Global CRM Analytics Market - Segmented by Type (Customer Analytics, Contact Center Analytics, Social Media Analytics, Sales and Marketing Analytics), End-User Industry (Health Care, Retail, Energy and Utilities, Transportation and Logistics, Media and Entertainment), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global CRM Analytics market was valued at USD 6.26 billion in 2017, and is expected to reach a value of USD 12.91 billion by 2023, at a CAGR of 10.86%, during the forecast period (2018 - 2023). The scope of the report covers various CRM analytics solutions, which include by type customer analytics, contact center analytics, social media analytics, and sales and marketing analytics. The end-user industries are limited to health care, retail, energy and utilities, transportation and logistics, media and entertainment. While the region considered in the scope of the report include North America, Europe, Asia pacific, Middle East & Africa, and Latin America.
Need For Comprehensive Understanding of consumer Behavior
In the current scenario, the consumer behavior across end user industries is incredibly dynamic and it has become extensively complex to track such a heap of data, which creates the need for tools. It is CRM analytics tool that helps to comprehend customer behavior, interpret attitudes, identify patterns, and further analyses the data insights & structure personalized campaigns for products, which is a major reason for the boost in the market, during the forecast period.
Marketing Analytics Accounted For the Largest Market Share
The dire need for an enterprises marketing team to design a plan, execute, and evaluate campaigns across various platforms is tedious task without tools, where CRM analytics does the needful, as it helps various companies to run a number of campaigns and engage customers across channels to exhibit the impact of the marketing investments on the real-time basis and build the sales pipeline.
Banking, Financial Services is the Fastest Growing Market
CRM Analytics is essential to ensure the banking industry meets the challenges it faces. However, while necessary reporting and descriptive analytics continue to be mandatory for banks, ‘intelligent analytics’ is still an under-utilized area. Banks are developing an understanding the untapped revenue generation and cost saving potential that CRM analytics provides which makes it the fastest growing sector during the forecast period.
North America Region Accounts for a Major Market Share
Owing to the large volume of data generation and increasing awareness for customer retention. 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 increasing industries of BFSI, telecommunications and IT, healthcare and life science, transportation and logistics, and others are fuelling the growth of the market.
Key Developments in the Market