According to latest research of Global Market Insights, Inc., Global Service Analytics Market size is expected to exhibit lucrative growth to 2024 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.
Service analytics refers to the process of acquiring, processing, and analyzing the data generated from the functioning of a service system to enhance and personalize the service to create value for both, the customer and the provider. Enterprises depend largely on information for optimizing their performance. Most enterprises are often hampered by incomplete or outdated information that is inadequate for answering critical business questions. Hence, they struggle to deliver the right information to the right person at the right time. Through service analytics, such enterprises can leverage the power of reliable, timely information for optimizing their service center and field service performance, resulting in an improved customer experience.
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In case of field service management, the use of data analytics enables optimized value by allowing companies to realize maximum efficiency throughout the value chain of downstream and upstream processes. Such a value chain can include different processes wherein technicians install machines, perform inspection, perform emergency or preventive maintenance work, and provide on-site training. An important factor which largely affects customer satisfaction is the service response time. Service analytics solutions allow service providers to optimize the response time by leveraging real-time data acquired at different points in the service-delivery process.
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.
The Asia Pacific service analytics market 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.
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For IT service analytics applications, a variety of products are offered by companies such as service request analytics, service desk analytics, change analytics, and service level analytics with cloud-based data storage capabilities. The cloud-based data warehouse capabilities enable a fast time-to-value through real-time query management without impacting the performance of the operational tools. These solutions provide pre-built analytics applications for specific domains in service management.
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.
Some of the companies operating in the service analytics market are Microsoft, Oracle, SAP, Salesforce, SAS, ServiceNow, Tableau, Centina Systems, ClickSoftware, Numerify, Paskon, Helpshift, Field Squared, MicroStrategy, Aureus Analytics, AgileCRM, Sisense, BlueFletch, NetEnrich, DataHero, and Mobi Corp.
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