The global multichannel analytics market is anticipated to witness growth over the forecast period. Different buying mediums and the need to track customer buying behavior is expected to drive the market. These solutions gather buyer interaction data over various channels such as mobile, social media, email, web, blogs and searches, etc. and correlate it to extract buying patterns or trends of customers. Multichannel analytics technology drives the sales and profitability of organization by acting as a bridge between vendors and customers. It creates an understanding to calculate ROI and revenues generated which helps the vendors to plan future growth strategies to overcome market challenges.
Increasing adoption of multichannel marketing for customer engagement is expected to drive the multichannel analytics market. Rising online shopping trends owing to widespread internet connectivity is expected to favor market growth over the forecast period. Increasing multichannel buyers may expand the scope of B2C and B2B marketing which is further expected to positively impact market growth. Increasing cloud-based applications and need for unified multichannel analytics solutions may provide new opportunities to market growth over the next six years
The multichannel analytics market can be segmented on basis of various criteria such as services, solutions, organization size, applications, and end-use. These solutions are used in various verticals such as retail & consumer goods, BFSI, healthcare & life sciences, travel & hospitality, government, telecommunication & IT, media and entertainment, etc. Multichannel analytic solutions are used by small, medium and large enterprises for varied marketing and sales activities including customer retention, cross-selling, up-selling, customer experience management, campaign management, performance management, and loyalty programs, etc.
Professional and support and maintenance services are offered in the multichannel analytics market. Type of solutions includes query & reporting, visualization, data mining, predictive analytics, and multidimensional analysis, etc. Few players in the market include Adobe Systems, HP Autonomy, Google Inc., IBM, Ijento, SAP, Oracle, SAS Webtrends, and Teradata Corporation, etc. In November 2014, TeliaSonera, a European telecommunication operator selected HP software to power an initiative to measure, manage, and enhance their customer experience.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.