Customer relationship management analytics or CRM analytics play a crucial role in the organizations of all sizes. It provides programmed analysis of the customer-related data of the enterprises. It assists the businesses to make quick business decisions based on the study of all the available information. Growth in the deployment of information technology and advancing technologies are some of the vital driving factors for the CRM analytics market. According to the researchers, the global market for these systems is expected to witness impressive growth in demand and business opportunities from around the world. The ability to provide real-time insights is expected to attract more customer base towards this industry.
Segmentation in the CRM Analytics Industry
In order to understand the growth trends and revenue forecasts for the key players, researchers segment the global CRM analytics market on the basis of the types, which include sales, customer, marketing, contact center, and web and social media analytics. These services can be deployed through cloud and on-premise modes. The basic end-users in this industry are divided into small and medium businesses (SMBs) and large enterprises. Based on the types of industrial verticals, the market is divided into telecom and IT, transportation and IT, BFSI, manufacturing, energy and utilities, retail and wholesale, media and entertainment, healthcare, and hospitality. Major geographic regions in the market include Asia Pacific, Latin America, North America, Middle East and Africa and Europe.
Market Drivers and Restraints
The global CRM analytics market is expected to be driven at an impressive growth rate with rising demand from around the world. According to the researchers, the market is set to witness rising demand from increased benefits of analytics and explosive growth in data generation. According to the researchers, major restraining factors for the market include integration and quality concerns and growing need for customization. Security and privacy concerns are also expected to create challenges for the steady growth of this market. However, the market is expected to witness growth opportunities from rising adoption of cloud-based analytics and regulatory compliance.
According to the reports, the CRM analytics market is expected to grow at a CAGR of over 12% from 2014 to 2019. At the estimated growth rate, the market is expected to reach $7.65 billion by the end of 2019. During the forecasting period, North America is expected to dominate the global market in terms of total market share. Emerging markets like Asia Pacific are expected to witness growth at the highest CAGR. The cloud-based deployment model is also expected to witness steady rise during the forecasting period.