Global CRM Analytics Market - Overview
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.
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.
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Market Scope
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.
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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