With growing innovation in the information and technology market, customers today are able to use different channels to store and share their data. In such conditions, vendors also require to come up with relevant and interactive content. Multichannel analytics is a business process that collects diverse information from different data channels and correlates it for further analysis. These solutions assist the customers and organizations to analyze and evaluate strategies to achieve success. The global multichannel analytics market is impressively driven by the rising demand for these solutions and changing nature of customer usage. Innovations and technological advancements in this industry across the world are also expected to create strong growth prospects for the global market.
Scope of Research – Segmentation in the Industry
In order to understand the basic drivers, trends, challenges, restraining factors and growth opportunities in the market, researchers segment the global market into different sub-segments. In case of multichannel analytics market, researchers segment the global market on the basis of the types of services, solutions, their deployment and applications and demand across different end-user industries, types of organizations and geographic regions. On the basis of the types of solutions, the global market is segmented into visualization, query and reporting, data mining, predictive analytics, multidimensional analysis, and others. The basic types of services are divided into support and maintenance services and professional services. These services and solutions are available in both on-demand and on-premise modes.
- Applications: Cross-selling and up-selling, sales performance management, loyalty and customer experience management, customer retention, customer acquisition & campaign management
- End-Users: Government, retail, consumer goods, BFSI, telecom and IT, media, entertainment, travel, tourism, healthcare, and such other verticals
- Geography: Europe, Asia Pacific, North America, Middle East and Africa, and Latin America
Drivers, Restraints & Forecasts
According to the researchers, the global multichannel analytics market is strongly driven by growth in the clientele in the industry. Rising number of social customers and customers as multichannel buyers are some of the vital driving factors for the market. Apart from that, rapid rate of adoption of these marketing solutions, especially in the customer engagement are creating strong business opportunities for the players in the market. Lack of expertise is the only major restraining factor for the global market. however, growing requisite of predictive analytics in marketing, increasing adoption of cloud, and growing need for a unified multichannel analytics solutions are also expected to create business opportunities for the existing as well as potential players in the market.
As per the latest research reports, the global multichannel analytics market is expected to maintain an impressive CAGR of over 22%, from 2014 to 2019. During the forecasting period, the industry is anticipated to rise from $3.61 billion (as of 2014) in order to become worth more than $9.89 billion by the end of the year 2019. Asia Pacific region is expected to witness impressive prospects in terms of the growing rate of adoption, applications and revenue channels.