Global CRM Analytics Market - Overview
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 global 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.
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 global CRM analytics market growth 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.
The global CRM analytics market is segmented by type, deployment, organization size, and end-users. By type segment, the market consists of marketing analytics web, sales analytics, contact center analytics, customer analytics, and social media analytics. By deployment, the market is segmented into cloud and on-premise. By the organization size, the market is segmented into small, medium, and large enterprises. On the basis of end-user segment, the market is segmented into hospitality, transportation and logistics, BFSI, telecommunications and IT, energy and utilities, retail wholesales, manufacturing, healthcare and life science, media and entertainment, and others.
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.
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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.
SAP AG, SAS Institute Inc., Accenture PLC, Salesforce Inc., Angoss Software Corporation, Microsoft Corporation, Infosys Ltd, Oracle Corporation, IBM, Infor, and Teradata Corporation are key players of the global CRM analytics market.
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