Customer relationship management (CRM) analytics is used for organizing mass volumes of consumer data. Modern businesses are inclining towards CRM analytics to gain critical insights in consumer behaviour. Market Research Future (MRFR) report that the global CRM analytics market will exhibit a compound annual growth rate (CAGR) of 13% during 2017 to 2023.
CRM analytics allows streamlining of unstructured consumer data. Growing importance of analysing consumer data is driving the adoption CRM analytics. Such types of analytics facilitate effective data mining.
Modern businesses are trying to engage customers through a myriad of personalized and multichannel campaigns. Such analytical tools enable businesses to store bulk load of customer information in a safe manner, which can even be updated in future. Such business exercise creates a greater customer retention as well as improve bottom-line. Service provider are offering customized CRM solutions based on the specific needs of a business. These services enable faster gathering of information, help create customized experience and facilitate real-time decision-making. Such activities can aid in expanding customer base and solidify customer loyalty.
CRM services are witnessing a high uptake in small and midsized businesses that can gather critical information on customer behaviour. Such activities allow businesses to implement strategies focused on improving the overall customer experience.
CRM analytics is also utilized to obtain factual information on the market performance of a product along with its demand, pricing, sales process and customer preference. Due to growth on the internet, businesses are able to gather massive amount of consumer information on the shopping pattern, purchasing frequency, product preference and customer choice. Such information is further dissected with the help of CRM analytics.
Global CRM Analytics Market: Regional Analysis
The key regions discussed in the report include North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA) and Latin America. Of these, North America commands the largest share of the market in terms of revenue. Generation of large volume of unstructured data in technology driven countries such as the U.S. and Canada is necessitating effective data analytics. CRM analytics is witnessing a sound uptake in these countries. American businesses recognise the importance of retaining valuable customer data. Such a factors make North America a prominent market for CRM analytics. Next in the pecking order is Asia Pacific, which is expected to present lucrative market opportunities during the forecast period. Emergence of new enterprises coupled with the increasing number of data centers and growth of IT industry in region has favoured the APAC CRM analytics market. In recent years, end use industries such as healthcare and life science, telecommunications and IT, transportation and logistics, and BFSI have expanded rapidly in APAC.
Some of the key players in the market: Salesforce Inc. (U.S.), IBM (U.S.), SAP AG (Germany), SAS Institute Inc. (U.S.), Oracle Corporation (U.S.), Teradata Corporation (U.S.), Accenture PLC (Ireland), Angoss Software Corporation (Canada), Microsoft Corporation (U.S.), Infosys Ltd (India), Infor (U.S.), and others.
However, aspects such as concerns over data management, quality & integration have hampered the progress of the market to some extent. Moreover, the growing need for an enterprises marketing team to design a plan, execute and evaluate campaigns across different platforms and make a smarter decision is likely to create an ample of opportunity for the market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
More Information@
CRM Analytics Market Report - Forecast to 2023 | MRFR
CRM Analytics Market expected grow at CAGR approximately 13% during forecast period 2017-2023 | CRM …
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