United States CX Analytics market is
anticipated to grow at a high CAGR in the forecast period 2024-2028. The emergence of modern technology such as artificial
Intelligence, block chain and rapid development of internet, and innovation in digital technology has enabled the
adoption of CX analytics in the forecast period. In addition, the market is
being driven by several factors, such as the increasing adoption of digital
channels, the growing importance of customer experience, and the rise of big
data. The increasing focus on customer experience across industries are
enabling CX analytics solutions. These solutions can help enterprise to improve
the customer experience, increase customer satisfaction, reduce churn, increase
sales, and improve operational efficiency. Overall, the United States CX
Analytics Market is expected to grow significantly in the coming years.
Customer experience analytics (CX analytics) is the
process of collecting, analyzing, and understanding customer data to improve
the customer experience. In addition, it is a methodical approach to collecting
and analyzing customer data through which brands tap into rich customer
insights to understand the needs and wants of their customers and provide them
with the best relevant solution possible. The goal of CX analytics is to
generate actionable insights that can be used to improve the customer
experience and identifying areas where the customer experience can be improved
such as long wait times, poor customer service, or confusing website navigation.
CX analytics offer several advantages for businesses of all sizes. With the
integration of various advanced technologies and analytics in the workplace,
there is a push within the enterprise to use innovative technology to enhance
work environments, employee productivity and build stronger relationships with
the customers. These analytical solutions assist businesses to identify areas
where the customer experience can be improved, such as reducing wait times,
improving agent skills, and resolving customer issues more quickly. In
addition, CX analytics can help the enterprise increase revenue by improving
customer satisfaction and loyalty, which may lead to increased sales and repeat
business, therefore the demand is increasing drastically.
Rising Need for Data Analysis in Marketing
Activities Driving Market Growth
The rising need for data analysis in marketing
activities is driving market growth. By leveraging data, businesses can gain
valuable insights into customer behavior, optimize their campaigns for better
results, and increase return on investment. Data analytics is transforming the
way marketers work by helping them make more accurate and profitable decisions.
Data-driven insights enable marketers to optimize their campaigns for better
results, leading to increased return on investment. Data analytics helps marketers
develop a deeper and more holistic understanding of their customers in terms of
their values, attitudes, belief systems, and preferences. By having access to a
wealth of data, marketers can identify trends and patterns that can help them
make more informed decisions about where to allocate their marketing budget and
how to reach their target audience. Today’s AI-driven data tools can analyze
complex decision-making processes in consumers to deliver actionable insights
and trends for marketers. The priority now is the real-time availability of
insights, and 67% of top marketing performers believe speed is critical to
getting the most out of data-driven insights. Data analytics in digital
marketing gives organizations a competitive advantage. Data analysis enables
marketers and their enterprises to predict and respond to changes in the
marketplace and the expectations of customers. By leveraging data to understand
customer trends and the ever-shifting landscape of the digital marketplace,
companies can be proactive and creative in their marketing strategies.
Overall, data analytics is a more efficient,
innovative approach that connects the art and science of marketing. Data-driven
companies do not leave creativity behind; they find even greater opportunities.
Therefore, the rising need for data analysis in marketing activities is further
attributing to the growth of United States CX Analytics market in the
forecasting period.
The Increasing Adoption
of Cloud Based CX Analytics Solutions
Now a days enterprises
are realizing the need to collect and analyze customer data to understand their
customers’ needs and preferences. This need has proliferated the demand for cloud
based CX analytics solutions for better customer experience. Cloud based CX
analytics solutions are agile, scalable, cost-effective and are hosted in
secure data centers with a high level of support. These solution enables
enterprises identify customer needs by tracking customer interactions, resolving
customer issues quickly and efficiently, and improve customer satisfaction by
tracking customer feedback and identifying areas where the customer experience
can be improved. Moreover, the use of cloud based CX analytics solutions for
better customer experiences is still in its early stages, but it is quickly
becoming an essential part of marketing and customer success strategies. As the
amount of data that companies collect continues to grow, the potential benefits
of cloud based CX analytics will only continue to increase. Therefore, the increasing
adoption of cloud based CX Analytics solutions is attributed to the growth of CX
Analytics in the United States market.
