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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