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
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.
Market
Segmentation
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.
Regional Study
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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