The emergence of technology advancement like internet of things, big data analytics and artificial intelligence is expected to integrate with the service analytics with an aim to offer enhanced customer support by adopting the customer’s behavior when interacting with the customer or clients. In addition to this, artificial intelligence also helps in the predictions of customer’s behavior with the use of historical data in then in accordance with the customer behavior. Thus, available technologies coupled with the rapid advanced capabilities of small and medium enterprises is expected to bring lucent opportunities for the market in the upcoming years.
Rise in adoption of service analytics tools, services and software to increase client satisfaction and client interaction with enhanced customer experience boost the service analytics market growth. Increased industrialization in developed and developing countries are some of the key driving factors for growth of this market. However, lack of infrastructure and lack of awareness with lack of skilled professionals may hinder the growth of the market. Furthermore, increased technological advancement and adoption of cloud in various industries are expected to boost the opportunities for the market. In addition to this, increased government expenditure on infrastructure development with rise in the adoption of service analytics tools to overcome the competitive advantage are some other factors which is expected to grow opportunity in global service analytics market globally.
Customer is the prime focus for any small, medium or large enterprise and hence customer satisfaction is one of major goal for any organization. With the help of service analytics, organizations would be able to respond actively to the changing business landscape, with improved service delivery, tailored personalized products and able to fulfil customer’s expectations and demand. In addition to this, reduced customer acquisition, reduction in retention cost, customer service optimization across channels and insights driven decision making customer service optimizations are some of the features which is offered with the implementation of service analyst. Thus, due to these benefits, organizations are switching toward service analysis and contributing toward growth of the market.
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Major market players such as – Datahero Inc., Microsoft Corp., Microstrategy Inc., Numerify Inc, Oracle Corp., Pakson Inc., Salesforce Corp., SAP SE, SAS Inc ., Servicenow Inc.
The global market is analyzed on the basis of end-user industry, application, type, and region. By region, the market is assessed across North America (Canada, Mexico, and the United States), Europe France, Italy, Germany, Spain, the United Kingdom, and rest of Europe), Asia-Pacific (Australia, Japan, South Korea, China, India, and rest of Asia-Pacific), and LAMEA (Africa, the Middle East, and Latin America).
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Impact of COVID-19 on Service Analytics Market:
- The emergence of COVID-19 pandemic has severely affected almost all industries across the globe. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries has disrupted supply chain of electronic components & networking equipment. This, has led to delay in supply of electronic components required in manufacturing of the network equipment.
- Companies have continued to expand cloud services and application development service during the pandemic. Before the pandemic took hold, various organizations were providing manual release of applications to customers.
- New learnings among companies with respect to work-from-home (WFH) and data accessibility during the lockdown period has resulted in increasing enquiries for space and services at data centers and this trend is expected to create opportunities in for the market during the forecast period.
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The report offers key drivers that propel the growth in the global market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.
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