Customer relationship
management (CRM) analytics are used in identifying the right metrics for
customer satisfaction. It is also known as customer analytics. The need for
maintaining successful relationships with customers and the access to social
media channels by instant branding of products are factors beckoning its
integration into business processes by enterprises and large companies. The
global CRM analytics market report by Market Research Future (MRFR) considers
the various drivers and challenges for the period of 2017 to 2023 (forecast
period) while considering the outbreak of the COVID-19 virus.
Market
Scope
The
global CRM analytics market is expected to grow at a CAGR of approximately 13%
during the forecast period. It can balloon to a market size of USD 9 billion by
2023.
The
major factors driving the growth of the global CRM
analytics market is the rising awareness among enterprises in retaining
valuable customers and increased competition among large businesses.
Furthermore, increase in data and development of programs and applications for
providing insights into sales are expected to boost the global CRM analytics
market growth. CRM analytics offers fact-based information on overall product
demand, sales process, pricing effectiveness, and customer price sensitivity.
Other
factors such as the huge need for CRM analytics annually due to the generation
of large amounts of data and segmentation of customer demographics for easy
marketing and targeting can bode well for the market. Development of predictive
models which rely on various metrics and reduce risk can be attractive to
business owners of various sizes. Furthermore, CRM analytics solution providers
are proving services through browser extensions and mobile applications and
being flexible to client requirements. The design of websites which can
accumulate data due to customer behavior on home pages, social media channels,
and official sites can lead to actionable insights.
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Segmentation
The
global CRM analytics market is segmented by type, deployment, organization
size, and end-users. By type segment, the market consists of marketing
analytics web, sales analytics, contact center analytics, customer analytics,
and social media analytics. By deployment, the market is segmented into cloud
and on-premise. By the organization size, the market is segmented into small,
medium, and large enterprises. On the basis of end-user segment, the market is
segmented into hospitality, transportation and logistics, BFSI,
telecommunications and IT, energy and utilities, retail & wholesales,
manufacturing, healthcare and life science, media and entertainment, and others.
Regional
Analysis
The
global CRM analytics market is studied for four major regions: Asia Pacific
(APAC), North America, Europe, and Rest-of-the-World (RoW). It has been
observed that North America region accounts for the largest share in the global
CRM analytics market. This is attributed to the generation of large volumes of
pertinent data and increased awareness to retain valuable customers. Recently,
Microsoft Corporation launched Microsoft Dynamics 365 which provides various
applications for tracking, analysis, and management of customer information.
APAC
is expected to be the fastest growing in the CRM analytics market owing to the
emergence of small & medium enterprises and competition among enterprises
to retain the valuable customers. Other factors such as growing sectors of
BFSI, transportation and logistics, telecommunications and IT, healthcare and
life science, and others are fuelling the global CRM analytics market growth.
Retention of customers during the COVID-19 pandemic as well as use of new
solutions for attracting new clients can drive the market demand in the region.
Competitive
Outlook
SAP
AG, SAS Institute Inc., Accenture PLC, Salesforce Inc., Angoss Software
Corporation, Microsoft Corporation, Infosys Ltd, Oracle Corporation, IBM,
Infor, and Teradata Corporation are key players of the global CRM analytics
market.
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CRM Analytics Market Research Report:
Information by Technology (Hall Effect, Magneto Resistive, Variable
Reluctance), By Application (Automotive, Industrial, Aerospace & Defense,
Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle
East & Africa, and South America)—Forecast till 2030
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