New York, USA, Dec. 15, 2020 (GLOBE NEWSWIRE) -- According to a Research Dive published report, the global customer analytics market valued for $6,840.0 million in 2018 and is estimated to garner $32,521.6 million by 2026, rising at a CAGR of 21.9% from 2019 to 2026.
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Pre- and Post-Pandemic Market Growth by 2026
The global customer analytics industry is predicted to witness an upsurge in growth rate during the forecast period. As per the report, the customer analytics market was likely to rise at a CAGR of 18.6% from 2019 to 2026 prior to COVID-19 crisis. However, the global market is mow projected to rise at a CAGR of 21.9% over the forecast period post COVID-19 pandemic.
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This is mainly owing to the growing emphasis on digital transformations in both developed and developing economies with an aim to maximize profits and streamline the supply chain distribution. Comprehensive analysis on drivers, challenges, opportunities, restraints, and strategies executed by various governments and market players across the globe are further provided in the report.
Scenario of Market Due to COVID-19 Chaos in 2020
The COVID-19 pandemic has adversely affected the global customer analytics market in 2020. This is majorly attributed to lockdown imposed by various governments across the globe to prevent the spread of the life-threatening virus.
This lockdown has led to a substantial decline in business and industrial operations, including the retail business. However, several patterns in customer behavior has been witnessed during the lockdown period, which can help the leading companies of the market to improvise their products.
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The anticipated pre COVID-19 market size for customer analytics market was $9,707.1 million in 2020 and after re-estimations, it is expected to observe slight growth and reach up to $10,121.5 million.
Global Market to Witness Robust After Pandemic
The global customer analytics market is anticipated to experience a significant growth post-coronavirus pandemic. The growing acceptance and adoption of customer analytics software solutions among the retailers, owing to the growth in customer retention and increasing need for superior customer experience are the major factors expected to drive the growth of the global customer analytics market after COVID-19 pandemic. Besides, novel concepts such as crisis management and optimization & response of retail supplies are also anticipated to boost the market growth by 2026.
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Prominent Players and Key Developments
• SAP
• Customer Analytics
• Absolutdata
• Microsoft
• Adobe
• NGDATA Inc.
• Clarity Insights
• Manthan Software Services Pvt. Ltd.
• Google
• Neustar, Inc.
These players are adopting several strategies to acquire a strong position in the global industry, which is anticipated to foster the market growth by 2026. For instance, in February 2019, IBM announced that its new loyalty rewards commerce platform, BUCKiTDREAM is using Watson Marketing in order to provide enhanced personalized brand engagement experiences.
The report summarizes and provides various aspects of all the major players functioning in the overall market such as financial performance, product portfolio, recent developments, strategic moves, SWOT analysis, and many more. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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