United States CX Analytics Market to be Driven By The Rise of Big Data by 2028
Increasing adoption of digital channels is
driving the United States CX Analytics market in the forecast period, 2024-2028
According to TechSci Research report, “United States CX Analytics Market - By Region, Competition Forecast & Opportunities, 2018-2028F,” the
United States CX Analytics market is expected to register robust growth during
the forecast period, 2024-2028. This is owing to the growing importance of
customer experience among enterprises, which has led to an increased investment
in CX analytics solutions. Additionally, businesses are consistently advancing
their operations by integrating analytical tools that collect, analyze, and
understand website traffic data to improve their business strategy. Moreover,
with the advancement of cloud computing technology in enterprises, many are
enabling cloud based CX analytics in the BFSI and Media & Entertainment
sectors. This has led to an expansion of the market as organizations and
consumers increasingly invest in this technology. Furthermore, as technology
advances and digital channels proliferate, high-end CX analytics have become
more accessible to consumers, resulting in increased demand and market
expansion. Therefore, more and more people are increasingly becoming aware of
the benefits of adopting CX analytics to improve their customer experience.
This has contributed to the growth of CX Analytics in the United States market.
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The United States CX Analytics market is
segmented into type, analytics, deployment, application, end-user, region, and
competitive landscape. Based on type, the market is segmented into solution and
services. The solution segment is further divided into data management, social
media analytical tools, voice of customer, web analytical tools, and dashboard
& reporting. Based on analytics, the market is separated into customer
journey analytics, customer feedback analytics, and customer sentiment
analytics. Based on deployment, the market is bifurcated into on-premises and cloud.
Based on application, the market is divided into customer satisfaction,
customer churn, customer lifetime value, and others. Based on end-user, the
market is segmented into BFSI, retail, healthcare, media & entertainment,
and others. Based on region, the market is segmented into the West Region,
North-East Region, Mid-West Region, and South Region.
Based on solution, the social media
analytical tools segment accounted for the highest share of the CX Analytics
market in the United States, and it is expected to grow at a very high CAGR
between 2024-2028. This is due to the rising proliferation of social media
channels, including Instagram, YouTube, Twitter, Facebook, etc., which have
attracted businesses to collect and analyze customer feedback for better customer
engagement. In addition, most enterprises are under pressure to increase
customer experience; therefore, social media analytical tools have increasingly
been integrated to identify customer pain points and take steps to improve the
customer experience. As the importance of social media continues to rise,
social media analytical tools are expected to fuel market expansion throughout
the projected period.
Based on the end-user, the market is
divided into BFSI, retail, healthcare, media & entertainment, and others.
The BFSI segment accounts for a higher market share of the CX Analytics market
in the United States. CX Analytics is becoming increasingly popular as banks
and financial institutions are using digital channels such as websites, mobile
apps, and social media to interact with customers. Additionally, banks and
financial institutions are subject to numerous government and agency
regulations such as the Sarbanes-Oxley Act (SOX), California Consumer Privacy
Act (CCPA), and General Data Protection Regulation (GDPR). These regulations
require BFSI industry enterprises to collect and store customer data securely
to reduce fraud by identifying fraudulent transactions. Therefore, the use of CX
analytics is expected to grow in the BFSI sector throughout the forecast period.
Key market players in the United States CX
Analytics market include:
- International Business Machines
Corporation
- SAS Institute Inc.
- Adobe Inc.
- Oracle International Corporation
- Salesforce, Inc.
- Avaya Inc.
- Verint Systems Inc.
- OpenText Inc.
- SDL Inc.
- Qualtrics
International Inc.
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“California in the western region,
dominates the CX Analytics market in the United States. This is due to the
presence of various well-established technology enterprises such as Meta
Platforms, Inc., Alphabet Inc., Amazon.com, Inc., and Microsoft Corporation,
among others. Additionally, the region is home to a large and diverse customer
base that provides enterprises with vast amounts of data for collection and
analysis. These enterprises are also rapidly investing in research and
development, thanks to a favorable regulatory environment that fosters the
growth of CX Analytics in the region. Moreover, the west region is an early
adopter of advanced technologies like big data analytics and cloud computing,
which further drives the integration of cloud-based analytics for enhanced
customer experience in applications. Furthermore, high levels of disposable
income and an increasing inclination towards artificial intelligence, coupled
with growing competition among enterprises, contribute to the growth of CX Analytics
in this region more than in others in the United States." said Mr. Karan
Chechi, Research Director at TechSci Research, a research-based global
management consulting firm.
“United States CX Analytics Market
By Type (Solution (Data Management, Social Media Analytical Tools, Voice of
Customer, Web Analytical Tools, Dashboard & Reporting), Services), By
Analytics (Customer Journey Analytics, Customer Feedback Analytics, Customer
Sentiment Analytics), By Deployment (On-premises, Cloud), By Application
(Customer Satisfaction, Customer Churn, Customer Lifetime Value, and Others),
By End-User (BFSI, Retail, Healthcare, Media & Entertainment, and Others), By Region, Competition
Forecast & Opportunities, 2018-2028F,” has assessed the United States CX
Analytics Market's future development potential and provides data and
information on market size, structure, and projected market growth. The
report's goal is to give current market knowledge and assist decision makers in
making informed investment decisions. Furthermore, the study identifies and
analyses emerging trends, as well as key drivers, constraints, and
opportunities in the United States CX Analytics market.
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