Companies with leading customer experience strategies report increased revenue and profit margins as well as improved customer loyalty and retention
June 4, 2019 – Boulder, CO – 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.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