Security
& Privacy Issues Restraining the Market Growth
The
burgeoning fields of customer experience analytics have tremendous potential
for transforming various industries and enhancing customer experiences.
However, the customer analytics market faces several security and privacy
challenges that need to be addressed to ensure widespread adoption and user
trust. In addition, one of the key security concerns in customer analytics market
is information breaches such as personal information, financial data, and
transaction data. As these innovations assemble and handle tremendous
calculations of client information, counting individual and delicate data,
there's an expanded hazard of unauthorized get to,
hacking, or information spillage. Securing this information from pernicious performing
artists and guaranteeing vigorous encryption measures are in put is crucial.
Also, security concerns emerge due to the collection and utilization of
individual data in customer analytics deployment models. Thereby, clients may
feel uneasy around the sum of information being collected around their
behaviours, inclinations, and physical environment which can make it difficult
for companies to collect the data they need for CX analytics.
Straightforwardness in information collection hones, express assent components,
and adherence to protection controls gotten to be pivotal to moderate these
concerns.
Recent Developments
- On January 11,
2023, TTEC Holdings, Inc., an American multinational company specializing in
customer experience (CX) technology and services, announced the expansion of
its partnership with Google Cloud. The expansion will further strengthen TTEC
Digital's cross-platform capabilities in developing and delivering world-class
cloud environments that accelerate real-time interactions with customers across
digital and live channels.
- On December 19,
2022, Graybar, an American multinational company in supply chain management and
logistics services, announced the acquisition of "CX Connexion". With
its positive reputation and extensive service capabilities, the enterprise aims
to provide a solid foundation for accelerating CX analytics growth in the
Chicago market and expanding the enterprise's ability to serve customers,
invest in growth, and position for long-term success.
- On October 14,
2022, QuestionPro, an online survey and research services provider, made a
significant announcement regarding the acquisition of "SuiteCX", a
customer experience, journey mapping, and analytics platform provider based in
the United States. This acquisition was made with the aim of strengthening
capabilities across the lifecycle of the customer experience and providing CX
professionals with much deeper, more informed data about what's working and
what's not in the CX journey.
Market Segments
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, 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 divided
into BFSI, retail, healthcare, media & entertainment, and others. Based on region, the market is segmented
into West Region, North-East Region, Mid-West Region, and South Region.
Market Players
Major
market players of United States CX
Analytics market are 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., and many
more.
Download Free Sample Report
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Attribute
|
Details
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Base Year
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2022
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Historic Data
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2018 –
2021
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Estimated Year
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2023
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Forecast Period
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2024
– 2028
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Quantitative Units
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Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
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Report coverage
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Revenue
forecast, company share, growth factors, and trends
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Segments covered
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Type
Analytics
Deployment
Application
End-User
Region
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Regional scope
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West
Region, North-East Region, Mid-West Region, South
Region
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Key companies profiled
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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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|
Customization scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request)
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Report Scope:
In this report, United States CX Analytics market has been
segmented into following categories, in addition to the industry trends which
have also been detailed below:
·
United States CX Analytics Market, By Type:
o
Solution
§ Data
Management
§ Social
Media Analytical Tools
§ Voice of
Customer
§ Web
Analytical Tools
§ Dashboard
& Reporting
o
Services
·
United States CX Analytics Market, By Analytics:
o Customer
Journey Analytics
o Customer
Feedback Analytics
o Customer
Sentiment Analytics
·
United States CX Analytics Market, By Deployment:
o On-premises
o Cloud
·
United States CX Analytics Market, By Application:
o Customer
Satisfaction
o Customer
Churn
o Customer
Lifetime Value
o Others
·
United States CX Analytics Market, By End-User:
o BFSI
o Retail
o Healthcare
o Media
& Entertainment
o Others
·
United States CX Analytics Market, By Region:
o
West Region
o
North-East Region
o
Mid-West Region
o
South Region
Competitive Landscape
Company Profiles: Detailed analysis of the
major companies present in United States CX
Analytics market.
Available Customizations:
United States CX Analytics market with the
given market data, TechSci Research offers customizations according to a
company’s specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
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of this report or want to confirm the date of release, please contact us at [email protected]