According to a new market research report "Service Analytics Market by Business Application (Customer Service Analytics, Field Service Analytics, and IT Service Analytics), Component (Solution and Services), Deployment Model, Organization Size, Industry, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size 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.
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.
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.
APAC is expected to account for the third largest market share while expanding at the highest CAGR
In terms of market share, APAC is expected to continue its dominance during the forecast period. Service analytics being new in the market, the providers have already invested in R&D to innovate in the service analytics solution and services. Hence, these solution and services providers in the region are expected to consolidate a majority of revenues in the market. Moreover, the region is expected to grow at the highest CAGR during the forecast period. The growing technology expenditures in countries, such as Australia, China, and India, and the demand for cost-effective data management software and services among the Small and Medium-sized Enterprises (SMEs) are expected to drive the market growth during the forecast period.
Vendors providing service analytics software and services include 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).
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