Global CRM Analytics Market – Overview
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.
Customer relationship analytics is an application that enables organizations to easily access their data and modernizes business choices. CRM analytics is also used in the online analytical processing by using data mining. It is important for any organization to engage their customers through various personalized and multichannel campaigns as they go through complete buying cycle before thinking of the vendors.
Top players profiled in the report are Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Salesforce Inc. (U.S.), Accenture PLC (Ireland), Teradata Corporation (U.S.), Infosys Ltd (India), SAP AG (Germany), Infor (U.S.), SAS Institute Inc. (U.S.), IBM (U.S.), Angoss Software Corporation (Canada), to name a few.
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Top Boosters and Main Barriers
CRM analytical tools employ an array of applications that help analyze the value of customer-related processes and subsequently offer customer categorization, such as event monitoring, profitability analysis, predictive modeling, what-if scenarios, etc. With the widespread availability of various platforms that help gain access to potential customers, while retaining the existing ones, the requirement for a unified solution for managing the leads has significantly increased. CRM analytics software integrates social media, email, and various other platforms to aid marketers in capturing all the conversations and then store the information.
The rapidly intensifying competition across industries, such as media and entertainment, telecom, retail, among others has prompted several brands to boost their digital ad expenditure in a bid to draw in new customers. The surge in technological advancements to understand the customers’ buying patterns using digital platforms also boost the growth of the CRM analytics market.
The increasing Omnichannel presence across sectors including BFSI, manufacturing and retail has also encouraged marketers to make extensive use of the multi-channel strategy for a variety of purposes, such as brand building, brand awareness, customer retention and lead/sales generation. These ongoing efforts on the part of the marketers and industry participants are believed to be inducing considerable market growth across the globe.
CRM analytics industry has been extensively analyzed by MRFR experts, who have taken into account segments like type, deployment, organization size, and end-users.
The type-wise market segmentation comprises customer analytics, sales analytics, marketing analytics web, social media analytics and contact center analytics. Between these, marketing analytics web is all set to expand significantly in the years ahead, since this type helps organizations in running numerous campaigns and draw in more customers across the channels, while exhibiting the influence of the marketing investments on real-time basis, and develop the sales pipeline.
Depending on the deployment segment, the market caters to cloud as well as on-premise.
The organization size-based segments are small, medium, along with large enterprises.
The primary end-users in the global market are transportation and logistics, BFSI, media and entertainment, telecommunications and IT, healthcare and life science, manufacturing, retail & wholesales, energy and utilities, hospitality, and others.
Asia Pacific or APAC, Europe, along with North America and Rest of the World (RoW) are the primary markets for CRM analytics.
At present, the leading position in the global market belongs to North America, mostly because of the rapidly increasing volumes of data and the soaring need to retain the existing customers. The region also houses a vast industrial sector that includes telecommunications and IT, BFSI, transportation and logistics, healthcare and life science, among others, which fuels the market growth for CRM analytics. North America is also touted to be a forerunner when it comes to cloud services adoption and is a headquarter for some of the most renowned cloud-based marketing solutions vendors like Salesforce, Infor, IBM, and more. This gives rise to lucrative opportunities for the industries interested in deploying cloud-based solutions as well as the CRM analytics market in the region.
The CRM analytics market in APAC is all set to gain traction at the highest rate during the review period, thanks to the fast-paced surge in the number of small & medium enterprises. Further, the increasing contention between enterprises to retain existing customers and reach out to potential ones also benefits the regional market to a large extent. The quickly expanding industries of telecommunications and IT, BFSI, transportation and logistics, healthcare and life science, and others are other growth boosters in the APAC market.
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