CRM Analytics Market, 2024 - Need for Comprehensive Understanding of Consumer Behavior Driving Growth

News provided by

Jun 28, 2019, 16:15 ET

DUBLIN, June 28, 2019 /PRNewswire/ -- The "CRM Analytics Market Size - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The CRM analytics market was valued at USD 7.06 billion in 2018 and is expected to reach a value of USD 14.56 billion by 2024 at a CAGR of 12.8%, over the forecast period (2019 - 2024).

Lead management has been traditionally managed by the company's sales team with the help of customer relation management (CRM) and record data from all human interactions (calls, direct mail, and other marketing tools). CRM has become a must-have for enterprises of all sizes as has ERP system became for managing supply chain activities.

With the availability of multiple platforms to reach potential customers and retain the already existing ones, the need for a unified solution to manage the leads becomes evident. CRM software integrates email, social media, and other platforms to enable marketers capture every conversation and store the data in the CRM.
The increasingly competitive landscape across industries, like Retail, Telecom, Media and Entertainment, among others have made the brands increase their digital ad spends to attract new customers and even retain the already existing customers. More than 30% of banking revenues could be at risk, owing to the new competitors and digital banking services according to Accenture.
Considering the ongoing trend of Omni-channel presence across industries, including retail, BFSI, and manufacturing, among others, marketers are using multi-channel strategy to fulfill different purposes, like Brand awareness, Brand building, Lead/Sales generation, and customer retention.

Scope of the Report

Customer relationship management analytics (CRM analytics) refers to applications used to assess a firm's customer data to facilitate and streamline business choices. CRM analytics also may be used for online analytical processing (OLAP) through the usage of data mining. CRM analytical tools use a range of application that help measure the usefulness of customer-related processes and eventually provide customer categorization, such as profitability analysis, event monitoring, what-if scenarios, predictive modeling, etc.

Key Market Trends

Retail Industry is Expected to Occupy Significant Market Share

A number of new players are emerging amid the longstanding established players in the retail market to leverage market growth. New players are adopting e-commerce business model to benefit from the increasing smartphone usage. Thus, the vendors in the market are exposed to opportunities to increase their client base.
With e-commerce giants, like Amazon, making USD 71.84 billion in online sales, the brick-and-mortar retail giants, like Walmart, Macy's, among others are struggling to keep up. A few of the brick-and-mortar retailers are cutting store locations and focusing on a smaller number of stores to efficiency and flexibility to sustain the competition. These retailers are also adopting the online business platform for new revenue streams and to create an omnichannel presence.
In such a competitive retail market, the need for new customer acquisition and retention of the existing customers becomes crucial for the retailers. Considering the figures provided by Microsoft, that 60% of the customers switch brands because of poor satisfaction, the retail brands are expected to drive substantial revenues in the market studied over the forecast period.
A US Census report of 2017 revealed that 90% of all retail purchases in America were made in brick-and-mortar stores. Also, 43% of American millennials prefer to research brands and products online before shopping in-store. Retailers are targeting the online traffic, especially during the holiday seasons to lure these consumers, thus, securing their cash flows.

North America Region Accounts for a Major Share in CRM Analytics Market

North America contributed to the largest market share in the global market. This is mainly due to growth in the data and increased awareness to retain valuable customer.
Growing industries such as BFSI, telecommunications and IT, healthcare and life science, transportation and logistics, and others are fuelling the global CRM analytics market growth.
A US Census report of 2017 revealed that 90% of all retail purchases in America were made in brick-and-mortar stores. Also, 43% of American millennials prefer to research brands and products online before shopping in-store. Retailers are targeting the online traffic, especially during the holiday seasons to lure these consumers, thus, securing their cash flows.
Also, the region is a forerunner in the cloud services adoption and is home to some of the prominent cloud-based marketing solutions providers such as IBM, Infor, Salesforce, amongst various others. This poses significant opportunities for industries seeking to deploy cloud-based solutions.
Furthermore, Salesforce Marketing Cloud teamed up with Google Analytics in 2017. Through this collaboration, the two companies will integrate their data together to provide access to both companies' pools of stats when advertisers are running campaigns. Thus, potential such collaboration in the region is deemed to benefit the cloud-based CRM market.

Competitive Landscape

The CRM Analytics market is highly competitive and consists of several major players. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.

May 2019 - Vodafone Idea Limited ("Vodafone Idea") announced signing a multi-million-dollar five-year agreement with IBM to deliver an enhanced customer experience to millions of connected consumers and businesses in India. In addition, this engagement will also contribute to Vodafone Idea's merger synergy objectives by reducing its IT-related costs. The collaboration will provide Vodafone Idea with a hybrid cloud-based digital platform to enable more intimate engagement with its over 387 million subscribers (as of December 31, 2018), enhancing business efficiency, agility, and scale plus simplification of its business processes.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

5 MARKET DYNAMICS
5.1 Market Overview
5.2 Introduction to Market Drivers and Restraints
5.3 Market Drivers
5.3.1 Increase Globalization and Open Markets
5.3.2 Rise in Demand for Global Consumer Goods
5.3.3 Need for Comprehensive Understanding of consumer Behavior
5.4 Market Restraints
5.4.1 Data Management and Integration
5.4.2 Lack of Awareness on CRM analytics market
5.5 Industry Attractiveness - Porter's Five Force Analysis

6 MARKET SEGMENTATION
6.1 By Type
6.1.1 Sales and Marketing Analytics
6.1.2 Contact Center Analytics
6.1.3 Customer Analytics
6.1.4 Social Media Analytics
6.1.5 Other Types
6.2 By Deployment
6.2.1 On-premise
6.2.2 Cloud
6.3 By End User
6.3.1 BFSI
6.3.2 Health Care
6.3.3 Retail
6.3.4 Telecom and IT
6.3.5 Transportation and Logistics
6.3.6 Media and Entertainment
6.3.7 Other End Users
6.4 Geography

7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Oracle Corporation
7.1.2 SAP SE
7.1.3 IBM Corporation
7.1.4 Microsoft Corporation
7.1.5 SAS Institute, Inc.
7.1.6 Accenture PLC
7.1.7 Infor
7.1.8 Teradata
7.1.9 Angoss Software Corporation
7.1.10 Salesforce

8 INVESTMENT ANALYSIS

9 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/gve05n

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets