The Service Analytics Market is Predict to reach USD 2.0 Billion by 2031, at a CAGR of 14.7%

Service Analytics Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Service Analytics Market size is expected to reach $2.0 billion by 2031, rising at a market growth of 14.7% CAGR during the forecast period.

The SMEs segment would register a CAGR of 15.4% during (2024 - 2031). SMEs increasingly recognize the value of service analytics in improving customer support, optimizing resource allocation, and enhancing operational efficiency. Although SMEs typically have smaller budgets than large enterprises, the growing availability of cloud-based and cost-effective service analytics solutions has enabled them to adopt these tools without heavy infrastructure investments.

The Solution segment is generating the highest revenue in the Global Service Analytics Market by Component in 2023; thereby, achieving a market value of $1.1 billion by 2031. This segment is growing due to the rising demand for sophisticated analytics platforms and tools that assist organizations in optimizing their service operations, improving decision-making, and enhancing consumer experiences. Businesses from a variety of sectors are implementing these solutions to capitalize on real-time data insights and predictive analytics, thereby enhancing the efficiency of resource management and service delivery.

The On-premise segment exhibits a CAGR of 15% during (2024 - 2031). In industries such as banking, healthcare, and government that have strict data security requirements, numerous organizations prefer on-premise deployments. On-premise solutions provide greater control over data management and security, which is crucial for companies handling sensitive information. Additionally, organizations with large in-house IT infrastructure may opt for on-premise solutions to maintain direct oversight of their analytics systems and ensure compliance with internal policies.

The Customer Service Analytics segment is leading the Global Service Analytics Market by Application in 2023; thereby, achieving a market value of $806.9 million by 2031. This segment's dominance can be attributed to businesses' increasing emphasis on improving customer satisfaction, retention, and loyalty through data-driven insights. Companies are leveraging customer service analytics to monitor real-time interactions, assess customer satisfaction levels, and identify areas for improvement in service delivery.

The IT & Telecom segment is experiencing a CAGR of 14.3% during (2024 - 2031). Telecom companies, in particular, use service analytics to monitor network performance, predict service disruptions, and improve customer support. As the telecom industry continues to evolve with the expansion of 5G networks and IoT technologies, the demand for real-time service analytics to manage service quality and customer satisfaction is growing. The segment's emphasis on optimizing service delivery and adapting to rapidly evolving consumer demands has established it as a significant contributor to the overall expansion of the service analytics market.

Full Report: https://www.kbvresearch.com/service-analytics-market/

The North America region dominated the Global Service Analytics Market by Region in 20231; thereby, achieving a market value of $718.1 million by 2031. The Europe region is poised to grow at a CAGR of 14.3% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 15.3% during (2024 - 2031).

List of Key Companies Profiled

• Cloudera, Inc.
• MicroStrategy, Inc.
• Microsoft Corporation
• Oracle Corporation
• Salesforce, Inc.
• SAP SE
• ServiceNow, Inc.
• SAS Institute Inc.
• Domo, Inc.
• Google LLC

Service Analytics Market Report Segmentation

By Enterprise Size

• Large Enterprises
• SMEs

By Component

• Solution
• Services

By Deployment

• Cloud
• On-premise

By Application

• Customer Service Analytics
• IT Service Analytics
• Field Service Analytics

By End Use

• BFSI
• IT & Telecom
• Retail
• Healthcare
• Manufacturing
• Government
• Other End Uses

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Service Analytics Market Size Report | 2031

• September-2024
• 141 Pages

LAMEA Service Analytics Market Size & Analysis Report 2031

• September-2024
• 157 Pages

Europe Service Analytics Market Size | Industry Trend 2031

• September-2024
• 157 Pages

Asia Pacific Service Analytics Market Size, Share Report 2031

• September-2024
• 158 Pages