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 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.
CRM Analytics Market Scope
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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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.
CRM Analytics Market Key Players
- Salesforce Inc. (U.S.)
- Microsoft Corporation (U.S.)
- IBM (U.S.)
- Oracle Corporation (U.S.)
- Infor (U.S.)
- Accenture PLC (Ireland)
- SAP AG (Germany)
- Infosys Ltd (India)
- SAS Institute Inc. (U.S.)
- Angoss Software Corporation (Canada)
- Teradata Corporation (U.S.)
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CRM Analytics Market Segmentation
The global CRM analytics market is segmented by type, deployment, organization size, and end-users.
The CRM analytics market under this segment includes sales analytics, customer and contact center analytics, along with social media analytics including the marketing analytical web.
Deployment of the CRM analytics market is either cloud-based or on-premise.
- Size of the organization
Based on the size of the organization, CRM Analytics can be adopted by small, medium, and large-size enterprises.
- Market end-users
CRM analytics are used across various industry vertices like life science, manufacturing, energy, healthcare, utilities, wholesales, media, logistics, entertainment, transportation, and hospitality amongst others.
CRM Analytics Market 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.
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