Service Analytics Market: What Will Be The Future Growth Opportunities?

An analysis of service analytics market has been provided in the latest report introduced by Global Market Insights, Inc. that primarily focuses on the market trends, demand spectrum, and prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.

North America is expected to dominate the service analytics market over the forecast period. The extensive presence of the major market players, such as SAP, Oracle, Microsoft, and Tableau, along with the favorable adoption IoT in various verticals such as BFSI, retail, and IT & Telecom is expected to influence the growing adoption of service analytics. Also, the presence of a robust cloud infrastructure in the region is facilitating the scalable storage of huge volumes of service-related customer data to be used for gaining analytical insights.

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Service Analytics Market in Asia Pacific is projected to register a lucrative growth between 2018 and 2024 due to the growing digitalization in major economies including India and China along with a booming e-commerce landscape. With a growing number of retailers migrating to digital channels, large volumes of customer data are being generated that can be used for performance improvement. Also, the rising demand for cost-effective data management solutions by SMEs in the region is likely to further accelerate the market growth over the forecast timeline.

Service Analytics Market is expected to register an excellent growth over the forecast timeline owing to growing need for enhancing customer interaction functions for delivering an improved customer experience along with technological advancements in data processing & analytical tools. In an increasingly competitive marketplace, today’s enterprises are emphasizing on improving their customer service processes for gaining a competitive advantage. Companies with well-performing customer service centers typically have lower operating costs, more satisfied customers, and a higher revenue per customer. Using service analytics solutions, enterprises look for maximizing customer value by increasing retention rates, maximizing customer value by increasing up-sell & cross-sell rates, and understanding customer profitability & propensity to buy a particular service.

The companies operating in the service analytics market are engaged in improving the utility of their service analytics solutions by extending their coverage to include extensive data sets of a diverse range of information, enabling actionable proactive intelligence. Their solutions offer key metrics, alerts, and reports to allow service center professionals to take appropriate actions based on facts rather than intuition. In September 2018, Salesforce, a global leader in CRM solutions, announced the Salesforce Customer 360 platform. It allows CRM users to create a holistic, single customer profile and move beyond a department or app-specific view of each customer. This allows companies to connect Salesforce apps and delivers cross-channel, unified customer experiences.

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