The Global Market for Customer Experience Analytics Is Expected to Grow from $53 Million in 2019 to $117 Million in 2028
Companies with leading customer experience strategies report increased revenue and profit margins as well as improved customer loyalty and retention
A new report from Navigant Research discusses how competition, regulatory pressure, and ownership structures are significant drivers for adoption of customer experience (CX) analytics. The report provides global market forecasts, segmented by CX type and region, through 2028.
For decades, electricity was regarded as a commodity taken for granted by most customers, and electricity providers were rarely noticed until something went wrong—usually through a billing error or power outage. Today, as the Energy Cloud transition shifts energy supply to energy services, CX is becoming increasingly important. Click to tweet: According to a new report from @NavigantRSRCH, the global market for CX analytics is expected to grow from $53.0 million in 2019 to $116.7 million in 2028.
“There is an incredible amount of uncertainty among utility incumbents about what products and services to develop for the future electricity customer,” says Stuart Ravens, principal research analyst with Navigant Research. “By investing in CX analytics and applying insights into business processes, utilities and electricity suppliers can make great strides to build products and services around customers’ future requirements and bring much needed clarity to future business model development.”
CX-leading companies report that their efforts have resulted increased revenue and profit margins as well as improved customer loyalty and retention. As the Energy Cloud transition continues to unfold, bringing unprecedented disruption and complex new business models, addressing these issues will be critical to success.
The report, Customer Experience Analytics, discusses how competition, regulatory pressure, and ownership structures have been significant drivers for adoption of CX analytics. The study analyzes the disruption that comes with the transition to the Energy Cloud, particularly in the shift of business models from energy supply to energy services. Global market forecasts, segmented by CX type and region, extend through 2028. The report examines CX analytics opportunities and technology obstacles to bring much needed clarity to future business model development. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, Customer Experience Analytics, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.