Service Analytics Market Size Hit USD 1.56 Billion at CAGR of 13.6%, By 2026
Reports And Data
Service Analytics Market Size – USD 0.56 Billion in 2018, Market Growth – CAGR of 13.6%, Market Trends-The adoption of AI and machine learning.
NEW YORK, NY, UNITED STATES, May 4, 2022 /EINPresswire.com/ — The growth of the market is governed by various factors such as rising number of enhanced client and customer interaction
The Service Analytics Market is expected to reach USD 1.56 Billion by 2026, according to a new report by Reports and Data. Service analytics is the method of processing, capturing, and analyzing the data produced from the performance of a service system to extend, enhance, and personalize a service to design value for both service providers and customers. High-level analytics incorporate interrelated technologies, the most popular of which are natural language processing (NLP) and extraction, artificial intelligence/machine learning, and big data technologies. These technologies and methods, while not generally deployed in healthcare, are all practiced to fluctuating degrees by most of the vendors. As these technologies develop, advanced analytics, it will allow more precise predictive and determined capabilities.
The market in the APAC region is expected to witness the highest CAGR of 14.5% during the forecast period. Organizations in the region are developing Data and Analytics tools and platforms to achieve different data sets with more significant volumes and derive more in-depth insights from the data. Enhanced investment tools and services required for the change of existing business methods and the creation of innovative products/services through more profound insights produced from Analytics tools, will establish a significant growth factor.
The Key players in the Service Analytics Market include SAP SE, SAS Institute, Agile CRM, Microsoft Corporation, BlueFletch, Aureus Analytics, Centina Systems, ClickSoftware Technologies, Microstrategy Incorporated, Numerify, Inc., Mobi, Oracle, Salesforce.com, Inc., Sisense, Servicenow, Inc., and Tableau Software.
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Further key findings from the report suggest
• The Service Analytics Market is estimated to reach USD 1.56 Billion by 2026, at a CAGR of 13.6% during the forecast period.
• The solution component accounted for a larger share of 65.1% of the market in 2018.
• The cloud deployment is anticipated to grow at a higher rate of 13.9% during the forecast period.
• The IT service analytics function segment is anticipated to grow at the highest rate of 14.1% during the forecast period.
• The retail and ecommerce application is anticipated to grow at the highest rate of 13.8% during the forecast period.
• North America region accounted for the largest share of 30.3% of the market in 2018. The market in the region is expected to increase due to the growing adoption of cloud solutions by the companies to promote information governance over the expected timeframe. The presence of leading market players in the region aids in the creation and implementation of innovative technologies. The application is motivated by the requirement to track data patterns, thereby examining the business accomplishment.
• Various players are developing strategies to mark their presence in the industry.
• On October 2018, one of the preeminent technology organizations in the world, IBM, acquired Raleigh-based Red Hat for USD 34 billion.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/service-analytics-market
For the purpose of this study, Reports and Data have segmented the market on the basis of Deployment, Component, Function, Application, and region:
Deployment Outlook (Revenue, USD Million; 2016-2026)
Component Outlook (Revenue, USD Million; 2016-2026)
Function Outlook (Revenue, USD Million; 2016-2026)
• Customer Service Analytics
• IT Service Analytics
• Field Service Analytics
Application Outlook (Revenue, USD Million; 2016-2026)
• Retail and eCommerce
• Energy and Utility
Regional Outlook (Revenue, USD Million; 2016-2026)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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Key Advantages of Service Analytics Report:
• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Service Analytics industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Service Analytics market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.