The customer analytics market is expected be $1.6 million in 2014 and forecasted to grow to $4.1 million by 2019 with a compound annual growth rate (CAGR) of 20 percent for 2014 to 2019, according to research from MarketsandMarkets.
The customer analytics market is expected to climb in the regional market of NA. APAC is expected to show a potential growth terms of highest CAGR for overall forecasted period due to the technological advancement and increasing e-commerce trend. Currently, MEA and LA markets are in introductory phase of customer analytics hence could be the best market for investment for next five years.
Analysts at MarketReportsHub.com foresee that the global customer experience management (CEM) market will grow at 17 percent CAGR from $3.8 billion in 2014 to $8.4 billion in 2019. With the increasing churn of customers and the pressure faced by enterprises to sustain growth in this competitive and volatile market, enterprise spending on CEM solutions has increased significantly. The usage of mobile and social media touch points is increasing rapidly for sharing views and ideas.
In order to get globally connected, companies must frequently monitor these touch points and follow up with their customers by understanding their needs and wants for improving customer loyalty and experience. In the competitive world, leading companies will be focusing on customer-centric approach rather than company-centric approach. Toward this, enterprises will be adapting newer ways to connect customers with organizations for regular feedback.