Service Analytics and its growing challenge

What is Service Analytics ?

The process of obtaining, processing, and analysing data generated by the operation of a service system in order to improve and personalise the service and create value for both the consumer and the provider is known as service analytics. Businesses rely heavily on data to improve their performance. Most businesses are plagued by missing or obsolete data that cannot answer crucial business questions. As a result, they struggle to offer the correct information at the right moment. These businesses may use service analytics to improve customer experience by optimising service centre and field service performance.

Types of Business Application

  • Field service analytics

  • Customer service analytics

  • (IT) service analytics

How is Service Analytics beneficial in different industries?

The expansion of the service analytics market is being driven by the demand for greater client and customer contact in order to preserve customer happiness, as well as the competitive pressure to become more data-driven.

During the projected period, the retail and eCommerce industries are expected to continue to hold the highest market share. The burgeoning eCommerce business and rising retail stores going digital are the key reasons driving the retail and eCommerce industries, which has resulted in the development of massive services and consumer data for performance improvement.

The demand for service analytics is driven by rapidly changing market dynamics, increased consumer demand for personalised services and goods, and increasing manufacturers' willingness to facilitate better quality services.

Accelerated industrialization in advanced and emerging countries, as well as service providers' increasing adoption of service analytics tools and software to boost client interaction and improve customer experience, are expected to propel the global market forward.

Other factors that are expected to promote the growth of the global market include increasing service provider use of service analytics tools, as well as rising government expenditure on infrastructure development to gain a competitive advantage.

For a deeper dive, buy a complete report:

Service Analytics: 14.6% CAGR

Projected Revenue: 1,083 million from 2020 to 2027

Full Report:

Conclusion: Today's businesses are focusing on strengthening their customer service procedures to achieve a competitive advantage in an increasingly competitive industry. Customer service centres that perform well often have lower operational expenses, happier customers, and higher revenue per customer. Enterprises use service analytics solutions to maximise customer value by raising retention rates, increasing up-sell and cross-sell rates, and evaluating customer profitability and inclination to acquire a specific service.

Published Date : July-2021

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