Different buying mediums and the need to track customer buying behavior is expected to drive the multichannel analytics 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 multichannel analytics 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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