Rapidly varying market dynamics, rising need for customized services and products among consumers, and growing manufacturers' inclination towards facilitating better quality services drives the demand for service analytics market
The incompetence to cope with the speed of modifications in businesses is a key factor for self-service analytics market growth. With the adoption of appropriate self-service tools, the decision-makers can evaluate the latest business and industry conditions which enables them to make suitable decisions. 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. Hence, the global service analytics marketing industry size is projected to reach USD 14 billion by 2028
The growing demand for dashboards to view statistical representation of data is eliciting vendors to introduce some service analytics solutions and services to tailor to various requirements of the organizations and their clients. The key industry participants constantly engage in customizing and upgrading their services to survive in the competitive environment, which in turn offers lucrative prospects for market expansion. Moreover, companies are also concentrating on providing advisory expert services to tackle intricate business problems.
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.
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. Additionally, the factors such as the growing adoption of big data, the huge base of service analytics vendors in the region, and the growing acceptance of IoT devices, are the factors responsible for a high growth rate within the region. 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.
Segment Overview of Global Service Analytics Market
Component Overview, 2018-2028 (USD Billion)
Organization Size Overview, 2018-2028 (USD Billion)
- Small & Medium
Deployment Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Government & Public Sector
- Media & Entertainment
- Retail & E-Commerce
- Telecom & IT
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America