The dark analytics market is surging, as it continues to help organisations unearth valuable audience and customer insights from previously unstructured and unanalysed data.
Industry analysts have said most are only accessing about 20 per cent of available data on a regular basis.
As such, the dark analytics market, and its tools which help understand and uncover previously hidden insights is anticipated to register a compound annual growth rate of 21.7 per cent over the 2021 to 2026 period.
That’s according to the Dark Analytics Market – Growth, Trends, COVID-19 Impact, and Forecasts report, which says an increasing number of global retailers have begun exploring different approaches to developing online experiences for digital audiences and customers.
“Some are analysing previously dark data culled from customers’ digital lives and using the resulting insights to improve merchandising, marketing, customer service, and even product development strategies that offer shoppers a targeted and individualised customer experience,” the report states.
The service providers in the dark analytics market have added AI and machine learning capabilities by either merger and acquisitions or by partnering with such companies in the value chain.
The report estimates that $US0.56 of every dollar spent in a store is influenced by a digital interaction.