Facts and Figures in Customer Relationship Management (CRM) Analytics Market
Introduction To CRM Analytics
Customer relationship management (CRM) analytics refers to all those applications used by an organization to evaluate its customer data. The evaluation process helps to facilitate and streamline business choices for an organization. This is done by engaging this data with various personalized campaigns for the customer, so as to complete these customers’ preferable buying cycle.
The tool offers number of applications, such as profitability analysis, customer categorization, predictive modelling, event monitoring, and what-if scenarios among others. The tool also helps to understand buyer behavior, interpret attitudes, identify patterns, and further analyze the data insights. This is done by measuring the effectiveness of customer related processes which facilitates marketing team to execute personalized campaigns.
Through CRM analytics, websites interact with customers more efficiently, which in turn, makes customer data gathering requirements and opportunities more evident. This further results in evaluation of customer service and satisfaction, verification of user data and improvement of supply chain management, by allowing for more aggressive pricing or better pricing policies.
Market Size And Forecast
The market is observing vibrant growth on account of rising focus to retain valuable customers owing to increasing business competition by studying preferences and their overall buying behavior. The CRM analytics market is anticipated to record a CAGR of around 13.1% over the forecast period i.e. 2019-2027. The market is segmented by deployment into on-premise and cloud, out of which, the cloud segment is anticipated to have largest market share on account of increased availability of internet connection with fast speed at a reasonable rate. According to the estimates provided by International Telecommunication Union (ITU), by the end of the year 2018, 51.2% of the global population was using the internet. DOWNLOAD SAMPLE REPORT HERE
Need For Retention Of Valuable Customers
The increasing competitive landscape across industries, such as general and modern trade retail, telecom, BFSI, and others have made the brands increase their digital advertisement expenditure to attract new customers and retain the valuable ones. The rise in technological advancements hereby helps in understanding customers’ buying patterns from digital platforms, through data mining analysis.
Rapid Adoption Of Digitalization
Increased availability of fast internet connection and at a reasonable rate, along with the adoption of cloud based systems over on-premises systems, have allowed small and medium enterprises to adopt modern CRM system based solutions. Additionally, boom in industries such as BFSI, IT and Telecommunications, Healthcare and Life science, Transportation and Logistics and others are fuelling the growth of the CRM analytics market.
Reduction Of Costs In Operational Processes
With rising cost of infrastructure, logistics and transportation, there is a need for increasing efficiency of supply chain management by lowering inventory costs and processing speedier delivery, thereby driving the demand for integration of CRM analytics’ software. These factors are anticipated to support the growth of the market over the forecast period.
Data Security Concerns Related to Cloud Based System
The rising adoption of cloud based system is leading to numerous challenges such as rising level of cybercrimes which include malware, data theft and ransomware among other types of cyber-attacks. Moreover, absence of stringent rules and regulations in order to deal with growing rate of cybercrimes across various countries is expected to hamper the growth of the market throughout the forecast period.
Rising Cost Of Infrastructure
CRM analytics software requires deployment of server either on-premises or on cloud. Although, cloud based systems are comparatively cheaper to that of the former, owing to their low setup cost and minimal use of physical space as on-premises requires a larger space, leading to increased cost of infrastructure.
Our-in depth analysis of the CRM analytics market includes the following segments:
By Organization Size
On the basis of regional analysis, the CRM analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to have largest market share. The growth in the region can be attributed to generation of large volume of data that needs to be analyzed along with increased awareness among various company owners to retain their valuable customers.
Further, Asia-Pacific is expected to gain significant market share on the back of emergence of small, medium and large enterprises, and competition amongst these enterprises to retain their important customers.
The CRM analytics market is further classified on the basis of region as follows:
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