionalities through multiple upgrades each year for offering its customers with the benefits of the ongoing innovation. The company has invested a significant amount in R&D, which is USD 377.5 million, amounting to 20% of its overall revenue in 2017. Furthermore, the total expenditure on R&D increased in 2017 with the rise in its annual revenue, due to upsell and improved customer base depicting the strong performance in the financial year 2017.
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