The global market for the Service Analytics is anticipated to develop at a compound annual growth rate (CAGR) of 18.8% throughout the course of the forecast, to reach US$ 9.79 Bn by 2027.
.jpg "The Global Service Analytics Market 2022-2032 (USD Billion)")
The factors such as the growing awareness of IoT devices within the enterprises, the necessity to manage enormous workloads with marginal infrastructure investments, and the implementation of big data analytics solutions for evaluating data which facilitates in make informed business decisions, are responsible for the growth of service analytics market in the past few years.
Service analytics comprises capturing, processing, and scrutinizing the data produced from the performance of a service system to enhance, extend, and customize service to generate value for both customers and service providers. Rapid industrialization within the evolving and developed nations along with the growing adoption of service analytics platforms and tools by service providers to enhance client interaction and customer experience are key factors projected to spur the industry growth over the forecast period.
Service Analytics Market Scope
| Metrics | Details |
| Base Year | 2022 |
| Historic Data | 2017-2018 |
| Forecast Period | 2022-2027 |
| Study Period | 2017-2027 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2027 | US$ 9.79 Bn |
| Growth Rate | CAGR of 18.8 % during 2017-2027 |
| Segment Covered | by Deployment, by Application , by Industry Vertical, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | Microsoft, Teradata, IBM, SAS Institute, Atos, Google, Oracle, AWS, HPE, Salesforce, Cloudera, Hitachi Vantara, MicroStrategy, ThoughtSpot, Qlik, Domo, SAP, TIBCO Software, GoodData, Birst, Yellowfin, Sisense, and more |
Key Segments of the GlobalService Analytics Market
Component Overview
- Solutions
- Services
Organization Size Overview
- Small & Medium
- Large
Deployment Overview
- On-premise
- Cloud
Application Overview
- BFSI
- Government & Public Sector
- Healthcare
- Manufacturing
- Media & Entertainment
- Retail & E-Commerce
- Telecom & IT
- Others
Regional Overview
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
- South America
- Brazil
- Rest of South America
The demand for the service analytics market globally to witness considerable growth in the coming five years. Rapidly varying market dynamics, a rising need for customized services and products among consumers, and growing manufacturers' inclination towards facilitating better quality services without negotiating the profit are ensuing in rising demand for service analytics. Most organizations are often hindered by outdated or incomplete information that is insufficient for responding to critical business questions. Thus, they tussle to deliver the right data to the right individual at the right time. With the help of service analytics, such businesses can leverage the power of timely, reliable, data for optimizing their field service performance and service center, resulting in enhanced customer experience.
Component Segment
The global service analytics market contains both solution and service segments. The solution segment has a maximum revenue share within the global service analytics market in 2019. Service analytics solutions help organizations store, manage, and predict information for analyzing and executing effective business decisions. Several companies are adopting these solutions to scrutinize their internal processes and improve operations. The services segment is anticipated to grow at a significant growth rate from 2020 to 2028.
Organization Size Segment
Based on the organization size segment, the market is bifurcated into two sub-segments are small & medium, and large enterprises. In 2019, the large enterprise segment gathered the largest market revenue and it is anticipated to govern the service analytics market throughout the forecast period. However, the small & medium segment is anticipated to grow at a substantial growth rate over the forecast period.
Deployment Segment
Based on the deployment segment, the market is bifurcated into two sub-segments that are on-premise, and cloud. In 2019, the on-premise segment gathered the largest market revenue and it is anticipated to dominate the market throughout the forecast period. However, the cloud segment is anticipated to grow at a substantial growth rate over the forecast period. The cloud enables organizations with a unified platform with SaaS-based services providing improved security.
Application Segment
Based on the application, the market is segmented into BFSI, telecom & IT, healthcare, retail & e-commerce, automotive, government & public sector, others. The market for the manufacturing sector is anticipated to possess a significant market share in 2019 since the manufacturing companies today are predominantly developing to match their user needs. Moreover, the growing regulatory scrutiny coupled with enhanced customer satisfaction, as well as advantages such as risk management, and customized solutions are some of the factors responsible for the service analytics demand.
The global service analytics market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. North America is considered a mature market in service analytics applications, owing to an outsized presence of organizations with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the service analytics market in North America. However, the Asia Pacific region is anticipated to grow at a staggering CAGR over the forecast period.
The major players of the global service analytics market are Microsoft, Teradata, IBM, SAS Institute, Atos, Google, Oracle, AWS, HPE, Salesforce, Cloudera, Hitachi Vantara, MicroStrategy, ThoughtSpot, Qlik, Domo, SAP, TIBCO Software, GoodData, Birst, Yellowfin, Sisense, and more. The service analytics market is fragmented with the existence of well-known global and domestic players across the globe.