Global CRM Analytics Market Analysis
According to Ozone Market Reports, The Global CRM Analytics Market was valued at USD 6.56 Billion in 2018 and is projected to reach USD 14.46 Billion by 2026, growing at a CAGR of 10.39% from 2019 to 2026.
What are CRM Analytics?
CRM (customer relationship management) analytics consist of all the programming that analyzes and interprets data about customers which is then used by various organizations to help facilitate and streamline better business decisions. As companies have started adopting newer and faster ways to connect with their customers, the opportunity and the need to used the data collected about customers has become increasingly important. As a result, a number of CRM software have been developed that perform customer data analysis to give valuable inputs to the companies for better decision making. CRM analytical tools help in many areas, like service and satisfaction evaluation, verification of user data, to better development pricing policies and improvement the supply chain management.
Global CRM Analytics Market Outlook
The growing awareness among enterprises to retain their customers by having a comprehensive understanding of consumer behavior and increased competition are few of the major reasons that may accelerate the demand for CRM analytics. Furthermore, increase in big data and the growing need for sales insights are expected to boost the global CRM analytics market growth. CRM analytics offers factual information on overall consumer information, demand for the product, sales process, pricing effectiveness, and customer price sensitivity, which would further fuel the Global CRM Analytics Market growth.
However, lack of awareness on CRM analytics market and concerns over data management & integration might pose major hindrance to the progress of the market to some extent in the forecast period.
Global CRM Analytics Market, Geographic Analysis
The Global CRM Analytics Market is studied on the basis of key geographies Europe, North America, Asia Pacific and Rest of the World. North American region accounts for a major share in CRM Analytics Market, owing to the large volume of data generated due to sophisticated infrastructure and the growing awareness among enterprises to retain their customers.
APAC is anticipated to be the fastest growing region for this market, owing to the emergence of SMEs and rising competition among enterprises to retain their customer base. Furthermore, increasing industries of BFSI, transportation and logistics, telecom and IT, healthcare and life science, and others are driving the growth of the Global CRM Analytics Market.
Global CRM Analytics Market, Segment Analysis
The Global CRM Analytics Market is segmented on the basis of Type, Deployment Mode, End-Use Industry and Geography. On the basis of Type, the Global CRM Analytics Market is classified into Customer Analytics, Sales and Marketing Analytics, Social Media Analytics, Contact Center Analytics and Others. Based on Deployment Mode, the market is divided into On-Premise and Cloud-Based. Lastly on the basis of End-Use Industry, the Global CRM Analytics Market is classified into BFSI, Retail, Telecommunication and IT, Health Care, Energy and Utilities, Transportation and Logistics, Media and Entertainment and Others. Geographically, the market is analyzed across North America, Europe, Asia Pacific and Rest of the World.
The Global CRM Analytics Market for Marketing Analytics is anticipated to have the largest market share owing to the growing need for the marketing team of any enterprise to evaluate various campaigns across different platforms. In such cases, without the aid of a sophisticated tool in hand, tasks become more complex and tedious. CRM analytics helps various companies to understand the impact of each campaign (on the customers) on the real-time basis and build the sales pipeline accordingly. On the basis of End-Use Industry, Banking, Financial Services and Insurance (BFSI) is expected to be the fastest growing segment, owing to the growing importance of banks to analyze and understand the untapped revenue that can be generated and potential cost saving that can be achieved by using the ‘intelligent analytics’ provided by various CRM software.
Global CRM Analytics Market, Competitive Landscape
The Global CRM Analytics Market is highly fragmented with the presence of a large number of manufacturers globally. Some of the major players include Accenture PLC, Angoss Software Corporation, Infor, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, SAP SE, SAS Institute, Inc., Teradata.
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